Sundial Growers (NASDAQ: SNDL) has seemingly bought more time with the compliance department at the Nasdaq. The firm last night indicated it has received an extension to regain compliance with the exchanges minimum bid rules.
The extension for regaining compliance relates to a notice the company received on August 9 related to its share price, which had fallen below the US$1.00 minimum bid requirement put in place by the exchange. Under the initial order, the company was to meet these rules by February 7, 2022. With the extension however, the company now has an additional 180 days to meet those requirements.
With the extension, the firm must trade above US$1.00 per share for a period of ten consecutive trading days by August 8, 2022. If it fails to do so, Sundial is at risk of being delisted from the exchange.
In announcing the extension, the company indicated it will “if necessary” perform actions required to regain compliance with the rule. Specifically, Sundial stated that it would be conducting a reverse stock split if necessary to meet the standard.
Further details on such an action were not provided, with details presumably to be provided if the firm is forced to go down that path.
Sundial Growers last traded at $0.50 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.
