CALGARY,
AB, July 7, 2022 /PRNewswire/
- Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or the
"Company") announces that its forthcoming Annual and Special
Meeting of shareholders (the "Meeting") will be held on
July 21, 2022 at 1 p.m. MDT (3 p.m.
EDT).
The current nominees for election to the Board of Directors (the
"Board"), include existing board members Greg Mills, Zach
George, Gregory Turnbull,
Bryan Pinney, and Lori Ell. At the Meeting, the Company will also
seek the approval of its shareholders to, among other items,
consolidate all of its issued and outstanding shares (the
"Consolidation") on the basis of a consolidation ratio of between
10:1 and 25:1 (the "Consolidation Ratio"). Sundial is currently not
in compliance with Nasdaq's $1
minimum bid price requirements. The proposed Consolidation is
expected to enable Sundial to avoid a delisting event that could
cause material disruption through the reduction of both trading
liquidity and access to capital. If the Consolidation
resolution is approved by shareholders at the Meeting, the Board
will have discretion to determine the final Consolidation Ratio
within the shareholder-approved parameters.
"Sundial shareholders have played a key role in the Company's
growth into the largest private market, regulated products platform
in Canada," said Greg Mills,
Chair of the Board. "Every shareholder has a role to play in the
future direction of the Company. We encourage our shareholders to
actively participate in the governance of the Company by voting
their shares. Having considered factors including trading
liquidity, access to capital, and regulatory restrictions, our
Board believes that it is in the best interest of Sundial and its
shareholders to maintain its Nasdaq listing and has tabled the
Consolidation resolution to do so."
Voting and Meeting Reminders
The Company also reminds shareholders that the deadline for
submission of voting proxies for the Meeting is July 19, 2022 at 1 p.m.
MDT. Shareholders are encouraged to vote by Proxy in advance
of the Meeting by one of the methods described in the form of Proxy
(the "Proxy") and management information circular (the "Circular").
Additional instructions may be found in Sundial's Proxy and
Circular on www.sndlgroup.com in the Investor section and on
SEDAR and EDGAR.
All shareholders will have the opportunity to participate in the
Meeting online. Only registered shareholders and duly appointed
proxyholders will be able to vote in real time at the Meeting.
Shareholders who hold their common shares with a bank, broker, or
other financial intermediary and wish to vote at the Meeting must
carefully follow the instructions provided by their
intermediary.
To participate online please use the following
information:
Link: https://web.lumiagm.com/263589432
Meeting ID: 263 – 589 – 432
Password: sundial2022
Registered Shareholder Number: Listed on your form of
Proxy
About Sundial Growers
Inc.
Sundial is a public company whose shares are traded on Nasdaq
under the symbol "SNDL." Its business is operated and reported in
four segments: Cannabis Production and Cultivation, Cannabis
Retail, Liquor Retail, and Investments.
As a licensed producer that crafts small-batch cannabis using
state-of-the-art indoor facilities, Sundial's 'craft-at-scale'
modular growing approach, award-winning genetics, and experienced
growers set us apart. Sundial's brand portfolio includes Top Leaf,
Sundial Cannabis, Palmetto, Spiritleaf Selects, and Grasslands.
Sundial is the largest private sector cannabis and liquor retailer
in Canada. The Company's retail
banners include Spiritleaf, Value Buds, Wine and Beyond, Liquor
Depot, and Ace Liquor. Sundial's investment portfolio seeks to
deploy strategic capital through direct and indirect investments
and partnerships throughout the global cannabis industry.
For more information on Sundial, please go
to www.sndlgroup.com.
Forward-Looking Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements").
Forward-looking-statements in this release include, but are not
limited to, the expectation that Sundial will avoid a delisting
event should the proposed Consolidation be approved by shareholders
and the Board and effected. Forward-looking statements are
frequently characterized by words such as "plan", "continue",
"expect", "project", "intend", "believe", "anticipate", "estimate",
"may", "will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions,
including but not limited to assumptions with respect to the
potential Consolidation, were used in drawing the conclusions or
making the projections contained in the forward-looking statements
throughout this news release. Forward-looking statements are based
on the opinions and estimates of management at the date the
statements are made, and are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. The Company is under no obligation, and
expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as expressly
required by applicable law.
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SOURCE Sundial Growers Inc.