Mondee receives non-compliance letter from Nasdaq

Mondee (MOND) Holdings announced that the Company received a notification letter from the Listing Qualifications Department of the NASDAQ Stock Market stating that the Company is not in compliance with Nasdaq Listing Rule 5250, which requires timely filing of reports with the SEC. The November 20 letter was sent as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the three month period ended September 30. Under the Nasdaq rules, the Company has 60 days from the date of the notice to submit a plan to Nasdaq to regain compliance with Nasdaq’s listing rules. If a plan is submitted and accepted, the Company could be granted up to 180 days from the Form 10-Q’s due date to regain compliance. Notwithstanding the foregoing, on November 25, the Company’s Board of Directors determined that the Company does not plan to submit a plan of compliance to Nasdaq to regain compliance with Nasdaq’s listing rules and does not plan to appeal Nasdaq’s subsequent delisting of its Common Stock from Nasdaq.