CALGARY,
AB, Nov. 16, 2022 /CNW/ - SNDL Inc. (Nasdaq:
SNDL) ("SNDL" or the "Company") announced today that its Board of
Directors (the "Board") has approved the renewal of the Share
Repurchase Program (the "Share Repurchase Program") upon the expiry
of its current Share Repurchase Program on November 19, 2022. The Share Repurchase Program
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 SNDL to opportunistically return
value to shareholders.
![SNDL Inc. logo (CNW Group/Sundial Growers Inc.) SNDL Inc. logo (CNW Group/Sundial Growers Inc.)](https://mma.prnewswire.com/media/1948554/Sundial_Growers_Inc__SNDL_Announces_Renewal_of_Share_Repurchase.jpg)
Pursuant to the Share Repurchase Program, SNDL 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
SNDL and may be based upon market conditions, regulatory
requirements and alternative opportunities that SNDL may have for
the use or investment of its capital.
Notwithstanding the Share Repurchase Amount, SNDL may only
purchase a maximum of approximately 11.8 million shares under the
Share Repurchase Program, representing 5% of the issued and
outstanding shares as at November 21,
2022. Subject to the foregoing limitations, the Share
Repurchase Program will commence on November
21, 2022, and will expire on November
20, 2023. 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 of directors.
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.
Under the Company's current share repurchase program, which
commenced on November 19, 2021, the
Company previously sought to repurchase up to C$100 million or 10.28 million shares (adjusted
to reflect the Company's 10:1 share consolidation consummated on
July 26, 2022 (the "Share
Consolidation"). As of November 15,
2022, the Company had repurchased an aggregate of 1,888,566
shares for cancellation under its current share repurchase program
at a weighted average price of approximately C$2.60 per share (figures adjusted to reflect the
Share Consolidation).
ABOUT SNDL INC.
SNDL is a public company whose shares are traded on Nasdaq under
the symbol "SNDL."
SNDL is the largest private sector liquor and cannabis retailer
in Canada with retail banners that
include Ace Liquor, Wine and Beyond, Liquor
Depot, Value Buds, and Spiritleaf. SNDL is a
licensed cannabis producer that uses state-of-the-art indoor
facilities to supply wholesale and retail customers under a
cannabis brand portfolio that includes Top Leaf, Sundial
Cannabis, Palmetto, Spiritleaf Selects,
Re-Up, Namaste, Value Buds and
Grasslands. SNDL's investment portfolio seeks to deploy
strategic capital through direct and indirect investments and
partnerships throughout the global cannabis industry.
For more information on SNDL, please go
to www.sndl.com.
Forward-Looking Statements
Cautionary Statement
This news release includes statements containing certain
"forward-looking information" and "forward-looking
statements" within the meaning of applicable securities law
(collectively, "forward-looking statements"). Forward-looking
statements in this release include, but are not limited to, the
date of commencement and expiry of the Share Repurchase Program,
the number of shares to be repurchased, and the methods 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.