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US: Travel technology marketplace Mondee, which provides services to leisure travel agencies, tour operators and corporate and subscription businesses, has announced that it has received a non-compliance notice from Nasdaq for delaying the announcement of its Q3 results.
The company has revealed that it does not expect to submit a compliance plan, nor will it appeal the potential delisting from the Nasdaq.
Mondee has 60 days from the date of the notice to submit a plan to the stock exchange to regain compliance with the listing rules.
In addition, Mondee CEO Prasad Gundumogula is taking a leave of absence for an indefinite period, while maintaining his position as board chairman. In the meantime, the company has appointed Jesus Portillo as its new CEO and as a member of its board, although he will retain his current duties and responsibilities as CFO.
Following the announcements, shares in the company dropped by more than 21 per cent in after-hours trading on Tuesday [26 November].
Established in 2011, Mondee’s platform processes more than 50 million daily searches each year, while its network and marketplace include approximately 65,000 travel experts, 500-plus airlines, over one million vacation rentals and hotels, 30,000 rental car pickup locations and more than 50 cruise lines.
In July 2022, the firm went public on the Nasdaq Global Market via a business combination with special purpose acquisition company [SPAC] ITHAX Acquisition Corp. Mondee currently trades under the ticker symbol MOND.
A year later, the company expanded into Latin America after acquiring Brazilian B2B travel provider Interep [Interep Representações Viagens E Turismo S.A.] for $8.9 million.
