Revelstone Capital Acquisition, a blank check company led by the founders of Revelstone Capital, filed on Wednesday with the SEC to raise up to $150 million in an initial public offering.
The Irvine, CA-based company plans to raise $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Anchor investors intend to purchase $150 million worth of units in the offering (100% of the deal). At the proposed deal size, Revelstone Capital Acquisition would command a market value of $188 million.
The company is led by Co-CEOs Morgan Callagy and Daniel Neukomm, founders and Partners of Revelstone Capital. The company plans to target businesses in the consumer, media, and/or technology sectors that leverage D2C engagement as their primary go-to-market channels.
Revelstone Capital Acquisition was founded in 2021 and plans to list on the Nasdaq under the symbol RCACU. BofA Securities and Roth Capital are the joint bookrunners on the deal.
