Sundial Growers (SNDL) Announces $100 Million Registered Offering of Common Stock, Warrants

January 29, 2021 6:38 AM EST
Get Alerts SNDL Hot Sheet
Price: $0.95 -3.06%

Overall Analyst Rating:
    NEUTRAL (Down Down)

Trade Now! 
Join SI Premium – FREE

Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.

Sundial Growers Inc. (Nasdaq: SNDL) ("Sundial" or the "Company") announced today that it has priced a best efforts underwritten registered offering of 100,000,000 Series A Units, each consisting of one common share and one-half Series A Warrant to purchase one common share and 33,333,334 Series B Units (and together with the Series B Units, the "Units"), each consisting of one pre-funded Series B Warrant (together with the Series A Warrants, the "Warrants") to purchase one common share and one-half Series A Warrant to purchase one common share. Each Series A Unit will be sold at a price of US$0.75 per Series A Unit and each Series B Unit will be sold at a price of US$0.75 per Series B Unit, minus US$0.0001, and the remaining exercise price of each Series B Warrant will equal US$0.0001 per common share. Sundial's gross proceeds from this offering are expected to be approximately US$100 million, before deducting underwriting discounts and estimated offering expenses. All of the securities in the offering are being sold by Sundial. The Warrants will be exercisable immediately after issuance and have a term of five years commencing on the date of issuance. The exercise price of the Series A Warrants will be US$0.80 per common share. The offering is expected to close on February 2, 2021, subject to customary closing conditions.

The Company intends to use the net proceeds from the offering for the financing of possible acquisitions of, or investments in, equipment, facilities, assets, equity or debt of other businesses, products or technologies and for working capital and general corporate purposes.

Canaccord Genuity LLC is acting as sole book-running manager for the offering. A.G.P./Alliance Global Partners and ATB Capital Markets Inc. are acting as co-managers for the offering.



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

Equity Offerings

Related Entities

Canaccord Genuity