Sundial: Anticipated Closing Date Of Alcanna Acquisition And Late Filing Of Financial Statements

Sundial Growers Inc. SNDL expects the previously announced plan of arrangement with Alcanna Inc. to be completed on or about March 31, 2022. All regulatory requirements under applicable provincial liquor and cannabis legislation have now been satisfied and completion of the arrangement remains subject only to customary closing conditions as further described in the arrangement agreement. Sundial and Alcanna have mutually agreed to extend the outside date for closing the transaction by one day to March 31, 2022.

Financial Statement Filing Delay

The company announced a delay in filing its audited consolidated financial statements for the year ended December 31, 2021, annual management discussion and analysis for the same period and management certifications of annual filings beyond the deadline of March 31, 2022 prescribed by Canadian securities laws. Sundial expects to file its annual report on Form 20-F within the applicable U.S. filing deadline. The company now expects to report fourth-quarter and full-year 2021 earnings on or before April 14, 2022. Updated conference call details will be provided in a subsequent announcement.

The company’s auditor is completing its external audit and will be unable to issue an audit opinion before the end of March 2022 as previously expected. The company believes that there will be no restatement of previously released financial statements of Sundial.

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