As Set Jet’s SPAC IPO was once again pushed back Wheels Up saw its value jump to $3.4 billion.
Revelstone Capital Acquisition Corp., a publicly traded special-purpose acquisition company, canceled a meeting to vote on its merger with Set Jet scheduled for earlier today. At the same time, Wheels Up Experience, a 2021 IPO, has seen its value soar recently.
Revelstone also withdrew the proposals it filed with the SEC on December 13, 2023, in conjunction with its proposed merger with the by-the-seat flight provider until a new special meeting is scheduled.
As a result, redemption requests submitted for Revelston’s shares of Class A common stock will not be accepted.
According to a press release from Revelstone, “The conditions to closing of the business combination, as described in the proxy statement (and) prospectus, have not yet been satisfied.”
It said, “The parties are working together to expeditiously satisfy such closing conditions, including obtaining the approval of Nasdaq to list the post-combination company’s common stock following the closing of the business combination.”
The notice added, “There can be no assurance that the business combination will be consummated within the period required by (Revelstone) governing documents.”
Set Jet was expected to complete its IPO in December. The closing has now been delayed three times.
It would have joined FlyExclusive, Volato, Jet.AI, and Surf Air in going public in 2023.
Wheels Up Experience and Blade Mobility had each completed SPAC-merger IPOs in 2021.
Meanwhile, Wheels Up required a $500 million investment from a Delta Air Lines-backed investor group that closed in September to avoid bankruptcy.
While the group gained 95% control, diluting existing shareholders, its stock has rebounded.
Based on its $4.93 price today, the private jet flight provider has a market valuation of $3.44 billion.
After a June 10-to-1 reverse split to boost its stock price and avoid delisting by the NYSE, its share price was in danger of falling back under $1.
On August 12, it dropped to $1.12 following renewed bankruptcy concerns.
Wheels Up has since traded as high as $5.74, reaching that mark on December 27.
Its management has promised to reach profitability on an EBITDA basis in 2024.