Stock slide after Sundial Growers files shelf for up to $200 million in securities.
Submitted by Marijuana News on Fri, 12/04/2020 - 13:51
Sundial Growers Inc. SNDL, -7.45% has filed a shelf registration to issue up to $200 million in securities. The Canadian cannabis company said it has also filed a preliminary prospectus supplement for a new at-the-market equity program for up to $150 million of its common shares.
Proceeds will be used to pay down debt, to finance possible acquisitions or invest in equipment, facilities and for general corporate purposes. U.S.-listed shares of Sundial, which once had a $1 billion valuation, were down 16% premarket at 64 cents. The stock has fallen 74% in 2020 to date, while the Cannabis ETF THCX, 0.51% has gained 9% and the S&P 500 SPX, 0.65% has gained 13%.
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