Proactive Investors - Bidstack Group PLC (LON:BIDS), a platform for in-game brand activation, has issued invoices for its commercial agreement with Azerion Technology as expected for the fiscal year 2022.
However, Bidstack has now initiated legal action to enforce payment of overdue sums after “it became clear to the Bidstack board that Azerion was withholding payment of sums which Bidstack considers to be due and owing in accordance with the agreement,” according to a statement made today.
After the close of business on 30 December 2022, Bidstack received notice from Azerion purporting to exercise an alleged right to terminate the agreement.
After Azerion attempted to terminate the agreement, Bidstack determined that Azerion had no entitlement to do so and plans to claim damages for unlawful termination.
Bidstack has made progress in building a strong pipeline of revenue for the next fiscal year and has brought on additional resellers in various regions independent of the Azerion relationship.
The company will provide updates on its dispute with Azerion in due course.