Mondee expands share repurchase program to up to $40M

Mondee announced the increase of its existing Preferred Equity Financing by up to $15M. Consequently, the Company’s Board of Directors has authorized a $10 million expansion of the Company’s on-going share repurchase program, bringing the total size of the common stock repurchase program authorized by the Board of Directors to up to $40M. All other terms of the repurchase program remain unchanged. The Company has completed an amendment to its existing Preferred Equity Financing including issuing additional preferred shares for an amount of up to $15 million, $10 million of which has already been funded. The Preferred Equity continues to accumulate preferred dividend with no requirement on the part of the Company to make any cash payments pursuant to the instrument unless the investors exercise its put option in 2026. Mondee’s Chairman, CEO and Founder, Prasad Gundumogula, commented, “We are excited to further strengthen our balance sheet with additional liquidity and increase our share repurchase program, signaling our strong financial position and continued confidence in our business strategy. This expansion reflects our commitment to creating value for our shareholders while maintaining financial flexibility.” As of now, the Company has repurchased less than $5 million of common stock originally authorized for repurchase under the program.