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.
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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.
