Canadian cannabis producer Sundial Growers has been given a 180-day reprieve to regain compliance with the Nasdaq market’s minimum bid-price requirement.
The Calgary, Alberta-based company was notified Aug. 9 it was offside Nasdaq’s continued listing standards and was given until Feb. 7 to regain compliance.
The extension gives the company until Aug. 8 to regain compliance.
That means the price for its common shares must close at or above $1 (1.27 Canadian dollars) for a minimum of 10 consecutive trading days.
Maintaining a minimum bid price of at least $1 per share is one of the Nasdaq’s listing requirements.
Sundial, which trades on the Nasdaq as SNDL, is one of four Canadian cannabis companies that have been deemed noncompliant with the exchange’s continued listing standards.
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Two Quebec-based cannabis companies, Hexo Corp. (HEXO) and Neptune Wellness Solutions (NEPT), have also been warned by the stock exchange that they face potential delisting.
Toronto-based Cronos Group (CRON) is currently listed on the noncompliant companies list over a regulatory filing issue.
The company was notified in November.