Reffind (ASX:RFN) shares sink 33pc, contract closed

• Reffind (RFN) shares shed a third of their value today after the company’s agreement with InterBIO was discontinued
• The licencing agreement with the software company was announced just two months earlier, but today came to an abrupt end
• Originally, the deal was set to capitalise on Reffind’s WooBoard employee reward program
• However, in Friday’s announcement, Reffind said the decision to part ways was mutual, and it’ll now shift its focus to commercialising the WooBoard platform
• Despite today’s news, Reffind maintains the platform continues to gather momentum — its average monthly customer signups spiked 179 per cent over the last three months
• But, following the announcement, the company’s share price dropped 33.3 per cent, leaving the stock to trade for just 0.2 cents each right before market close

Reffind (RFN) shares shed a third of their value today after the company’s agreement with InterBIO was discontinued.

The licencing agreement with the software company was announced just two months earlier, but today came to an abrupt end.

Originally, the deal was set to capitalise on Reffind’s WooBoard employee reward program — InterBIO believed, alongside its own product suite, the platform could offer commercial upside.

Additionally, the agreement encompassed a 50/50 revenue-sharing deal and would have seen Reffind issue InterBIO 100 million shares and 100 million options as it reached different milestones. Sadly, however, that’s now been discontinued.

Today, Reffind said the decision to part ways was mutual, and it’ll now shift focus to commercialising the Wooboard platform.

WooBoard on the rise

Despite today’s news, Reffind maintains its flagship platform continues to gather momentum.

Over the past three months, WooBoard’s average monthly customer signups rose to 72 — a 179 per cent increase on the three months prior.

To capitalise on this, Reffind reportedly contacted each new customer to provide extra support as they introduce the platform to their workplace.

In turn, RFN believes this will grow WooBoard’s subscriber base and encourage many clients to take on paid subscriptions.

Now, the software-as-a-service (SaaS) provider has turned its focus to enhancing the platform’s security settings. It’s optimistic the strategy will lead to increased customer acquisitions in the future.

This afternoon, however, shareholders aren’t holding their breath. The company’s share price dropped 33.3 per cent, leaving shares to trade for just 0.2 cents each right before market close.