Press release
SNDL to Announce Fourth Quarter and Year End 2022 Financial Results on April 14, 2023
CALGARY, AB, March 27, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) ("SNDL" or the "Company") today announced an anticipated delay in the filing of its
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, March 27, 2023 /PRNewswire/ - SNDL Inc. (NASDAQ: SNDL) (\"SNDL\" or the \"Company\") today announced an anticipated delay in the filing of its audited consolidated financial statements for the year ended December 31, 2022, management's discussion and analysis for the same period and management certifications of annual filings (collectively, the \"Filings\") beyond the deadline of March 31, 2023 prescribed by Canadian securities laws. SNDL expects to file its Annual Report on Form 20-F within the applicable U.S. filing deadline. The Company further announced that it will release its fourth quarter and year end 2022 financial results for the year ended December 31, 2022 on Friday, April 14, 2023.\n\n \n \n \n \n \n \n\n \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 acquisition of Alcanna Inc. (\"Alcanna\") (a former wholly owned subsidiary of the Company, acquired in March 2022 as previously announced, which amalgamated with the Company effective January 1, 2023) and the decline in the trading price of shares of Nova Cannabis Inc. (\"Nova\"), which was a subsidiary of Alcanna at the date of acquisition. Despite improving fundamentals for Nova, the share price decline of more than 50% since the acquisition date warranted a material non-cash adjustment.\nThe principal reasons for the delay are:\nThe significant amount of work and in-depth procedures required to be performed by the Company and its external auditor on its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002 (\"SOX\"), including the addition of significant operations acquired during 2022. The requirement to be SOX compliant and expanded scope of operations is a function of the rapid growth in scale and level of corporate activity SNDL has achieved over the last three years. SOX compliance requires heightened levels of corporate controls and processes that will ultimately benefit SNDL shareholders through best practices in risk management.Additional procedures required by the Company related to the change of auditor who was appointed in July 2022.Additional procedures required...