This morning it became apparent why Sundial Growers (NASDAQ: SNDL) was attempting to bolster support for its Alcanna (TSX: CLIQ) transaction last week. This morning, Alcanna was forced to postpone its shareholder vote as a result of a lack of support amongst shareholders.
The company revealed this morning that just 56.29% of eligible votes for the shareholder meeting have voted as of the original deadline of December 10, 2021. The company is required to receive support from 66.67% of its shareholders to be able to proceed with the transaction.
As a result of the lack of support from shareholders, the company has extended the voting deadline to January 5, referring to the postponement as a “one-time extension.” The company will now face the challenge of reaching its shareholder base during one of the busiest times of the year.
The record date for eligible shareholders remains as November 9, 2021. The transaction will see shareholders receive 10.69 shares of Sundial for each Alcanna share held, if approved.
Alcanna last traded at $6.89 on the TSX.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
