What is going on with ITHX?
Founded in 2011, Mondee provides leisure travel agents with modern content platforms to serve customers in the North American private airfare market. Mondee is also growing its presence in the hotel and car segments.
The transaction includes $241.5 million cash held in trust by ITHAX, as well as a $50 million fully committed, 100% common equity PIPE at $10 per share.
The transaction is expected to close in the first half of 2022 and the combined company anticipates being listed on the Nasdaq under the ticker symbol "MOND."
Shares of ITHX increased 0.72% to $9.84 as of Monday at 9:48 am.
What does this mean for ITHAX Acquisition Corp?
Ithax's business combination with Mondee will see them join a growing travel market disruptor whose goal is to modernize the trillion-dollar industry.
Prasad Gundumogula, Founder and CEO of Mondee, commented, "Mondee developed industry-changing technology that transformed the existing antiquated travel infrastructure with a modern agile platform."
"Our platform and industry relationships provide the right marketplace with the right tools and the right content offerings to enable and accelerate our customers’ success."
Mondee stated that the next step in its evolution is to continue expanding its content offering by enhancing hospitality options in the vacation rental space and digitizing the cruise and tours segment.