ITHAX Acquisition Corp. Announces Closing of Upsized $241.5 Million Initial Public Offering
02 February 2021 - 4:30AM
ITHAX Acquisition Corp. (the “Company”), a newly incorporated blank
check company, today announced the closing of its upsized initial
public offering of 24,150,000 units, including 3,150,000 units
issued pursuant to the full exercise by the underwriters of their
over-allotment option. The offering was priced at $10.00 per
unit, resulting in gross proceeds of $241.5 million.
The Company’s units commenced trading on the Nasdaq Capital
Market (“Nasdaq”) under the ticker symbol “ITHXU” on January 28,
2021.
The Company is sponsored by the founders of Ithaca Capital and
AXIA Ventures and is led by Orestes Fintiklis, Chief Executive
Officer and Chairman of the Board of Directors; and Dimitrios
Athanasopoulos, Chief Financial Officer, Treasurer, and
Director.
The Company was formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. While the Company may pursue an initial business
combination target in any industry, it currently intends to
concentrate its search for a target business operating in the
leisure, hospitality, travel, and related services sectors.
Each unit consists of one Class A ordinary share and one-half of
one redeemable warrant. Each whole warrant entitles the holder
thereof to purchase one Class A ordinary share at a price of $11.50
per share. Only whole warrants are exercisable. Once the securities
comprising the units begin trading separately, the Company expects
that the Class A ordisnary shares and redeemable warrants will be
listed on the Nasdaq under the symbols “ITHX” and “ITHXW,”
respectively.
Cantor Fitzgerald & Co. served as sole book-running
manager.
Of the proceeds received from the consummation of the offering
and a simultaneous private placement of warrants, $241.5 million
was placed in the Company’s trust account. An audited balance sheet
of the Company as of February 1, 2021 reflecting receipt of the
proceeds upon consummation of the offering and the private
placement will be included as an exhibit to a Current Report on
Form 8-K to be filed by the Company with the Securities and
Exchange Commission (the “SEC”).
The offering was made only by means of a prospectus, copies of
which may be obtained by contacting Cantor Fitzgerald & Co.,
Attention Capital Markets, 499 Park Avenue, New York, NY 10022, or
by e-mail at prospectus@cantor.com.
A registration statement relating to these securities was
declared effective by the Securities and Exchange Commission (the
“SEC”) on January 27, 2021. This press release shall not constitute
an offer to sell or a solicitation of an offer to buy, nor shall
there be any sale of these securities in any state or jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any
such state or jurisdiction.
Forward-Looking Statements
This press release contains statements that constitute
"forward-looking statements," including with respect to the
anticipated use of the net proceeds. Forward-looking statements are
subject to numerous conditions, many of which are beyond the
control of the Company, including those set forth in the Risk
Factors section of the Company's registration statement and
preliminary prospectus for the Company's offering filed with the
SEC. Copies of these documents are available on the SEC's
website, www.sec.gov. The Company undertakes no obligation to
update these statements for revisions or changes after the date of
this release, except as required by law.
About ITHAX Acquisition Corp
ITHAX Acquisition Corp. is a newly organized blank check company
formed by the founders of Ithaca Capital and AXIA Ventures. Ithaca
Capital is a real estate investment manager with focus on
deep-value hospitality investments in the United States, Latin
America and Caribbean. AXIA Ventures Group is a leading,
independent, privately-owned investment bank founded in 2008 that
provides services in more than 20 countries through its offices in
New York, London, Milan, Athens and Nicosia.
Media Contact Orestes Fintiklis Ithaca Capital Partners
orestes@ithacacapitalpartners.com
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