ICandy Interactive gains most in 3 weeks on Froyo Labs partnership

Icandy Interactive

23/03/2022 24:41

** Shares of ICandy Interactive Ltd  ICI.AX  jump as much as
10.4% to A$0.133, their best day since March 1 - if gains hold
    ** The mobile game developer says it has entered into a
strategic partnership with Froyo Games, backed by Froyo Labs, a
Web3.0 platform  urn:newsml:reuters.com:*:nFWN2VP10H
    ** Says in partnership, co will develop game concepts and
metaverse games to be commercialized and published by Froyo
Games 
    ** Adds that for the first project - The Misfits - Froyo Lab
guarantees gross revenue of A$4 million ($2.98 million) to
ICandy
    ** Partnership is for seven years and is renewable
thereafter annually
    ** Shares hit highest since Mar 14
    ** Stock has fallen 14.3% this year, as of last close

($1 = 1.3416 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))