Press release
SNDL Granted MCTO
CALGARY, AB, April 3, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") announces that its principal regulator, the Alberta Securities
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, April 3, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") announces that its principal regulator, the Alberta Securities Commission, has granted a management cease trade order (the \"MCTO\"). \n\n \n \n \n \n \n \n\n \nAs previously announced on March 28, 2023 (the \"Announcement\"), the Company applied for the MCTO due to an expected delay in the filing of the audited consolidated financial statements for the year ended December 31, 2022, annual management's discussion and analysis for the same period, annual information form for the same period (which will be reported on Form 20-F) and management certifications of annual filings (collectively, the \"Filings\"). The MCTO restricts the Chief Executive Officer and Chief Financial Officer from all trading in securities of the Company until such time as the Filings have been filed by the Company and the MCTO has been lifted. The MCTO does not affect the ability of other shareholders of the Company to trade in securities of the Company.\nSNDL and its auditor continue to work diligently toward completing the Filings as soon as possible. The Company believes that there will be no restatement of previously released financial statements of SNDL and it expects to report fourth quarter and full year 2022 earnings and complete the Filings on April 14, 2023. \nBased on unaudited financial statements prepared by the management of the Company, SNDL expects to report record net revenue and cash flow from operations for the fourth quarter of 2022. The Company also expects to report a material provision for impairment of goodwill related to the decline in share trading price of Nova Cannabis Inc., which was acquired in March 2022.\nThe Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the \"alternative information guidelines\" under National Policy 12-203 – Management Cease Trade Orders (\"NP 12-203\") and issue bi-weekly default status reports for so long as the delay in filing the Filings continues, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company u...