Loyalty Ventures Inc (NASDAQ:LYLT) shares are trading lower by 49.68% at $5.54 after the company said it will reevaluate its 2022 revenue and EBITDA guidance and said its AIR MILES reward program and AIR MILES sponsor Sobeys were unable to align on extension terms.
Loyalty Ventures disclosed that its AIR MILES Reward Program segment and AIR MILES' Sponsor, Sobeys were unable to align on extension terms. Consequently, Sobeys provided notice of its intent to exit the program on a region-by-region basis, beginning with Atlantic Canada, between August and the first quarter of 2023.
Loyalty Ventures management says the team is confident in AIR MILES' ability to convert this development into a growth opportunity over the medium term.
See Also: Why Novavax Stock Is Trading Higher Today
Loyalty Ventures provides coalition and campaign-based loyalty solutions.
According to data from Benzinga Pro, Loyalty Ventures has a 52-week high of $98.95 and a 52-week low of $5.35.
