Sundial Growers (NASDAQ: SNDL) is looking to take advantage of the absolutely wild volume that the equity has seen over the last several days by conducting an at the market financing. Tucked within the announcement that the company has filed a new shelf registration statement this morning, the company announced that it will be conducted a US$150 million ATM financing.
Proceeds from the financing will be used to “continue to retire its indebtedness,” and for the financing of possible acquisitions. The company also named potential uses for the funds as investments in other businesses, products, facilities, equipment or technologies, as well as the standard working capital and general corporate purposes.
While the registration statement has been filed with the SEC, it has yet to become effective, meaning shares cannot yet be sold under the ATM program. Securities are expected to be sold once the registration statement becomes effective. A timeline for this was not provided.
Sundial Growers last traded at $0.77 on the Nasdaq.
Information for this briefing was found via Sedar and Sundial Growers. 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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.