Canadian cannabis company Sundial to transfer listing to Nasdaq to allow for 180-day compliance period

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Canadian cannabis company Sundial Growers Inc. said Friday it has received approval to transfer the listing of its shares to the Nasdaq, allowing it an additional 180 days to regain compliance with Nasdaq rules. The stock closed Thursday at 47 cents. Under Nasdaq rules, a stock can be delisted if it trades below a dollar for more than 10 consecutive days. The transfer is expected to become effective on Dec. 15. “The anticipated extension will allow the Company to regain compliance if for a minimum of 10 consecutive business days before June 26, 2021 the bid price for the Company’s common shares closes at or above US$1.00 per share,” Sundial said in a statement. Sundial once had a $1 billion valuation. Shares rose 9% premarket, but are down 84% in the year to date, while the Cannabis ETF has gained 2.3% and the S&P 500 has gained 13%.
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