Sundial Growers Drops Two Tiers At Nasdaq To Avoid Near Term Reverse Split

Sundial Growers (NASDAQ: SNDL) appears to be doing all that it can to avoid being delisted from the Nasdaq while attempting to skip out on conducting a reverse split. The company this morning announced that it is effectively downgrading its listing by two tiers within the Nasdaq to enable an extended compliance period.

The move will see Sundial fall from the top tier Nasdaq Global Select Market to that of the Nasdaq Capital Market, which is the lowest of three listing tiers offered by the exchange. The move will provide the company with an additional 180 calendar day compliance period, a move that will provide additional time for the company to regain compliance with the exchanges minimum bid price requirement.

The company will now have until June 26, 2021 to regain compliance with this minimum bid standard, whereas the company previously had until December 28, 2020. As per the company, it must maintain a bid price above US$1.00 for a minimum of ten days before this date.

Sundial’s move to the the Nasdaq Capital Market is expected to occur as of December 15, 2020. If the company fails to regain compliance in the now extended period, it has signaled that it will implement available options to regain compliance, including a potential reverse stock split.

Sundial Growers last traded at $0.47 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.

Video Articles

Baselode Energy To Acquire Forum Energy: The Merger Of Equals Deal

TriStar Gold: The Revised Castelo de Sonhos Prefeasibility Study

Gold is Up 30%, But the Real Bull Market is Only Starting Now! | Adrian Day

Recommended

ESGold To Expand Mine Building At Montauban In Advance Of Gold & Silver Production

Goliath Resources Expands 2025 Drill Program To 60,000 Metres

Related News

Sundial: Canaccord Drops Target To $0.50 Following Q1 Results

On Monday, Sundial Growers Inc. (Nasdaq: SNDL) reported its first quarter financial results. The company...

Wednesday, May 18, 2022, 03:44:00 PM

Sundial: Preserving Capital Is A Key Priority – The Daily Dive

On today’s Daily Dive, we sit down for the first time with Zachary George, whom...

Wednesday, December 15, 2021, 01:30:00 PM

Sundial Growers Posts Fourth Quarter 2020 Revenues Of C$13.9 Million, Net Loss Of C$64.1 Million

Sundial Growers (NASDAQ: SNDL) this evening vaguely reported its fourth quarter financial results, reporting revenues...

Wednesday, March 17, 2021, 06:04:23 PM

Sundial Gets Second Extension On Credit Facility Waivers

That thread that Sundial Growers (NASDAQ: SNDL) is hanging on appears to be getting thinner....

Friday, May 1, 2020, 12:40:01 PM

Sundial Growers Repays Final Debts, Completes Restructuring

Sundial Growers (NASDAQ: SNDL) has managed a feat that few other cannabis operators have –...

Monday, December 21, 2020, 07:34:10 AM