Travel marketplace Mondee Holdings has received a non-compliance notice from the Nasdaq for a delay in filing its quarterly earnings report earlier this month.
The company has 60 days to submit a plan to Nasdaq but said in a statement that it is not intending to do so. The statement also said it has no plans to appeal a subsequent delisting from the Nasdaq.
Mondee had originally scheduled its third quarter earnings webcast for November 8 and said a release would accompany the call. It rescheduled the call to November 12 and then November 18 before canceling it on that date.
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Mondee’s founder and CEO Prasad Gundumogula has told the board of directors that he is taking a leave of absence. Chief financial officer Jesus Portillo has been appointed to take the helm alongside his current role. Gundumogula retains his position as chairman of the board.
Mondee, which was founded in 2011, went public via Special Purchase Acquisition Company almost three years ago.
In its second quarter earnings report filed in August, the company noted a 3% increase to revenue of $58 million.
“Mondee delivered a strong second quarter, with net revenue, take rate and adjusted EBITDA up year over year – the latter by 38%. Our non-air component surged to 47% of net revenue and take rate grew 20 basis points to 8.6%,” Gundumogula said at the time.
Since going public, the company has made a number of acquisitions including Skypass for $15 million last year. Prior to that it acquired Consolid, Interep and Orinter, all based in Brazil. More recently Mondee acquired AI specialist Purplegrids.
