Cramer Slams Sundial As Cannabis Company Raises Over $89M Via Warrant Exchange

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

The Canadian cannabis producer has been grabbing headlines recently on the heels of its stock going through a similar rollercoaster akin to GameStop (NYSE: GME).

Together with cannabis stocks — Tilray Inc. (NASDAQ: TLRY) and Aphria Inc. …

Full story available on Benzinga.com

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