Mondee Announces Inaugural Share Repurchase Program of Up to $30 Million
AUSTIN, Texas, Sept. 21, 2023 (GLOBE NEWSWIRE) -- 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.
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 [email protected] Public Relations [email protected]