Mondee Announces Inaugural Share Repurchase Program of Up to $30 Million
22 Septembre 2023 - 1:15AM
Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”),
the high-growth, travel technology company and marketplace, with a
portfolio of globally recognized platforms in the leisure and
corporate travel sectors, today announced that its Board of
Directors has approved an inaugural share repurchase program with
authorization to purchase up to $30 million of its outstanding
shares of common stock, effective immediately. This strategic
initiative aims to enhance shareholder value and reinforces
Mondee’s commitment to its long-term growth strategy.
Mondee's Chairman, CEO and Founder, Prasad Gundumogula,
commented on the announcement, saying, “We are excited to launch
this $30 million share repurchase program as a clear signal of our
dedication to delivering value to our shareholders. Our decision
reflects our belief in the strength of Mondee's financial position
and our commitment to optimizing our capital structure for the
benefit of our investors and shareholders.”
Repurchases under the program may be made in the open market, in
privately negotiated transactions or by other means, including
through trading plans intended to qualify under Rule 10b5-1 of the
Securities and Exchange Act of 1934 and accelerated share
repurchase agreements, with the amount and timing of repurchases to
be determined at Mondee’s discretion, depending on market and
business conditions, and prevailing stock prices among other
factors. Open market repurchases will be structured to occur in
accordance with applicable federal securities laws, including
insider trading laws. This program is not subject to any
self-imposed Company trading restrictions or blackout periods and
has no expiration date.
ABOUT MONDEE Established in
2011, Mondee is a travel technology company and a modern travel
marketplace with its headquarters based in Austin, Texas. The
company operates 17 offices across the United States and Canada and
has core operations in India, Thailand, 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, the
most powerful and only fully-integrated A.I. travel planning
assistant in the market. Its network includes approximately 65,000
leisure travel advisors, freelancers and influencers, 500+
airlines, and over one million hotels and vacation rentals, 30K
rental car pickup locations, 50+ cruise lines. The company also
offers packaged solutions and ancillary offerings that serve a
global customer base. For more about Mondee, please visit:
mondee.com.
Forward-Looking Statements:This press release
contains “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements can be identified by words such as:
“believe,” “can”, “"may,” “expects,” “intends,” “potential,”
“plans,” “will” and similar references to future periods. Examples
of forward-looking statements include, among others, statements we
make regarding the Company’s future growth, performance, business
prospects and opportunities, strategies, expectations, future plans
and intentions or other future events are forward looking
statements. Such forward-looking statements are subject to risks,
uncertainties, and other factors, which could cause actual results
to differ materially from those expressed or implied by such
forward-looking statements.
Management believes that these forward-looking statements are
reasonable as and when made. However, the Company cautions you that
these forward-looking statements are subject to risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of the Company. Factors that may cause
actual results to differ materially from current expectations
include, but are not limited to, the ability to implement business
plans and forecasts; the outcome of any legal proceedings that may
be instituted against the Company or others and any definitive
agreements with respect thereto; the ability of the Company to grow
and manage growth profitably maintain relationships with customers
and suppliers and retain its management and key employees; the
ability of the Company to maintain compliance with Nasdaq’s listing
standards, and other risks and uncertainties set forth in the
sections entitled “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in the Company’s Annual Report on Form
10-K/A for the year ended December 31, 2022, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on April 19, 2023
and in the Company’s subsequent filings with the SEC. There may be
additional risks that the Company does not presently know of or
that the Company currently believes are immaterial that could also
cause actual results to differ from those contained in the
forward-looking statements.
Nothing in this press release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved or that any of the contemplated
results of such forward-looking statements will be achieved. In
light of the significant uncertainties in these forward-looking
statements, you should not rely upon forward-looking statements as
predictions of future events. Except as required by law, Mondee
undertakes no obligation to update publicly any forward-looking
statements for any reason.
Mondee Contacts
Investor Relations
ir@mondee.com
Public Relations
pr@mondee.com
Mondee (NASDAQ:MOND)
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