Press release
Sundial Announces Anticipated Closing Date of Alcanna Acquisition and Late Filing of Annual Financial Statements and MD&A under Canadian Law
CALGARY, AB, March 28, 2022 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") today announced that it expects the previously
About this update from Sndl Inc.
[{"type":"text","content":"CALGARY, AB, March 28, 2022 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) (\"Sundial\" or the \"Company\") today announced that it expects the previously announced plan of arrangement (the \"Arrangement\") with Alcanna Inc. (\"Alcanna\") to be completed on or about March 31, 2022. All regulatory requirements under applicable provincial liquor and cannabis legislation have now been satisfied and completion of the Arrangement remains subject only to customary closing conditions as further described in the Arrangement Agreement. Sundial and Alcanna have mutually agreed to extend the outside date for closing the transaction by one day to March 31, 2022.\n\n \n \n \n \n \n \n\n \nFinancial Statement Filing Delay\nThe Company also announced a delay in filing its audited consolidated financial statements for the year ended December 31, 2021, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the \"Filings\") beyond the deadline of March 31, 2022 prescribed by Canadian securities laws. Sundial expects to file its Annual Report on Form 20-F within the applicable U.S. filing deadline. The Company now expects to report fourth quarter and full year 2021 earnings on or before April 14, 2022. Updated conference call details will be provided in a subsequent announcement. \nBased on unaudited financial statements prepared by the management of the Company, Sundial expects to report record adjusted EBITDA from continuing operations for the full year 2021. \nThe principal reason for the delay is the significant amount of additional work and in-depth procedures required to be performed by the Company and its external auditor as 2021 is the first year that the Company is required to have an auditor attestation report on its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002 (\"SOX\"). This requirement to be SOX compliant is a function of the rapid growth in scale and level of corporate activity Sundial has achieved over the last two years. SOX compliance requires heightened levels of corporate controls and processes that will ultimately benefit Sundial shareholders through best practices in risk management.\nThe Company's auditor is completing its external audit and will be unable to issue an audit opinion before the end of...