SNDL Stock: Why The Price Increased Today

By Amit Chowdhry ● Oct 21, 2021
  • The stock price of Sundial Growers Inc (NASDAQ: SNDL) increased by over 2% today. This is why it happened.

The stock price of Sundial Growers Inc (NASDAQ: SNDL) increased by over 2% today. Investors are responding positively to the company announcing that between September 3, 2021, and October 19, 2021, they disposed of 2,336,500 common shares in the capital of Indiva Limited (TSXV: NDVA) (OTCQX: NDVAF).

Between September 3, 2021, and October 19, 2021, Sundial had disposed of 2,336,500 common Shares of Indiva through the facilities of TSX Venture Exchange at an average price of $0.488 per Indiva Share for a total consideration of $1,141,336. Prior to the dispositions, Sundial held 25,000,000 common Shares of Indiva, representing about 18.58% of the then-issued and outstanding common Shares of Indiva on a non-diluted basis. And as a result, following the completion of these dispositions – and together with Indiva’s various issuances of common shares from treasury – Sundial decreased its holdings in Indiva by 2.99%. Immediately following this disposition, Sundial now holds 22,663,500 common Shares of Indiva representing 15.59% of Indiva’s issued and outstanding common Shares on a non-diluted basis.

The Indiva Shares were sold for investment purposes. And Sundial may – depending on the market and other conditions – increase or decrease its beneficial ownership in Indiva’s securities whether in transactions over the open market, by privately negotiated arrangements or otherwise, subject to a number of factors, including general market conditions and other available investment and business opportunities.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.-