Sundial Growers (NASDAQ: SNDL) this morning released a brief release, announcing that the company has seen several million in gross proceeds raised from the exercise of outstanding warrants. In connection with the issuance of the warrants, the company however has entered arrangements to release new warrants to the holders.
A total of 98.3 million warrants have been exercised by shareholders of the company, with strike prices of both US$0.80 and US$1.10. Gross proceeds from the exercise has amounted to US$89.1 million for the company, which will go straight to the bank for the company.
In exchange for the exercise of the warrants, Sundial has issued 98.3 million new warrants to those shareholders, with the new warrants having an exercise price of US$1.50 per common share. The new warrants contain no hold period, and have an expiry of 42 months from the date of issuance.
Sundial Growers last traded at $1.34 on the Nasdaq.
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