Company: CDLX
Filing Date: 2025-04-28
Form Type: 8-K
Source: 0001666071-25-000060
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Company: Cardlytics, Inc.
Filing Date: 2025-04-28
Form: 8-K
Item: Item 1.02
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ITEM 1.02 TERMINATION OF A MATERIAL DEFINITIVE AGREEMENT

As previously disclosed, on July 7, 2022, Cardlytics, Inc. (the “ Company”) and Bank of America, N. A. (“ Bank of America”) entered into a General Services Agreement (the “ GSA”) and related Statement of Work (the “ Statement of Work”). The Company and Bank of America subsequently entered into a Statement of Work Change Order, dated May 24, 2024 (together with the GSA and Statement of Work, the “ Agreements”). Pursuant to the Agreements, the Company publishes offers to Bank of America’s customers utilizing the Company’s technology platform.

On April 22, 2025, the Company received a written non-renewal notice (the “ Notice”) from Bank of America related to the Agreements, which will each expire pursuant to their terms effective as of July 31, 2025 (the “ Expiration Date”). Pursuant to the GSA, Bank of America has requested that the Company continue to provide uninterrupted operations under the Agreements for 180 days following the Expiration Date, i. e., through January 27, 2026 (the “ Extension Period”). Pursuant to the terms of the GSA, the Extension Period can be extended by mutual agreement of the parties.

Notwithstanding the Notice, Bank of America and the Company are discussing potentially entering into a separate arrangement or agreement between the Company and Bank of America to publish the Company’s offers on Bank of America’s digital channels through other means. Even if the Company does not enter into a new arrangement or agreement with Bank of America, the Company believes the impact of the non-renewal will not be material during or after the Extension Period to its overall financial results given the revenue contribution from Bank of America, the potential to continue to deliver offers to Bank of America after the Extension Period, and supply growth from the Company’s newest and existing financial institution partners. The Company thanks Bank of America for its longstanding partnership and is committed to continuing conversations with Bank of America and working towards a mutually beneficial path forward that will allow Bank of America’s customers to continue to receive the Company’s offers.

ITEM 8.01 OTHER EVENTS