Set Jet, a membership-based private jet company, has announced its agreement to merge with special-purpose acquisition company Revelstone Capital Acquisition. The deal, valued at up to $145 million, is expected to be finalized later this year. The combined company will be listed on the Nasdaq under the ticker SJET.
Set Jet differentiates itself by offering exclusive access to five wide-body Bombardier Challenger 850 aircrafts to its members. Rather than imposing long-term contracts, the company operates on a monthly fee structure.
London-based hedge fund Coleman Group will also be making an $18 million investment as part of this agreement.
This move follows an increasing trend among private jet companies looking to go public via SPAC mergers. FlexJet had initially planned to merge with Horizon Acquisition SPAC but later decided against it. flyExclusive is also currently in the process of finalizing its merger with EG Acquisition, another SPAC. Wheels Up Experience successfully went public in 2021 through a SPAC merger, although its stock has seen a decline since then, dropping to $1.67 per share.