Sundial Growers (Nasdaq: SNDL) (“Sundial” or the “Company”) announced today that that its Board of Directors (the “Board”) has approved a new share repurchase program (the “Share Repurchase Program”) which authorizes the Company to repurchase up to C$100 million (the “Share Repurchase Amount”) of its outstanding common shares (“shares”) from time to time at prevailing market prices, enabling Sundial to opportunistically return value to shareholders.
Pursuant to the Share Repurchase Program, Sundial may purchase shares from time to time at the discretion of management through open market purchases, privately negotiated transactions, block trades, derivatives, accelerated or other structured share repurchase programs, or other means. The manner, timing, pricing and amount of any transactions will be subject to the discretion of Sundial and may be based upon market conditions, regulatory requirements and alternative opportunities that Sundial may have for the use or investment of its capital.
Notwithstanding the Share Repurchase Amount, Sundial may only purchase a maximum of 102.8 million shares under the Share Repurchase Program, representing approximately 5% of the issued and outstanding shares as at the date hereof. Subject to the foregoing limitations, the Share Repurchase Program will commence on November 19, 2021 and expire on November 19, 2022. The Share Repurchase Program does not require the Company to purchase any minimum number of shares, and repurchases may be suspended or terminated at any time at the Company’s discretion.
The actual number of shares which may be purchased pursuant to the Share Repurchase Program and the timing of any purchases will be determined by management and the Board.
The price which the Company will pay for any such shares will be the prevailing market price at the time of acquisition, subject to certain limitations imposed by applicable securities laws. All shares purchased pursuant to the Share Repurchase Program will be returned to treasury for cancellation, and all such purchases will be made on the open market through the facilities of Nasdaq or by such other means as may be permitted under applicable securities laws during the term of the Share Repurchase Program.
