ITHAX Acquisition Corp. Announces Closing of Upsized $241.5 Million Initial Public Offering
New York, NY, Feb. 01, 2021 (GLOBE NEWSWIRE) — 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 StatementsThis 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 CorpITHAX 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
Orestes Fintiklis
Ithaca Capital Partners
orestes@ithacacapitalpartners.com
