Sundial Growers Granted Management Cease Trade Order As It Faces Filing Delays

Sundial Growers Inc. SNDL has been granted a management cease trade order (MCTO) by its principal regulator, the Alberta Securities Commission.

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, 2021, annual management discussion and analysis for the same period, annual information form for the same period and management certifications of annual filings beyond the deadline of March 31, 2022 prescribed by Canadian securities laws.

The MCTO restricts the CEO and CFO from trading in the company's securities until such time as the filings have been completed and the MCTO  lifted. The MCTO does not affect the ability of other shareholders of the company to trade.

Sundial and its auditor continue to work toward completing the filings as soon as possible. The company said there will be no restatement of previously released financial statements of Sundial and it expects to report fourth quarter and full year 2021 earnings and complete the filings on or before April 14, 2022.

The company confirms that since the date of the announcement:

• There has been no material change to the information set out in the announcement that has not been generally disclosed.

• 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 and issue bi-weekly default status reports for so long as the delay in filing the filings is continuing.

• There has not been any other specified default by the company under NP 12-203.

• The company is not subject to any insolvency proceedings.

• There is no material information concerning the affairs of the company that has not been generally disclosed.

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