ITHAX Acquisition (ITHX) Shareholders Approves Combination With Mondee

By Amit Chowdhry ● Jul 16, 2022
  • ITHAX Acquisition Corp. (Nasdaq: ITHX) shareholders approved the previously proposed business combination with Mondee. These are the details.

ITHAX Acquisition Corp. (Nasdaq: ITHX) – publicly traded special purpose acquisition company (SPAC) – announced that shareholders of record as of May 13, 2022, approved the previously proposed business combination with Mondee Holdings II, Inc., the high-growth, travel technology company and marketplace, supported by 69.63% of the shares of ITHAX voted at the extraordinary general meeting of shareholders held on July 15, 2022. Approximately 75.13% of total outstanding shares voted.

There were 9 proposals considered and voted upon by ITHAX’s shareholders at the extraordinary general meeting, all of which were approved. The deal includes a $70 million, 100% common equity PIPE at $10 per share, which has already been funded at the same valuation as ITHAX’s shareholders, anchored by value-savvy institutional and strategic investors.

Pursuant to the Business Combination, at the closing, Mondee is going to merge with ITHAX and the combined company’s name will be Mondee Holdings, Inc. (New Mondee). And following the closing, ITHAX’s ordinary shares will convert to shares of common stock of New Mondee, and New Mondee’s common stock and warrants are expected to trade on the Nasdaq under the ticker symbol “MOND” and “MONDW”, respectively.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.