Mondee Faces Nasdaq Delisting as Leadership Reshuffles

Mondee Holdings, Inc. (Nasdaq: MOND), a prominent travel marketplace and AI technology firm, disclosed that it has received a notification from the Nasdaq Stock Market’s Listing Qualifications Department. The notice, dated November 20, 2024, indicated non-compliance with Nasdaq Listing Rule 5250(c)(1), which mandates timely filings with the U.S. Securities and Exchange Commission (SEC). The company had delayed submitting its Quarterly Report on Form 10-Q for the quarter ending September 30, 2024.

Despite the notification, Mondee’s Class A common stock will continue to trade on the Nasdaq Global Market for now. Under Nasdaq regulations, the company has 60 days from the notice date to present a plan for regaining compliance. If the plan is accepted, Nasdaq may allow up to 180 days from the Form 10-Q’s original due date to resolve the issue. Failure to secure approval could lead to delisting, though Mondee retains the right to appeal to a Nasdaq hearings panel. The company made this announcement in line with Nasdaq Listing Rule 5810(b), which requires disclosure of deficiency notifications.

However, on November 25, 2024, Mondee’s Board of Directors announced that it would not submit a compliance plan or contest a subsequent delisting of its common stock from Nasdaq.

Leadership Transition: Gundumogula Steps Back, Portillo Appointed CEO

On November 21, 2024, Prasad Gundumogula informed the Board of his decision to take a leave of absence from his role as CEO, effective November 25, 2024. While stepping away from daily operations, he will remain as chairman and a director on the company’s Board.

The same day, Mondee’s Board appointed Jesus Portillo as CEO and a new member of the Board, effective November 25, 2024. Portillo will also continue to serve as the company’s Chief Financial Officer, maintaining his current responsibilities alongside his new leadership role.

Mondee’s Global Operations

Mondee’s platform manages over 50 million searches daily, supported by a vast network of approximately 65,000 travel experts. The company collaborates with more than 500 airlines, over a million hotels and vacation rentals, 30,000 rental car pickup locations, and 50 cruise lines. Its extensive network spans 21 offices worldwide, highlighting its significant footprint in the travel industry.

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