ITHX - ITHX STOCK NEWS

ITHAX Acquisition Corp. shareholders approved the business combination with Mondee Holdings II, Inc. at a special meeting on July 15, 2022.

The transaction, anticipated to close on July 18, 2022, includes a fully funded $70 million PIPE.

Support for the proposal was strong, with 69.63% of voted shares in favor. Approximately 75.13% of total outstanding shares voted. Upon closing, the new combined entity, named Mondee Holdings, Inc., will trade on Nasdaq under the ticker symbols “MOND” and “MONDW”.

The ITHAX Acquisition Corp. (NASDAQ: ITHX) announces that its registration statement on Form S-4 for the proposed business combination with Mondee Holdings II, Inc. has been declared effective by the SEC. Stockholders of record as of May 13, 2022, are encouraged to vote at the Extraordinary Meeting on July 15, 2022. Upon closing, the new company is expected to trade on Nasdaq under the symbols ‘MOND’ and ‘MONDW.’ Shareholders are urged to read the proxy statement/prospectus for important information regarding the business combination.

Mondee Holdings II, Inc. has announced a strategic partnership with EBG to enhance travel technology and offerings. The partnership grants Mondee access to EBG's extensive network, reaching over 125 million users. This collaboration allows both companies to cross-sell travel solutions, leveraging their robust distribution networks. Furthermore, Mondee is set to merge with ITHAX Acquisition Corp. in the first half of 2022, backed by a $70 million PIPE investment. This merger aims to list Mondee under the ticker symbol 'MOND' on Nasdaq.

Mondee Inc., a travel technology firm, announced participation in the Oppenheimer 22nd Annual Consumer Conference. The company's Founder and CEO, Prasad Gundumogula, along with ITHAX Acquisition Corp. representative Orestes Fintiklis, will engage in a fireside chat on June 14, 2022, at 2:15 PM ET. The discussion can be accessed live via the 'Investors' section on Mondee's website. Established in 2011 and headquartered in Silicon Valley, Mondee leverages a SaaS platform to serve a global clientele, processing over 50 million searches daily.

Mondee Inc. reported a significant first quarter 2022, with net revenue soaring by $25 million (179% year-over-year), reaching $38 million. Gross revenue also rose by $315 million (205% year-over-year), totaling $469 million. Despite a net loss of $7 million, this represented an improvement from $12 million in 1Q21. The company anticipates continued growth, supported by a recently upsized PIPE commitment of $70 million.

Mondee Inc. and ITHAX Acquisition Corp. have upsized their all-equity PIPE investment to $70 million, increasing gross proceeds from $50 million. Two additional investors will subscribe for $20 million at $10 per share. This investment highlights the strength of Mondee as a travel technology company amid a challenging SPAC market. Mondee, founded in 2011, offers a comprehensive technology platform for leisure and corporate travel, processing over 50 million daily searches.

Mondee Inc. reported robust financial performance for 2021, with gross revenue reaching $949 million, a 116% increase from 2020. The net revenue of $93 million marked a 41% rise, exceeding projections by 43%. Despite a net loss of $38.9 million, this represented a 7% improvement from 2020. The company continues to expand its travel technology ecosystem and revenue streams, driven by recovery in leisure travel and strategic partnerships. These results are part of a business combination with ITHAX Acquisition Corp, anticipated to facilitate growth.

Mondee Inc., a travel technology company, announced its participation in a fireside chat at the 30th Deutsche Bank Media, Internet & Telecom Conference.

Founder and CEO Prasad Gundumogula, alongside ITHAX Acquisition Corp. CEO Orestes Fintiklis, will speak on Tuesday, March 15, 2022, at 8:50 AM ET. The discussion will be available via live webcast on the Mondee website.

Mondee, founded in 2011, operates a robust technology platform for travel services, processing over 50 million daily searches and billions in transactions.

Mondee Inc. has formed a strategic partnership with Arthur J. Gallagher & Co. (NYSE: AJG) to enhance access to its subscription-based business travel platform, TripPlanet, for over 287,000 businesses. TripPlanet provides improved rates for flights and hotels and features that benefit small and medium-sized enterprises. With more than 4 million users since its 2021 launch, Mondee aims to leverage this partnership to expand growth and efficiency in business travel services, ultimately supporting its upcoming merger with ITHAX Acquisition Corp. (NASDAQ: ITHX) expected in H1 2022.