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Thursday, May 19, 2022

Sundial Growers Inc (SNDL) stock plunged in the pre-market. Here’s why

Sundial Growers Inc (SNDL) stock remained bearish in the regular trading session as well as in the pre-market. Before the end of the recently traded session, SNDL stock was trading at $0.7781, losing 4.19% from the previous trading session. On the last check, SNDL stock further lost 6.18% to $0.73 in the pre-market. The stock price kept oscillating between $0.73 and $0.79 during the last trading session. The firm declared the expected close date of Alcanna procurement. SNDL also declared late documenting of yearly fiscal reports and MD&A under Canadian regulation.

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Sundial Growers Inc. is an authorized maker that creates little-batch cannabis utilizing best-in-class indoor offices. The organization’s activities incorporate the development, circulation, and offer of cannabis for the grown-up use market and clinical business sectors in Canada. Currently, SNDL has a market cap of $1.60 billion. The firm has its headquarters in Calgary, Alberta, Canada.


On 28 March 2022, SNDL declared the expected closing date for the procurement of Alcanna Inc. The organization anticipates the recently reported arrangement with Alcanna Inc to be finished on 31 March 2022. Sundial and Alcanna have consented to broaden the external date for closing the exchange.

Moreover, SNDL additionally declared a postponement in documenting its inspected solidified fiscal summaries for the year finished on 31 December 2021, yearly leadership conversation and investigation for a similar period, beyond the cut-off time of 31 March 2022, endorsed by Canadian protections regulations. The organization currently hopes to report the final quarter and fiscal year of 2021 income prior to 14 April 2022, while before, the earnings were expected to release on 29 March 2022. The major justification for the deferral is the critical measure of extra work and top to bottom strategies expected to be performed by the organization and its auditor.

What does the analyst say?

The analyst at Canaccord Genuity downgraded the stock rating from hold to sell, increasing the target price from $0.40 to $0.65, on 19 March 2022.

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