Mondee says no plan to enchantment Nasdaq non-compliance

Journey market Mondee Holdings has obtained a non-compliance discover from the Nasdaq for a delay in submitting its quarterly earnings report earlier this month.

The corporate has 60 days to submit a plan to Nasdaq however mentioned in a statement that it isn’t intending to take action. The assertion additionally mentioned it has no plans to enchantment a subsequent delisting from the Nasdaq.

Mondee had initially scheduled its third quarter earnings webcast for November 8 and mentioned a launch would accompany the decision. It rescheduled the decision to November 12 after which November 18 earlier than canceling it on that date.

Mondee’s founder and CEO Prasad Gundumogula has informed the board of administrators that he’s taking a depart of absence. Chief monetary officer Jesus Portillo has been appointed to take the helm alongside his present function. Gundumogula retains his place as chairman of the board.

Mondee, which was based in 2011, went public by way of Particular Buy Acquisition Firm virtually three years in the past. 

In its second quarter earnings report filed in August, the corporate famous a 3% enhance to income of $58 million.

“Mondee delivered a robust second quarter, with web income, take price and adjusted EBITDA up yr over yr – the latter by 38%. Our non-air element surged to 47% of web income and take price grew 20 foundation factors to eight.6%,” Gundumogula mentioned on the time.

Since going public, the corporate has made plenty of acquisitions together with Skypass for $15 million final yr. Previous to that it acquired Consolid, Interep and Orinter, all based mostly in Brazil. Extra not too long ago Mondee acquired AI specialist Purplegrids.