Sundial Growers Inc. (Nasdaq: SNDL) (“Sundial” or the “Company”) today announced that it has received an extension of 180 calendar days to regain compliance with Nasdaq’s minimum bid price requirement.
As previously reported, the Company was notified by Nasdaq on August 9, 2021 that the bid price for its common shares was not in compliance with the Nasdaq minimum bid price requirement. At that time, the Company was required to regain compliance by February 7, 2022. The extension will allow the Company to regain compliance if the bid price for the Company’s common shares closes at or above US$1.00 per share for a minimum of 10 consecutive trading days before August 8, 2022.
The Company intends to monitor the closing bid price of its common shares and has given written assurance to Nasdaq that it will, if necessary, implement available options to regain compliance with the minimum bid price requirement, including a reverse stock split.