Sundial Growers Inc. SNDL, +3.43% said it planned to seek shareholder approval for a share consolidation at an upcoming annual and special meeting of shareholders on July 21.
The cannabis company said it was seeking a consolidation ratio of between 10-to-1 and 25-to-1.
Sundial said its stock was currently not in compliance with Nasdaq’s minimum bid price requirements, and added that “the proposed consolidation is expected to enable Sundial to avoid a delisting event that could cause material disruption through the reduction of both trading liquidity and access to capital.”
Sundial shares closed Thursday’s regular session with a 3.43% gain, closing at 35 cents per share.
Year to date, the stock is down about 37%.