AUSTIN, Texas, Sept. 29, 2022 (GLOBE NEWSWIRE) — Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), the high-growth, journey expertise firm and market, with a portfolio of worldwide acknowledged platforms and types within the leisure and company journey sectors, in the present day introduced that it closed a personal providing (the “Preferred Financing”) of $85 million of its Series A Preferred Stock (the “Preferred Stock”). Proceeds from the Preferred Financing will probably be used to fund Mondee’s M&A technique, different development alternatives and common company functions.
The proceeds from the Preferred Financing shall be paid in full with out an Original Issuer Discount (OID), and will probably be puttable to the Company by the traders commencing on the fifth anniversary of the deadline, carrying an preliminary annual dividend of SOFR plus 7%, payable quarterly, which on the choice of the Company will be paid in money or fee in variety (PIK). The Preferred Stock is a non-dilutive instrument as it’s not convertible into widespread fairness. The Preferred Financing additionally consists of the issuance of 1.275 million warrants at an train value of $11.50.
“Having acquired 14 businesses in its 11-year history, Mondee has a track record of well calibrated and successfully integrated M&A transactions, opening up new products and markets, while at the same time delivering strong revenue and cost synergies,” mentioned Prasad Gundamogula, Mondee’s Chairman, CEO, Founder. “The Preferred Financing will allow us to execute this strategy without issuing dilutive equity or a hybrid instrument that would ultimately dilute our common shareholders,” Mr. Gundamogula continued.
AXIA Capital Markets served as sole placement agent for the Preferred Financing. Reed Smith LLP served as authorized advisor to Mondee.
This press launch doesn’t represent a proposal to promote, or a solicitation of a proposal to purchase, any securities of the Company. The securities referenced herein haven’t been registered underneath the Securities Act of 1933, as amended, and is probably not provided or bought within the United States absent registration or an relevant exemption from such registration necessities.
About Mondee
Mondee is a bunch of main journey expertise, service, and content material corporations driving disruptive revolutionary change within the leisure and company journey markets. They ship a revolutionary expertise platform of SaaS, cell, and cloud services and products to a worldwide buyer base, processing over 50 million each day searches and multi-billion {dollars} of transactional quantity yearly. The Company is connecting a community of fifty,000+ leisure journey advisors and gig economy employees to 500+ airways and over 1 million lodge and trip leases, packaged options and ancillary choices. Founded in 2011, Mondee is headquartered in Austin, Texas, with 17 places of work within the USA and Canada, and operations in India, Thailand, and Ireland. On July 18, 2022, Mondee accomplished a business mixture with ITHAX Acquisition Corp., a former Cayman Islands exempted firm, and has been buying and selling as a publicly listed firm on Nasdaq since July 19, 2022 underneath the ticker image “MOND”. For extra info, please go to https://www.mondee.com.
Forward-Looking Statements:
This press launch accommodates “forward-looking statements” inside the which means of federal securities regulation. Forward-looking statements will be recognized by phrases similar to: “believe,” “can”, “”may,” “expects,” “intends,” “potential,” “plans,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future growth, performance, business prospects and opportunities, future plans and intentions or other future events are forward looking statements. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. The Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans, forecasts, and other expectations after the recently completed business combination between ITHAX Acquisition Corp. and Mondee Holdings II, Inc., the outcome of any legal proceedings that may be instituted against the Company or others and any definitive agreements with respect thereto, the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, the ability to meet Nasdaq’s listing standards, and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s registration statement on Form S-4 relating to the business combination declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on June 27, 2022, the Company’s Current Report on Form 8-K filed with the SEC on July 20, 2022, and in the Company’s subsequent filings with the SEC. There may be additional risks that the Company does not presently know of or that the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and the Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is being made, or to reflect the occurrence of unanticipated events.
