The 30-day average daily trading volume of Mondee’s stock witnessed a 15x increase, reaching 697,000 shares or $6.2 million. of nominal value.
AUSTIN, TEXAS – Mondee Holdings Inc., a technology-driven, next-generation marketplace in a $1 trillion segment of the travel market, announced its inclusion as a member of the Russell 2000 Index and the broad-market Russell 3000 Index, as well as the corresponding Russell Growth Indexes. Effective immediately at the opening of today’s equity markets, the annual reconstitution is now in effect.
Mondee’s Russell 2000 weighting is 0.017%, positioning it in the top quartile of additions and the most substantial one within the travel technology sector.
“We take great pride in our inclusion within the Russell 2000 Index, which serves as a testament to Mondee’s strong fundamentals and business performance, reaffirming our role as a leader in the travel technology industry,” stated Prasad Gundumogula, Founder, Chairman, and CEO of Mondee. He further commented, “This recognition holds significant importance and is expected to support our endeavors in enhancing long-term shareholder value, raising awareness of Mondee among the investment community, bolstering stock volume and liquidity, and diversifying our shareholder base. We believe that the inclusion into the index, along with a secondary offering of $52.5 million completed on June 9th, has contributed to a significant increase in the 30-day average daily trading volume of our common stock to 697,000 shares or $6.2 million1 of nominal value. This development is expected to enhance visibility and trading liquidity, while also facilitating the entry of new institutional investors.”
The annual reconstitution of Russell’s U.S. indexes involves the inclusion of the 4,000 largest U.S. stocks as of April 28, based on their total market capitalization. The Russell 3000 Index serves as the U.S. component of the Russell Global Index. Membership in the all-cap Russell 3000 Index, which lasts for one year, guarantees automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000 Index, along with the appropriate growth and value style indexes. FTSE Russell primarily determines index membership based on objective market-capitalization rankings and style attributes.
Investment managers and institutional investors widely utilize Russell indexes as benchmarks for active investment strategies and index funds. Approximately $12.1 trillion in assets are benchmarked against Russell’s U.S. indexes. These indexes are administered by FTSE Russell, a prominent global index provider.
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