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AUSTIN, Texas, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a leading travel marketplace and artificial intelligence (AI) technology company, announced today that the Company received a notification letter from the Listing Qualifications Department of the NASDAQ Stock Market LLC (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires timely filing of reports with the U.S. Securities and Exchange Commission. The November 20, 2024 letter was sent as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the three month period ended September 30, 2024 (the “Form 10-Q”).
The Nasdaq notice has no immediate effect on the listing or trading of the Company’s Class A common stock (the “Common Stock”) on the Nasdaq Global Market.
Under the Nasdaq rules, the Company has 60 days from the date of the notice to submit a plan to Nasdaq to regain compliance with Nasdaq’s listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-Q’s due date to regain compliance. If Nasdaq does not accept the Company’s plan, then the Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. This announcement is made in compliance with Nasdaq Listing Rule 5810(b), which requires prompt disclosure of receipt of a deficiency notification.
Notwithstanding the foregoing, on November 25, 2024, the Company’s Board of Directors (the “Board”) determined that the Company does not plan to submit a plan of compliance to Nasdaq to regain compliance with Nasdaq’s listing rules and does not plan to appeal Nasdaq’s subsequent delisting of its Common Stock from Nasdaq.
Prasad Gundumogula takes leave of absence as CEO; Mondee Appoints Jesus Portillo as CEO
On November 21, Prasad Gundumogula informed the board of directors of the Company that he would be taking a leave of absence as Chief Executive Officer (“CEO”) of the Company, effective as of November 25, 2024. Mr. Gundumogula will continue to serve as a director and chairman of the Company’s Board.
On November 21, 2024, the Board appointed Jesus Portillo as the Company’s CEO and a member of the Board, effective as of November 25, 2024. Mr. Portillo will retain his current duties and responsibilities as Chief Financial Officer of the Company.
About Mondee Holdings, Inc. and Subsidiaries
Established in 2011, Mondee is a leading travel marketplace and artificial intelligence (AI) technology company with its headquarters based in Austin, Texas. The Company operates 21 offices globally across the United States and Canada, Brazil, Mexico, India, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. Available both as an app and through the web, the Company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Mondee Marketplace includes access to Abhi, one of the most powerful and fully integrated AI travel planning assistants in the market. Mondee’s network and marketplace include approximately 65,000 travel experts, 500+ airlines, and over one million hotels and vacation rentals, 30,000 rental car pickup locations, and 50+ cruise lines. The Company also offers packaged solutions and ancillary offerings that serve its global distribution. On July 19, 2022, Mondee became publicly traded on the Nasdaq Global Market under the ticker symbol MOND. For further information, visit: www.mondee.com.