Actions ofProducers of sundials(NASDAQ: SNDL) fell on Friday morning after the marijuana producer announced tenure drills and a new show. The sundial stock rallied later in the day; at the close of trading, its price was up 5.5% after falling 15.9%.
Holders of approximately 98.3 million warrants will convert them into shares at a price of $ 0.80 and $ 1.10. Sundial, in turn, will receive $ 89.1 million in cash. In exchange, Sundial issues an additional 98.3 million warrants, which will give those holders the right to purchase shares at an exercise price of $ 1.50 over a period of 42 months.
The new bond issue comes on the heels of Sundial filing for pre-registration with the U.S. Securities and Exchange Commission (SEC) on Tuesday, which will allow it to issue up to $ 1 billion in new securities. The marijuana company exhausted its previous registration statement after a series of stock offerings earlier in the year.
When Sundial shares fell sharply on Friday morning, investors appeared to be focused on the potential for diluting their holdings with additional shares and underwriting sales in the weeks and months to come. But while dilution is a serious concern, the long-term direction of Sundial’s share price ultimately depends on its ability to use its new cash flow to make value-creating acquisitions and fund organic growth initiatives. profitable.
Sundial has raised hundreds of millions of dollars in recent months, which management has said it could use to acquire other cannabis companies. Sundial recently took a $ 22 million stake in Indiva, a Canadian producer of cannabis edibles.
Investors appeared to have a more optimistic view of Sundial’s marijuana-focused investment opportunities later today, helping its stock price rebound.
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