Revelstone Capital (NASDAQ: RCACU) has closed its initial public offering of 15,000,000 units, each at a price of $10.00. The units began trading on the Nasdaq Global Market under the ticker symbol RCACU on Dec. 17, 2021. According to the update, each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant entitling the holder to purchase one share of common stock, each at a price of $11.50. Once the securities comprising the units begin separate trading, the common stock and warrants are expected to be listed on the Nasdaq under the symbols RCAC and RCACW. The underwriters were granted a 45-day option to purchase up to an additional 2,250,000 units from the company at the initial public offering price to cover over-allotments, if any. Roth Capital Partners acted as joint book-running manager for the offering.
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About Revelstone Capital Acquisition Corp.
Revelstone Capital is a blank check company, also commonly referred to as a special purpose acquisition company, or “SPAC,” formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. It is the company’s intention to pursue prospective targets in the consumer, media and/or technology markets with a focus on the active consumer landscape. For more information about the company, visit www.Revelstonecapital.com.
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