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Benzinga

Business

Henry Khederian

FOUND: Why loyalty ventures shares are getting hammered today - What They Never Told You

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.

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