April 23, 2024
Revelstone Capital Acquisition Corp. shareholders adjourned the meeting to approve the merger with Set Jet for a week.
Set Jet will not be going public in 2023.
Yesterday, Revelstone Capital Acquisition Corp. shareholders adjourned the meeting to approve the merger until 12:30 pm today EST.
However, instead of a vote on the merger, shareholders voted to move the meeting to Friday, Jan. 5, 2024, at 1 pm EST.
No reason was given for the decision.
Set Jet offers members the ability to buy seats on private jets.
Following the IPO, the Scottdale, Arizona-based provider wants to expand to Texas and the East Coast.
In an earlier meeting, shareholders had voted to extend the time to complete the merger until Feb. 21, 2024.
Despite lofty plans, Set Jet’s financials revealed a relatively small business.
Revenue through the first six months of 2023 was $7.0 million, down 1% from 2022.
Operating loss slimmed from $6.9 million to $5.5 million year-over-year through June.
Revenue in 2022 was $12.9 million, up 36% from $9.5 million in 2021.
Set Jet would have followed public offerings from FlyExclusive, which began trading on the NYSE via a SPAC merger IPO yesterday, and Volato, Jet.AI, and Surf Air earlier this year.
