- ITHAX Acquisition ( NASDAQ: ITHX ) is up 21% in premarket trading, Monday, after the special purpose acquisition company said its majority shareholders have approved the business combination with Mondee Holdings II in a deal that will value the combined companies at about a $1B.
- Headquartered in Silicon Valley, California, Mondee is a travel technology company that provides content, technology and distribution product/services.
- The SPAC deal includes $241.5M cash held in trust by ITHAX and upsized all equity PIPE investment of $70M at $10 per share.
- Mondee reported 2021 net revenue of $93M, up 41% year-over-year; Net Loss was $38.9M an improvement of 7% Y/Y; and 2021 Adjusted EBITDA loss was $5.5M.
- ITHAX said transaction is expected to close on July 18, 2022.
- Upon closing of SPAC deal, Mondee will merge with ITHAX and the combined company’s name will be Mondee Holdings under the ticker symbol “MOND” and “MONDW” for common stock and warrants, respectively.
- See more SPACs related news here.
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ITHAX Acquisition rallies as shareholders approve $1B SPAC deal with Mondee