ITHAX Acquisition Corp. (NASDAQ:ITHX) announced this morning it has secured an additional $20 million in funding for a total PIPE size of approximately $70 million to finance its combination with technology-first travel marketplace company Mondee.
At $10.00 per share, this additional all-equity funding is driven by two unnamed financial investors, which increases the aggregate gross proceeds to the combined company from the PIPE transactions from $50 million to $70 million. As a point of reference, this transaction has a minimum cash closing condition of $150 million.
ITHAX brings about $241.5 million into the deal from its current trust supplemented by the now $70 million PIPE. The original $50 million PIPE drew investments from funds affiliated with Morgan Stanley Investment Management, ARCPE, Origami, and strategic investors including Travco and Entertainment Benefits.
The combined company is expected to be traded on the Nasdaq under the ticker symbol “MOND” once the deal is completed in the first half of 2022.
ITHAX announced its $842 million combination with Mondee on December 20. The Silicon Valley-based company delivers an operating platform, modern ecosystem, and segment-specific content for the gig economy, remote workers, and travelers, mostly in the leisure segment of the travel market.