CALGARY, AB, Dec. 11, 2020 /CNW/ - Sundial Growers Inc.
(Nasdaq: SNDL) ("Sundial" or the "Company") today announced that it
has received approval to transfer the listing of its common shares
to the Nasdaq Capital Market. The Company had sought the transfer
to take advantage of the additional 180 calendar day compliance
period offered on the Nasdaq Capital Market, which will extend the
period that the Company has to regain compliance with Nasdaq's
minimum bid price requirement. The transfer is expected to become
effective on December 15, 2020.
As previously reported, the Company was notified by Nasdaq on
May 12, 2020 that the bid price for
its common shares was not in compliance with the Nasdaq minimum bid
price requirement. At that time, the Company had until December 28, 2020 to regain compliance. The
anticipated extension will allow the Company to regain compliance
if for a minimum of 10 consecutive business days before
June 26, 2021 the bid price for the
Company's common shares closes at or above US$1.00 per share.
The Company intends to monitor the closing bid price of its
common shares and has given written assurance to Nasdaq that it
will, if necessary, implement available options to regain
compliance with the minimum bid price requirement, including a
reverse stock split.
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL".
Sundial is a licensed producer that crafts cannabis using
state-of-the-art indoor facilities. Our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced master
growers set us apart.
Our Canadian operations cultivate small-batch cannabis using an
individualized "room" approach, with 448,000 square feet of total
space.
Sundial's brand portfolio includes Top Leaf,
Sundial Cannabis, Palmetto and
Grasslands. Our consumer-packaged goods
experience enables us to not just grow quality cannabis,
but also to create exceptional consumer and customer
experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB,
and Rocky View County, AB.
Forward-Looking Information Cautionary
Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"), including, but not
limited to, statements regarding the Company's listing transfer to
the Nasdaq Capital Market, the Company obtaining an additional
compliance period, the trading price of the Company's common
shares, and the Company's intention to use available options to
regain compliance with the minimum bid price requirement, including
a reverse stock split. In particular, any failure or
delay in obtaining compliance with Nasdaq's minimum bid price
requirement by the end of the applicable compliance period could
result in the delisting of the Company's common shares from the
Nasdaq Capital Market. In such a case, you could be limited
in the ways you can trade in the Company's common shares.
Forward-looking statements are frequently characterized by words
such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "likely", "outlook",
"forecast", "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 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. Please see the risk factors identified
in the Company's filings with the U.S. Securities and Exchange
Commission, including those identified in the Company's Annual
Report on Form 20-F, for a discussion of the material risks
that could cause actual results to differ materially from the
forward-looking information. 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/sundial-receives-approval-for-nasdaq-listing-transfer-to-allow-for-additional-180-day-compliance-period-301191182.html
SOURCE Sundial Growers Inc.