Set Jet SPAC merger IPO to be completed by end of month

Revelstone Capital Acquisition Corp. has scheduled a shareholders meeting to approve its merger with Set Jet on Dec. 27, 2023.

By Doug Gollan, December 15, 2023

By-the-seat private jet flight provider Set Jet is set to become publicly traded on the NASDAQ by the end of the month.

According to a press release, Revelstone Capital Acquisition Corp. has scheduled a special meeting on Dec. 27, 2023, to approve its merger with Set Jet.

Headed for NASDAQ

Upon approval, Set Jet will trade under the SJET symbol.

“We are pleased with the strides we have made from announcement of merger to our soon-to-be-public debut,” Set Jet CEO Tom Smith said.

He added, “Since transaction announcement, we have strategically deployed a portion of the pre-close capital into our planned growth initiatives through an accelerated marketing strategy that we believe has driven meaningful brand awareness and early indicators of membership growth.”

Smith noted, “As we transition and become a publicly traded entity, we have a core focus on increasing our service options and market share alike by establishing new hubs and route offerings to meet demand and grow our membership base nationwide.”

Set Jet has said it plans to add flights to Texas and the East Coast after the IPO.

Passengers use private terminals, avoiding lines and crowded big airports.

Morgan Callagy, Co-CEO of RCAC, commented, “This latest achievement towards finalizing the business combination confirms our belief in the underlying fundamentals of Set Jet’s business model run by veteran public operators offering a long-term value proposition for the public markets.”

He added, “We are excited to watch Set Jet become a publicly traded company and institute its next phase of growth with access to new markets in 2024, which we believe will increase value for all stakeholders.”

Private Jet IPOs

It has been a busy period for private flight provider IPOs.

So far this year, Jet.AI, Surf Air, and Volato have all become publicly traded.

FlyExclusive is expected to become publicly traded as early as next week.

Meanwhile, by-the-seat flight provider JSX has said it will move its Phoenix flights from Sky Harbor Airport to Scottsdale Airport, where Set Jet is based.

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