ITHAX Acquisition soars as shareholders OK Mondee SPAC merger

MH Wind Down Co

18/07/2022 14:24

** Shares of ITHAX Acquisition Corp  ITHX.O  up 22.9% at
$17.19 premarket, adding to 40.6% gain on Fri
    ** Special purpose acquisition company after the bell Fri
said shareholders approved merger with travel software platform
Mondee in transaction expected to close today, Jul 18
 urn:newsml:reuters.com:*:nBw7JGgmka
    ** Combined co to be named Mondee Holdings Inc and shares
anticipated to trade on Nasdaq with ticker "MOND"
    ** Mondee in Dec agreed to go public in ~$1 bln deal with
ITHAX  urn:newsml:reuters.com:*:nL4N2T52WY
    ** Deal anticipated to bring Mondee ~$300 mln, assuming no
redemptions by SPAC holders, including $70 mln PIPE (private
investment in public equity), which was upsized by $20 mln
    ** Co in May announced Q1 net rev increased 179% yr/yr to
$38 mln and reported adj EBITDA of $2 mln vs EBITDA loss of $4
mln in Q1 2021  urn:newsml:reuters.com:*:nBw4K3GZKa
    ** ITHAX/Mondee bucking the trend as a spate of previously
announced SPAC mergers have been pulled recently amid high
shareholder redemptions, increased regulatory scrutiny and
collapsing share prices  urn:newsml:reuters.com:*:nL4N2YM2AW  urn:newsml:reuters.com:*:nL1N2XO20L

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))