Two additional investors commit to subscribe for $20 million into its all-equity PIPE at $10 per share.
SAN MATEO, CALIF & NEW YORK – Mondee Inc., the high-growth, travel technology company and marketplace, with a portfolio of globally-recognized platforms and brands in the leisure and corporate travel sectors, and ITHAX Acquisition Corp., a special purpose acquisition company, announced they have upsized their all equity PIPE investment to $70 million, supplementing the proceeds from their previously-announced business combination with an additional $20 million investment at $10 per share.
Upsized $70 Million PIPE
Two leading financial investors have agreed to collectively subscribe for an additional $20 million all-equity PIPE from ITHAX at $10 per share through an investment vehicle, which increases the aggregate gross proceeds to the combined company from the PIPE transactions from $50 million to $70 million.
“We are excited to welcome additional value-savvy and renowned financial investors to our shareholder base,” said Prasad Gundumogula, Founder and Chief Executive Officer of Mondee. “The financial community’s investment further validates the potential of our company to transform the travel market with our powerful operating platform, modern ecosystem, and segment-specific content for the growing gig economy, remote workers and discerning travelers.”
Orestes Fintiklis, Chief Executive Officer of ITHAX, added, “Generating significant additional investment in our transaction in an all-equity PIPE at $10 during such a challenging environment for SPAC and PIPE transactions underlines the strength of Mondee as a compelling traveltech investment. Mondee is a proven performer in the traveltech space with, we believe, a great runway to grow both organically and through mergers and acquisitions to further seize market share.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
