Mondee Joins Russell 2000® Index as the Largest Addition in Travel Technology
The 30-day average daily trading volume of Mondee’s stock witnessed a 15x increase, reaching 697,000 shares or $6.2 million of nominal value1
AUSTIN, Texas, June 26, 2023 (GLOBE NEWSWIRE) -- Mondee Holdings Inc. (Nasdaq: MOND) (“Mondee” or the “Company”), a technology-driven, next-generation marketplace in a $1 trillion segment of the travel market, announced its inclusion as a member of the Russell 2000® Index and the broad-market Russell 3000® Index, as well as the corresponding Russell Growth Indexes. Effective immediately at the opening of today's equity markets, the annual reconstitution is now in effect.
Mondee's Russell 2000® weighting is 0.017%, positioning it in the top quartile of additions and the most substantial one within the travel technology sector.
"We take great pride in our inclusion within the Russell 2000® Index, which serves as a testament to Mondee's strong fundamentals and business performance, reaffirming our role as a leader in the travel technology industry," stated Prasad Gundumogula, Founder, Chairman, and CEO of Mondee. He further commented, "This recognition holds significant importance and is expected to support our endeavors in enhancing long-term shareholder value, raising awareness of Mondee among the investment community, bolstering stock volume and liquidity, and diversifying our shareholder base. We believe that the inclusion into the index, along with a secondary offering of $52.5 million completed on June 9th, has contributed to a significant increase in the 30-day average daily trading volume of our common stock to 697,000 shares or $6.2 million1 of nominal value. This development is expected to enhance visibility and trading liquidity, while also facilitating the entry of new institutional investors."
The annual reconstitution of Russell's U.S. indexes involves the inclusion of the 4,000 largest U.S. stocks as of April 28, based on their total market capitalization. The Russell 3000® Index serves as the U.S. component of the Russell Global Index. Membership in the all-cap Russell 3000® Index, which lasts for one year, guarantees automatic inclusion in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, along with the appropriate growth and value style indexes. FTSE Russell primarily determines index membership based on objective market-capitalization rankings and style attributes.
Investment managers and institutional investors widely utilize Russell indexes as benchmarks for active investment strategies and index funds. Approximately $12.1 trillion in assets are benchmarked against Russell's U.S. indexes. These indexes are administered by FTSE Russell, a prominent global index provider.
For additional information about the Russell 2000® Index, the Russell 3000® Index, and the reconstitution process of Russell indexes, please refer to the "Russell Reconstitution" section on the FTSE Russell website.
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. The company’s platform processes over 50 million daily searches and generates a substantial transactional volume annually. Its network includes approximately 60,000 leisure travel advisors and gig economy workers, 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. On July 19, 2022, Mondee became publicly traded on the Nasdaq under the ticker symbol MOND. For further information, please visit: https://www.mondee.com.
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally.
FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $20.1 trillion is currently benchmarked to FTSE Russell indexes. For over 30 years, leading asset owners, asset managers, ETF providers and investment banks have chosen FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products and index-based derivatives.
A core set of universal principles guides FTSE Russell index design and management: a transparent rules-based methodology is informed by independent committees of leading market participants. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth and reach of its offering.
FTSE Russell is wholly owned by London Stock Exchange Group.
For more information, visit www.ftserussell.com.
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements can be identified by words such as: “believe,” “can,” “may,” “expects,” “intends,” “potential,” “plans,” “will” and similar references to future periods. Examples of forward-looking statements include, among others, the Company’s expectation that the Company’s inclusion in the Russell 2000® Index will improve visibility and trading liquidity and expose the Company to new institutional investors and statements we make regarding the Company’s future growth, performance, business prospects and opportunities, strategies, expectations, future plans and intentions or other future events. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Management believes that these forward-looking statements are reasonable as and when made. However, the Company cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the ability to implement business plans and forecasts, the outcome of any legal proceedings that may be instituted against the Company or others and any definitive agreements with respect thereto, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, the ability of the Company to maintain compliance with Nasdaq’s listing standards, and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the U.S. Securities and Exchange Commission (the “SEC”) and in the Company’s subsequent filings with the SEC. There may be additional risks that the Company does not presently know of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.
Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Except as required by law, Mondee undertakes no obligation to update publicly any forward-looking statements for any reason.
130-day average trading volume on June 23, 2023, compared to May 23, 2023, rounded to the nearest thousands, source: Nasdaq. Nominal value is based on MOND's closing price of $8.85 on June 23, 2023.