Set Jet Folds Suddenly

Arizona-based hop-on charter Set Jet suddenly ceased operations Friday saying it ran out of money after several delays in issuing a SPAC IPO. The company had 2900 members who paid as little as $99 a month and could get seats for $750 to $1,550 on flights throughout the West and to Cabo San Lucas using Challenger 850s that seated 13 to 15 passengers. An investor backed out on a $14 million commitment Friday and that was the last straw.

The company was planning a major expansion to Texas and the East Coast after going public but instead disappointed hundreds of customers. "This is undoubtedly a challenging and deeply distressing time for all of us as a community," CEO Tom Smith said in an email to customers and staff. "We understand the incredible impact this decision may have on you, and we grieve alongside you for the loss of the service and experiences we have all shared over the years."