We can only speculate what went wrong at this stage. Maybe the...

We can only speculate what went wrong at this stage.

Maybe the potential client wanted pretty much a free trial and IAM weren't willing to offer their services for very little monetary gain this time. It could be a number of things.

But honestly it sounds like the deal was at the pointy end and if it was to do with IAM's actual product it wouldn't have gotten to this stage. So there was something wrong with a few clauses in the final agreement which one party wasn't happy with. It might not have been to IAM's benefit or the prospective client's.

Hopefully some more details will be given at the roadshow as there will be a lot of questions thrown at them there.

Could be some climatic selling action today. If things are explained at the roadshows and don't seem so bleak and there were valid reasons for this deal not happening with demand still there for their product by other financial entities then price would rebound hard. Choose your time to sell if you don't believe in the company. Selling in low 3's on a bad announcement day is selling with the masses - typical retail move.