Sundial Growers (NASDAQ: SNDL) has again delayed the release of their financial results. The company late last night indicated that it is continuing to struggle with the completion of its FY2021 consolidated financial results in a timely manner.
The delay of the financial results was again related to the Sarbanes-Oxley Act of 2002, also referred to as SOX Compliance. 2021 marks the first year that the company is required to have an auditor attestation report under the Act, and it’s proving to be difficult for the company. The delay is said to be a result of “the significant amount of additional work and in-depth procedures” required of the act.
While significant progress has reportedly been made on completing the filing, the company and the auditor have evidently grown tired of each other, with it being stated yesterday that the auditor will not seek to be reappointed as the firms auditor going forward. The firm will provide a review of Sundial’s first quarter financial results, at Sundial’s request, before formally parting ways.
There is not said to be any disagreements between the two firms.
The company also requested an extension of its currently ongoing management cease trade order.
Sundial Growers now expects to release its fourth quarter and full year 2021 financial results before April 29, 2022.
Sundial Growers last traded at $0.59 on the Nasdaq.
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.
