ASX-listed Limeade slides on American Airlines contract termination

Limeade

27/09/2021 02:05

** ASX-listed shares of software firm Limeade Inc  LME.AX 
fall as much as 11.4% to A$0.70, worst intraday percentage drop
since March 1
    ** Co says https://investors.limeade.com/investor-relations
 it received a notice of contract termination from American
Airlines  AAL.O 
    ** AAL's procurement dept said termination was part of a
corporate cost-cutting initiative due to financial challenges
associated with COVID-19 pandemic - LME
    ** Adds that contracted annual recurring revenue associated
with that contract as at Aug. 31 was $1.9 mln
    ** Says contract termination will take effect from Jan. 1,
2022
    ** LME hits lowest since Sept. 21; biggest pct loser on the
ASX All Ordinaries index  .AORD 
    ** Stock down 49% this year, as of last close, vs a 11.7%
increase in .AORD

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com;))