Sundial Growers (NASDAQ: SNDL) has gone against all odds, and done something that was unexpected by the majority of investors. The company this morning indicated that it has regained compliance with Nasdaq’s minimum bid price requirement.
The minimum bid price requirement stipulates that a company must maintain a minimum bid price of US$1.00 to be in compliance with exchange regulations. The company had fallen out of compliance with this requirement last year, and notably went to great lengths to avoid conducting a reverse split of its equity, which is the path that most firms take for simplicity.
However, with the recent shift in sentiment within the cannabis space, the company has managed to maintain a minimum bid price of US$1.00 for at least ten consecutive business days, bringing the company back into compliance. As a result, the matter is now closed.
Sundial Growers last traded at $2.19 on the Nasdaq.
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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.