Travel Tech Rollup Mondee Still Aims to Go Public Via $1 Billion Blank Check Deal
Skift Take
Interest in special-purpose acquisition companies, or SPACs, has fizzled. The sell-off in market silliness could mean that investing in a profitable leisure travel wholesaler like Mondee via a SPAC is no longer a high-risk calculation.
Investors have in recent months knocked 23 percent of value off stocks in the Nasdaq exchange, so it may not seem an opportune time to list a public company on Nasdaq. But Mondee, a travel technology group based in San Mateo, still aspires to list soon on Nasdaq by pursuing a $967 million merger with blank check company Ithax Acquisition Corp.
Mondee — whose specialty has been helping leisure travel agents sell flights via wholesale discounts — touted its profitability and an established record of growth through mergers during an investor presentation on Tuesday at the Deutsche Bank Media, Internet & Telecom Conference in Florida, where it release an updated investor deck, embedded below.
The company said its profitability set it apart from startups that have recently struggled after going public through special-purpose acquisition companies, or SPACs. Dozens of startups have been punished with falling share prices after having failed to meet performance
