The Latest SPAC News and Rumors: May 20, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Mondee announces 1Q financials results, returns to positive EBITDA while Prenetics tumbles following Nasdaq debut

Mondee Announces 1Q 2022 Financial Results; Returns to Positive EBITDA, Almost Tripling Net Revenue

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, today announced financial results for the first quarter ended March 31, 2022. Mondee has entered into a definitive business combination agreement with ITHAX Acquisition Corp. (Nasdaq: ITHX) that is expected to result in Mondee becoming a publicly listed company on Nasdaq under the ticker symbol “MOND”.

Positive Adjusted EBITDA was $2 million, despite January and February negative impact of COVID-19 Omicron variant, an improvement of $6 million as compared to a 1Q21 Adjusted EBITDA loss of $4 million.

Gross revenue of $469 million was up 205% year-over-year as compared to $154 million in the first quarter of 2021.

Hong Kong Biotech Prenetics Tumbles After Nasdaq Debut

Biotech company Prenetics (NASDAQ:PRE) has lost more than one-third of its value since listing on the Nasdaq this week, as the Hong Kong startup’s chief executive warned that a key virus-screening business was set for a steep fall.

Shares in the company, a COVID-19 test provider that helped soccer’s Premier League resume matches, closed at $5.10 in New York on Thursday, down 40% from a high of $8.50 reached on its U.S. trading debut Wednesday.

Prenetics was the first Hong Kong unicorn to list in New York in a merger deal with SPAC Artisan Acquisition, backed by New World Development CEO Adrian Cheng.