Sundial Growers Inc.’s SNDL forthcoming annual and special meeting of shareholders will be held on July 21, 2022 at 1 p.m. MDT (3 p.m. EDT).
The current nominees for election to the board of directors, include existing board members Greg Mills, Zach George, Gregory Turnbull, Bryan Pinney and Lori Ell. At the meeting, the company will also seek the approval of its shareholders to, among other items, consolidate all of its issued and outstanding shares on the basis of a consolidation ratio of between 10:1 and 25:1. Sundial is currently not in compliance with Nasdaq’s $1 minimum bid price requirements. The proposed consolidation is expected to enable Sundial to avoid a delisting event that could cause material disruption through the reduction of both trading liquidity and access to capital. If the consolidation resolution is approved by shareholders at the meeting, the board will have discretion to determine the final consolidation ratio within the shareholder-approved parameters.
“Sundial shareholders have played a key role in the company’s growth into the largest private market, regulated products platform in Canada,” stated Greg Mills, chair of the board. “Every shareholder has a role to play in the future direction of the company. We encourage our shareholders to actively participate in the governance of the company by voting their shares. Having considered factors including trading liquidity, access to capital, and regulatory restrictions, our board believes that it is in the best interest of Sundial and its shareholders to maintain its Nasdaq listing and has tabled the consolidation resolution to do so.”
Photo by Tim Foster on Unsplash
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