This strategic initiative aims to enhance shareholder value and reinforces Mondee’s commitment to its long-term growth strategy.
Mondee Holdings, Inc., the high-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms in the leisure and corporate travel sectors, 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.
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.
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