Canadian cannabis company Sundial Growers Inc.
has filed a shelf registration with the Securities and Exchange Commission to issue up to $1 billion of securities over time. Calgary-based Sundial, a now penny stock of a company that once had a valuation of $1 billion, said in early February that it had fully used its previous shelf, after conducting a series of capital raises in recent months. The new shelf allows it to offer common shares, preferred shares, warrants, rights and units. Shares were down 11% premarket, but have gained 363% in the year to date, after the stock became popular with the Reddit investor group that sent shares of videogame retailer GameStop Inc.
and others to dizzying heights in an effort to create a short squeeze in recent weeks. Separately, Sundial said it had regained compliance with Nasdaq listing rules after its stock closed at $1 or higher for at least 10 consecutive business days. The Cannabis ETF
has gained 96% in the year to date, while the S&P 500
has gained 16%.
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