CALGARY,
AB, April 3, 2023 /PRNewswire/ - SNDL Inc.
(NASDAQ: SNDL) ("SNDL" or the "Company") announces
that its principal regulator, the Alberta Securities Commission,
has granted a management cease trade order (the
"MCTO").
As previously announced on March 28,
2023 (the "Announcement"), the Company applied for
the MCTO due to an expected delay in the filing of the audited
consolidated financial statements for the year ended December 31, 2022, annual management's discussion
and analysis for the same period, annual information form for
the same period (which will be reported on Form 20-F) and
management certifications of annual filings (collectively, the
"Filings"). The MCTO restricts the Chief Executive Officer
and Chief Financial Officer from all trading in securities of the
Company until such time as the Filings have been filed by the
Company and the MCTO has been lifted. The MCTO does not affect the
ability of other shareholders of the Company to trade in securities
of the Company.
SNDL and its auditor continue to work diligently toward
completing the Filings as soon as possible. The Company believes
that there will be no restatement of previously released financial
statements of SNDL and it expects to report fourth quarter and full
year 2022 earnings and complete the Filings on April 14, 2023.
Based 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 decline in share trading
price of Nova Cannabis Inc., which was acquired in March 2022.
The Company confirms that since the date of the Announcement:
(i) there has been no material change to the information set out in
the Announcement that has not been generally disclosed; (ii) the
Company is satisfying and confirms that it intends to continue to
satisfy the provisions of the "alternative information guidelines"
under National Policy 12-203 – Management Cease Trade Orders
("NP 12-203") and issue bi-weekly default status reports for
so long as the delay in filing the Filings continues, each of which
will be issued in the form of a news release; (iii) there has not
been any other specified default by the Company under NP 12-203;
(iv) the Company is not subject to any insolvency proceedings; and
(v) there is no material information concerning the affairs of the
Company that has not been generally disclosed.
ABOUT SNDL INC.
SNDL is a public company whose shares are traded on the 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 and one of the
largest vertically integrated cannabis companies in Canada specializing in low-cost biomass
sourcing, premium indoor cultivation, product innovation, low-cost
manufacturing facilities, and a cannabis brand portfolio that
includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis,
Palmetto, Bon Jak, Spiritleaf Selects, Versus Cannabis, Value Buds,
Vacay, Grasslands and Superette. 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
Certain statements in this press release constitute
"forward-looking" statements that involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, objectives or achievements of SNDL or industry
results, to be materially different from any future results,
performance, objectives or achievements expressed or implied by
such forward-looking statements. When used in this press release,
words such as "may", "would", "could", "will", "expect",
"anticipate", "estimate", "believe", "intend", "plan", and other
similar expressions are intended to identify forward-looking
statements. Forward-looking information in this news release
includes, but is not limited to, statements regarding: SNDL's s
expectation that it will file its Annual Report on Form 20-F within
the applicable U.S. filing deadline and that it will report its
fourth quarter and full year 2022 earnings on April 14, 2023; SNDL's intention to report fourth
quarter and full year 2022 earnings and complete the Filings on
April 14, 2023; SNDL's intention to
file bi-weekly status reports in the form of news releases in
satisfaction of the provisions of the "alternative information
guidelines" set out in NP 12-203; and the Company's
expectation that the trading window will open in May 2023. These statements reflect SNDL's current
views regarding future events and are based on information
currently available to SNDL, and speak only as of the date of this
press release. These forward-looking statements involve a number of
risks, uncertainties and assumptions. The principal factors,
assumptions and risks that SNDL made or took into account in the
preparation of these forward-looking statements include: SNDL's
belief that its external auditor will complete its audit and
release its audit opinion in a timely manner that will allow SNDL
to file its Annual Report on Form 20-F within the applicable U.S.
filing deadline; SNDL's belief that the unaudited financial
statements prepared by management of the Company will not differ
materially from audited financial statements once available. The
forward-looking information contained in this news release is made
as of the date hereof. Unless required by applicable securities
law, SNDL does not intend and does not assume any obligation to
update these forward-looking statements, whether as a result of new
information, future events or otherwise.
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SOURCE Sundial Growers Inc.