Revelstone Capital Acquisition announced that today’s shareholder meeting to vote on the proposed Set Jet merger has been cancelled. Originally scheduled for Dec. 27, this marks the third cancellation.
As a result of the cancellation, redemption requests will not be accepted, the SPAC said.
The conditions to closing of the business combination have not been satisfied, Revelstone added. One of the remaining conditions is obtaining the approval of the Nasdaq to list the post-combination company.
The shareholder meeting to vote on the deal will be rescheduled, the SPAC said.
Set Jet is a private jet membership company offering “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 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. Any redemptions since then have not been disclosed. 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.
