SNDL Stock Forecast: Sundial Growers Inc announces capital raise details
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- NASDAQ:SNDL announces further details of its capital raise issuance.
- Sundial’s latest stock offering is via warrants to raise nearly $90 million.
- SNDL shares suffer, down 5% in Friday's pre-market.
Update: SNDL announced it will raise $89.1 million from warrant holders exercising rights at $0.80 and $1.10. Shares in Sundial have been under pressure as the retail interest in the stock wanes. The sector, cannabis stocks, have been in focus with retail traders on hopes of legislation from a more open new US Administration. Sundial (SNDL) shares are currently trading at $1.39 during Friday's pre-market, down nearly five percent.
NASDAQ:SNDL completed another tumultuous day for investors as the cannabis stock whipsawed from a 6% gain in the morning to a closing loss of 15.70%. After peaking at $3.96 just one week ago, Sundial has come back down to Earth in a big way, as shares closed Thursday’s trading session at $1.45. Sundial was not the only cannabis play to suffer on Thursday as industry giants Aphria (NASDAQ:APHA) and Tilray (NASDAQ:TLRY) both plunged ahead of their merger, and Canadian rival Aurora Cannabis (NYSE:ACB) also sold off.
There may be another reason for Sundial’s collapse, as the company recently announced it would be selling $1 billion in stock or other investment securities, to raise capital. This is a common practice by firms who want to take advantage of an inflated stock price, but the impending dilution of shares on the market usually does not sit well with current shareholders. The recent bump in price and trading volume has allowed Sundial to regain NASDAQ compliance as it has stayed above the $1 per share mark for ten straight trading days.
SNDL stock news
Sundial may be returning to the shadows after its recent run as a r/WallStreetBets meme stock. The movement has lost its momentum now and the trading volume of Sundial shares has reflected this. Like Sundial, other meme stocks like AMC (NYSE:AMC) and GameStop (NYSE:GME) have fallen back to near obscurity, as the dust settles and a congressional hearing begins on the events that took place in January.
- NASDAQ:SNDL announces further details of its capital raise issuance.
- Sundial’s latest stock offering is via warrants to raise nearly $90 million.
- SNDL shares suffer, down 5% in Friday's pre-market.
Update: SNDL announced it will raise $89.1 million from warrant holders exercising rights at $0.80 and $1.10. Shares in Sundial have been under pressure as the retail interest in the stock wanes. The sector, cannabis stocks, have been in focus with retail traders on hopes of legislation from a more open new US Administration. Sundial (SNDL) shares are currently trading at $1.39 during Friday's pre-market, down nearly five percent.
NASDAQ:SNDL completed another tumultuous day for investors as the cannabis stock whipsawed from a 6% gain in the morning to a closing loss of 15.70%. After peaking at $3.96 just one week ago, Sundial has come back down to Earth in a big way, as shares closed Thursday’s trading session at $1.45. Sundial was not the only cannabis play to suffer on Thursday as industry giants Aphria (NASDAQ:APHA) and Tilray (NASDAQ:TLRY) both plunged ahead of their merger, and Canadian rival Aurora Cannabis (NYSE:ACB) also sold off.
There may be another reason for Sundial’s collapse, as the company recently announced it would be selling $1 billion in stock or other investment securities, to raise capital. This is a common practice by firms who want to take advantage of an inflated stock price, but the impending dilution of shares on the market usually does not sit well with current shareholders. The recent bump in price and trading volume has allowed Sundial to regain NASDAQ compliance as it has stayed above the $1 per share mark for ten straight trading days.
SNDL stock news
Sundial may be returning to the shadows after its recent run as a r/WallStreetBets meme stock. The movement has lost its momentum now and the trading volume of Sundial shares has reflected this. Like Sundial, other meme stocks like AMC (NYSE:AMC) and GameStop (NYSE:GME) have fallen back to near obscurity, as the dust settles and a congressional hearing begins on the events that took place in January.
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