~ Revelstone's Special Meeting to Approve Business Combination Scheduled for December 27, 2023 for Stockholders of Record as of November 10, 2023 ~ ~ Upon Closing, the Combined Company is Expected to Trade on Nasdaq Under the Ticker "SJET" ~ SCOTTSDALE, Ariz. and NEW YORK, Dec. 14, 2023 (GLOBE NEWSWIRE) -- Set Jet, Inc. ("Set Jet"), a membership-based private jet charter program, and Revelstone Capital Acquisition Corp. ("RCAC") (NASDAQ:RCAC), a publicly traded special purpose acquisition company, announced today that the Securities and Exchange Commission ("SEC") has declared effective RCAC's registration Statement on Form S-4 ("Registration Statement") in connection with Set Jet's and RCAC's previously announced proposed business combination (the "Business Combination"). The Registration Statement provides important information about Set Jet, RCAC and the Business Combination. The special meeting of RCAC stockholders will be held virtually via live webcast at https://www.cstproxy.com/revelstonecapital/sm2023 on December 27, 2023, at 11:30 Eastern Time (the "Special Meeting") for stockholders of record as of the close of business on November 10, 2023 (the "Record Date"), at which RCAC's stockholders will be asked to consider and vote upon proposals to approve the Business Combination and related matters. RCAC filed a definitive proxy statement/prospectus with the SEC relating to the Business Combination and has commenced mailing the definitive proxy statement/prospectus to its stockholders as of the Record Date. The Business Combination is expected to close after the Special Meeting, subject to obtaining requisite stockholder approvals and the satisfaction or waiver of the conditions in the business combination agreement and other customary closing conditions. Upon closing of the Business Combination, the post-closing company will be renamed "Set Jet, Inc." and its common stock and warrants are expected to trade on The Nasdaq Stock Market, LLC ("Nasdaq") under the ticker symbols "SJET" and "SJETW," respectively. Tom Smith, Chief Executive Officer of Set Jet, stated, "We are pleased with the strides we have made from announcement of merger to our soon to be public debut. 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. The differentiation of Set Jet's capital-light business model presents an attractive growth opportunity for investors and Set Jet's dedicated members. 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." 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. 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." On July 18, 2023, Set Jet and RCAC previously announced their execution of a definitive Business Combination agreement. RCAC stockholders are urged to read the proxy materials, including, among other things, the reasons for the unanimous recommendation by RCAC's Board of Directors that stockholders vote "FOR" the Business Combination proposal. Your vote "FOR" the Business Combination is important, no matter how many shares you own. If you have any questions or need assistance voting, please contact Advantage Proxy, Inc., RCAC's proxy solicitor, by telephone at 877-870-8565 or by email at ksmith@advantageproxy.com. RCAC stockholders who hold shares in "street name" (i.e., stockholders whose shares are held of record by a broker, bank, or other nominee) should contact their broker, bank, or nominee to ensure that their shares are voted. Advisors Roth Capital Partners is acting as ...Full story available on Benzinga.com
