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ITHAX Acquisition Corp. (ITHX) Shareholders Approve Mondee Deal

ITHAX Acquisition Corp. (ITHX) Shareholders Approve Mondee Deal

Jul 15, 2022 INTEL by Marlena Haddad

ITHAX Acquisition Corp. (NASDAQ:ITHX) announced that at a special meeting today its shareholders have approved its combination with technology-first travel marketplace company Mondee.

Approximately 75.13% of total outstanding shares voted at today’s meeting and the approval was supported by 69.63% of the shares.

The SPAC’s press release did not disclose redemption figures, but ITHX’s 8-K disclosed that 24,011,532 Class A shares were redeemed. As a result, 99.427% of the SPAC’s trust returned to shareholders, leaving it with just 138,468 shares. ITHX closed today at $13.99 on volume of approximately 617K shares traded.

ITHAX brought about $241.5 million into the deal from its current trust supplemented by a $70 million, 100% common equity PIPE at $10 per share. The PIPE drew investments from funds affiliated with Morgan Stanley Investment Management, ARCPE, Origami, and strategic investors including Travco and Entertainment Benefits.

The parties expect the deal to close on Monday, July 18 and Mondee’s common stock and warrants are expected to trade on the Nasdaq under the ticker symbol “MOND” and “MONDW”, respectively.

The parties initially announced their $842 million combination in December 2021. Silicon Valley-based Mondee 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.

Nine other proposals were also considered and voted upon by ITHAX’s shareholders at today’s general meeting, all of which were approved.

ADVISORS

  • Cantor Fitzgerald & Co and Union Square Advisors are serving as financial advisors to Mondee.
  • Deutsche Bank Securities Inc. and AXIA Capital Markets are serving as private placement agents to ITHAX.
  • Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co are serving as capital markets advisors to ITHAX.
  • Kirkland & Ellis LLP is serving as legal advisor to Mondee.
  • Reed Smith LLP is serving as legal advisor to ITHAX.

ByMarlena Haddad