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 an announcement 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.
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Mondee’s founder and CEO Prasad Gundumogula has instructed 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 through Particular Buy Acquisition Firm nearly three years in the past.
In its second quarter earnings report filed in August, the corporate famous a 3% improve to income of $58 million.
“Mondee delivered a powerful second quarter, with internet income, take fee and adjusted EBITDA up 12 months over 12 months – the latter by 38%. Our non-air part surged to 47% of internet income and take fee grew 20 foundation factors to eight.6%,” Gundumogula mentioned on the time.
Since going public, the corporate has made a lot of acquisitions together with Skypass for $15 million final 12 months. Previous to that it acquired Consolid, Interep and Orinter, all based mostly in Brazil. Extra not too long ago Mondee acquired AI specialist Purplegrids.
