Why Sundial Growers Stock Wilted Today

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Shares of Sundial Growers (NASDAQ: SNDL) had tumbled 12.8% as of 12:45 p.m. EDT Monday after the Calgary-based cannabis company filed a share sale prospectus with the SEC this morning.

In the prospectus, Sundial described plans to conduct an “equity distribution” whereby it would create up to $800 million worth of new common stock and sell it “from time to time through … our sales agents.”

Sundial described how its shares have “experienced extreme volatility,” ranging in price from as low as $0.14 per share to as high as $2.95 per share over the past year, despite there being “no recent change in our financial condition or results of operations.”  

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