|Company Name||Olo Inc.|
On February 12, 2020, Olo announced its partnership with Subway restaurants to “integrate digital orders directly into the restaurant’s point of sale for the majority of the chain’s locations” and that “[t]he partnership allows Subway’s network of more than 20,000 U.S. restaurants to more seamlessly handle digital orders from third-party marketplaces.”
On August 11, 2022, Olo released its second quarter 2022 financial results, disclosing that it is in the process of losing its business from Subway, and that it had already lost about 2,500 Subway locations during the second quarter. The Company stated that it “expect[s] Subway’s direct marketplace integration to continue with the balance of their locations being removed from our total active location counts in the fourth quarter of this year, or the first quarter of 2023.”
On this news, Olo’s stock fell $4.73, or 36.4%, to close at $8.26 per share on August 12, 2022, thereby injuring investors.
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