Canadian Cannabis Company Sundial Growers Deposits Up To $ 200 Million In Securities, Stock Slides

Sundial Growers Inc. SNDL,
-10.04%
has filed a pre-listing to issue up to $ 200 million in securities. The Canadian cannabis company said it has also filed a preliminary prospectus supplement for a new share program in the market for up to $ 150 million of its common stock. The proceeds will be used to repay debt, to finance possible acquisitions or to invest in equipment, facilities and for general corporate purposes. Sundial’s U.S.-listed shares, which once had a valuation of $ 1 billion, were down 16% before market to 64 cents. The stock has fallen 74% in 2020 to date, while Cannabis ETF THCX,
+ 1.42%
gained 9% and the S&P 500 SPX,
+ 0.52%
gained 13%.