Alkami Technology plunges after ending strategic review, will stay independent

Alkami Technology plunges after ending strategic review, will stay independent

Alkami Technology ALKT dropped 15% in premarket trading after the digital banking software firm said it ended a strategic review and will remain independent.

"Following this review, the Board unanimously determined that continuing to execute management's long-range strategic plan as an independent, public company is in the best interests of the Company and its shareholders," the company said in a statement on Wednesday.

The update comes after a Reuters report last month that Alkami ALKT had started a sale process after attracting takeover interest and pressure from activist investor Jana Partners. The company began contacting private equity shops after receiving inbound interest. Bloomberg also reported that Jana was ratcheting up pressure and wanted the company to run a real sales process.

Alkami ALKT reaffirmed its full-year guidance of $528.0 million to $531.0 million in revenue and $96.0 million to $98.0 million in adjusted EBITDA.

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