ITHAX Acquisition shareholders voted in favor of merging with Mondee Holdings II, , a travel marketplace with a portfolio of brands in the leisure, retail and corporate travel sectors.
The deal was supported by 69.63% of the shares of ITHAX voted, with approximately 75.13% of total outstanding shares participating.
The transaction 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.
As announced in December, estimated cash proceeds from the transaction are expected to consist of ITHAX’s $241.5 million of cash in trust and the (now $70 million) PIPE. The deal is valued at about $1 billion.
However, the SPAC in a subsequent 8-K filing said 24,011,532 shares were redeemed, or more than 99% of the total outstanding.
Mondee still expects the deal to close today, after which the combined company’s stock and warrants are expected to trade on the Nasdaq under the ticker symbols MOND and MONDW. Read more.
