Revelstone Capital Acquisition Corp. Abandons Set Jet Merger Meeting

SCOTTSDALE, Ariz. and NEW YORK, Jan. 05, 2024 — In a surprising move, Revelstone Capital Acquisition Corp. RCAC, a special purpose acquisition company that trades on the NASDAQ exchange, has announced the cancellation of its forthcoming special meeting. The purpose of the meeting, originally scheduled for Friday, January 2024, was to secure shareholder approval for a major business combination with Set Jet, a private membership-based aviation company.

The Implications of Meeting Cancellation

The decision to call off the meeting is expected to have significant implications for both companies involved. Revelstone Capital Acquisition Corp., with its headquarters in Irvine, California, has been in the spotlight as it pursued the highly anticipated merger with Set Jet. However, the specifics behind the cancellation or any future plans concerning the merger have not been disclosed to the public.

Stock Market and Investor Reaction

In the wake of this announcement, there has been considerable interest in the market response and potential impact on RCAC's stock performance. Investors and market analysts alike are keenly observing the unfolding events to predict the short and long-term effects on RCAC's market valuation and the broader sector dynamics.

Revelstone, Cancellation, Merger