Sundial Growers Inc. (NASDAQ: SNDL) reported Friday that it has raised $89.1 million via a warrant exchange.
The company noted that holders of 98.33 million warrants to buy shares of the company will exercise for cash their warrants at prices of 80 cents and $1.10 for gross proceeds to the company.
In return, Sundial is supposed to issue 98.33 million new warrants, each enabling the holder to buy one share at a price of $1.50.
The new warrants have immediate exercisability and a 42-months term from the date of the registration statement.
Sundial’s Recent Share Price Jump
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