Mondee Holdings, the travel technology company and marketplace, recently announced the launch of a $30 million share repurchase program aimed at enhancing shareholder value. With a portfolio of globally recognized platforms in the leisure and corporate travel sectors, Mondee is committed to its long-term growth strategy and believes in the strength of its financial position.
The program allows Mondee to repurchase its outstanding shares of common stock, providing an opportunity to optimize its capital structure and deliver value to its shareholders. Mondee’s Chairman, CEO, and Founder, Prasad Gundumogula, expressed excitement about the program, stating that it reflects the company’s dedication to delivering value and belief in its financial strength.
Under the program, the repurchases may take place through open market transactions, privately negotiated deals, or other means, such as trading plans and accelerated share repurchase agreements. The amount and timing of repurchases will be determined by Mondee, considering market and business conditions, prevailing stock prices, and other factors. The open market repurchases will comply with applicable federal securities laws, including insider trading laws.
Notably, the share repurchase program is not subject to any self-imposed trading restrictions or blackout periods and has no expiration date. This provides Mondee with flexibility in executing the repurchases and reinforces its commitment to maximizing shareholder value.
Mondee, established in 2011 and headquartered in Austin, Texas, is a travel technology company and modern travel marketplace that operates globally. With core operations in India, Thailand, and Greece, the company offers innovative solutions in the leisure and corporate travel sectors. Its platform processes over 50 million daily searches and facilitates a substantial volume of transactions annually. Mondee Marketplace includes access to Abhi, the market’s most powerful and fully-integrated A.I. travel planning assistant.
The company has a vast network that includes approximately 65,000 leisure travel advisors, freelancers, and influencers, over 500 airlines, more than one million hotels and vacation rentals, 30,000 rental car pickup locations, and over 50 cruise lines. Mondee also provides packaged solutions and ancillary offerings to a global customer base.
As a forward-looking statement, Mondee’s share repurchase program is subject to risks, uncertainties, and other factors that may cause actual results to differ materially. The company cautions investors about these factors, including its ability to implement business plans and forecasts, maintain relationships with customers and suppliers, retain key employees, and comply with listing standards.
In conclusion, Mondee Holdings’ launch of a $30 million share repurchase program reinforces its commitment to maximizing shareholder value and optimizing its capital structure. As a leading travel technology company and marketplace, Mondee continues to drive change in the leisure and corporate travel sectors with its innovative solutions.
