Mondee says it doesn’t plan to appeal Nasdaq violations

tourism market Mengdi Holdings Earlier this month, the company had received a violation notice from Nasdaq for delays in filing its quarterly earnings report.

The company has 60 days to submit its plan to Nasdaq, but a statement It has no intention of doing so. The statement also said the company did not plan to appeal its subsequent delisting from Nasdaq.

Mondee was scheduled to hold a webcast of its third-quarter earnings results on Nov. 8 and said it would issue a press release during the conference call. The company rescheduled the call to Nov. 12, then Nov. 18, then canceled that date.

Mondee founder and CEO Prasad Gundumogula has told the board that he will be taking a leave of absence. Chief Financial Officer Jesus Portillo has been appointed to assume his current role. Gundumogula retains his position as chairman of the board.

Mondee was founded in 2011, Public acquisition of company through special procurement About three years ago.

In its second-quarter earnings report filed in August, the company noted revenue rose 3% to $58 million.

“Mondee delivered strong second quarter results, with net revenue, conversion rates and Adjusted EBITDA increasing 38% year over year. Our non-aerospace business surged to 47% of net revenue and adoption increased 20 basis points to 8.6%,” Gundumogula said at the time.

Since going public, the company has made a number of acquisitions, including Skypass sells for $15 million last year. Prior to that, it acquired Merge, Interep and ointall located in Brazil. Recently Mondee acquired Artificial Intelligence Experts Purplegrids.