Mondee Announces Inaugural Share Repurchase Program of Up to $30 Million

Program Intended to Enhance Shareholder Value

AUSTIN, Texas, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Mondee Holdings, Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), the high-growth, travel technology company and marketplace, with a portfolio of globally recognized platforms in the leisure and corporate travel sectors, today 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. This strategic initiative aims to enhance shareholder value and reinforces Mondee’s commitment to its long-term growth strategy.

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.

ABOUT MONDEE
Established in 2011, Mondee is a travel technology company and a modern travel marketplace with its headquarters based in Austin, Texas. The company operates 17 offices across the United States and Canada and has core operations in India, Thailand, and Greece. Mondee is driving change in the leisure and corporate travel sectors through its broad array of innovative solutions. Available both as an app and through the web, the company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Mondee Marketplace includes access to Abhi, the most powerful and only fully-integrated A.I. travel planning assistant in the market. Its network includes approximately 65,000 leisure travel advisors, freelancers and influencers, 500+ airlines, and over one million hotels and vacation rentals, 30K rental car pickup locations, 50+ cruise lines. The company also offers packaged solutions and ancillary offerings that serve a global customer base. For more about Mondee, please visit: mondee.com.