Revelstone Capital Acquisition (NASDAQ: RCAC) adjourned its meeting yesterday for shareholders to vote on a proposed business combination with Set Jet and will reconvene Friday, Dec. 29 at noon Eastern.
No reason was given for the delay, although the SPAC said redemption reversals would be accepted up to the closing of the deal, if it is approved.
The target is a membership-based private jet membersip company facilitating luxurious “buy a seat, not the jet” charters that promise “the ultimate travel experience at a fraction of the cost of a typical private jet charter.” The company’s asset-light business model means it neither owns nor operates any aircraft. Professional Part 135 on-demand charter operator partners provide aircraft for member charters, pilots, and related aircraft services.
The deal was announced in July at an implied pro-forma enterprise value of approximately $80 million. The transaction also includes an additional $65 million earnout for Set Jet shareholders and management.
At June 30 there was approximately $36.8 million in the Revelstone trust account. In addition to the cash in trust, funding includes an $18 million private placement from Coleman, in the form of a pre-PIPE of $4 million which will be invested prior to closing, and a PIPE of $14 million at closing. Read more.
