CALGARY, AB, Nov. 11, 2021 /PRNewswire/ - Sundial Growers
(Nasdaq: SNDL) ("Sundial" or the "Company") announced today that
that its Board of Directors (the "Board") has approved a new
share repurchase program (the "Share Repurchase Program") which
authorizes the Company to repurchase up to C$100 million (the "Share Repurchase Amount") of
its outstanding common shares ("shares") from time to time at
prevailing market prices, enabling Sundial to opportunistically
return value to shareholders.
![Sundial Growers Logo (CNW Group/Sundial Growers Inc.) Sundial Growers Logo (CNW Group/Sundial Growers Inc.)](https://mma.prnewswire.com/media/1686598/Sundial_Growers_Inc__Sundial_Announces_Share_Repurchase_Program.jpg)
Pursuant to the Share Repurchase Program, Sundial may purchase
shares from time to time at the discretion of management through
open market purchases, privately negotiated transactions, block
trades, derivatives, accelerated or other structured share
repurchase programs, or other means. The manner, timing,
pricing and amount of any transactions will be subject to the
discretion of Sundial and may be based upon market conditions,
regulatory requirements and alternative opportunities that Sundial
may have for the use or investment of its capital.
Notwithstanding the Share Repurchase Amount, Sundial may only
purchase a maximum of 102.8 million shares under the Share
Repurchase Program, representing approximately 5% of the issued and
outstanding shares as at the date hereof. Subject to the foregoing
limitations, the Share Repurchase Program will commence on
November 19, 2021 and expire on
November 19, 2022. The Share
Repurchase Program does not require the Company to purchase any
minimum number of shares, and repurchases may be suspended or
terminated at any time at the Company's discretion.
The actual number of shares which may be purchased pursuant to
the Share Repurchase Program and the timing of any purchases will
be determined by management and the Board.
The price which the Company will pay for any such shares will be
the prevailing market price at the time of acquisition, subject to
certain limitations imposed by applicable securities laws. All
shares purchased pursuant to the Share Repurchase Program will be
returned to treasury for cancellation, and all such purchases will
be made on the open market through the facilities of Nasdaq or by
such other means as may be permitted under applicable securities
laws during the term of the Share Repurchase Program.
About Sundial Growers Inc.
Sundial is a public company with Common Shares traded on Nasdaq
under the symbol "SNDL". Our business is reported and analyzed
under three operating segments: Cannabis Operations, Cannabis
Retail and Investments.
As a licensed producer that crafts small-batch cannabis using
state-of-the-art indoor facilities, our 'craft-at-scale' modular
growing approach, award-winning genetics and experienced growers
set us apart. Sundial's brand portfolio includes Top Leaf, Sundial
Cannabis, Palmetto and Grasslands. Sundial also operates the
Spiritleaf retail banner. Spiritleaf aims to be the most
knowledgeable and trusted source of recreational cannabis by
offering a premium consumer experience and quality curated cannabis
products.
Our investment operations seek to deploy strategic capital
through direct and indirect investments and partnerships throughout
the global cannabis industry.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds and Rocky
View County, Alberta, Canada. For
more information on Sundial, please go to www.sndlgroup.com.
Forward-Looking Information Cautionary Statement
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements"). Forward looking
statements in this release include, but are not limited to, the
number of shares to be repurchased, and the method of such
repurchases, if any, pursuant to the Share Repurchase Program.
Forward-looking statements are frequently characterized by words
such as "plan", "continue", "expect", "project", "intend",
"believe", "anticipate", "estimate", "may", "will", "potential",
"proposed" and other similar words, or statements that certain
events or conditions "may" or "will" occur. These statements are
only predictions. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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SOURCE Sundial Growers Inc.