Set Jet to merge with SPAC Revelstone Capital
Set Jet intends to go public through a merger with SPAC Revelstone Capital for a pro-forma enterprise value of about $80 million.
Set Jet is a membership-driven technology platform that allows customers to buy tickets for a seat on a luxury private jet instead of chartering the entire jet.
The cash portion of the deal includes RCAC’s $36.8 million cash in trust, net of any redemptions, as well as an $18 million private placement from Coleman Group. The merger also includes an additional $65 million earnout for Set Jet shareholders and management.
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