Bullish options flow was detected in SNDL stock on November 30, 2020.
Make sure to review this lesson on options trading so that you understand the chart above.
Sundial call volume topped 300k contracts, vs 6800 puts and implied volatility jumping nearly 200 points in the Dec term, to the 750% level. Dec 1 strike calls lead the flow with 127k contracts trading in over 12k executions from early 20c buyers to more recent trades at 45c.
The holder of Sundial senior secured second lien convertible notes has fully converted all notes from the original issuance of $73.2 million on June 5, 2020.
Sundial’s remaining secured indebtedness consists of $72 million outstanding under its senior secured credit facility.
Over the last six months, Sundial has raised net cash proceeds of $117 million through equity and equity linked issuances. The Company has 744 million common shares outstanding and an unrestricted cash balance of $85 million that has increased predominantly due to recent material warrant exercises, providing significant stability and financial flexibility to pursue growth and strategic opportunities.
“Sundial’s long-term viability is a prerequisite for the creation of shareholder value,” said Sundial’s CFO, Jim Keough. “While the process of raising capital and converting debt into equity has placed near-term pressure on the price of our common shares, it has been essential to improving the company’s financial strength, providing us with the resources and strategic flexibility to pursue a path to profitability.”
Sundial is a public company with Common Shares traded on Nasdaq under the symbol “SNDL”.
Sundial is a licensed producer that crafts cannabis using state-of-the-art indoor facilities. Our ‘craft-at-scale’ modular growing approach, award-winning genetics and experienced master growers set us apart.
Our Canadian operations cultivate small-batch cannabis using an individualized “room” approach, with 448,000 square feet of total space.
Sundial’s brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands. Our consumer-packaged goods experience enables us to not just grow quality cannabis, but also to create exceptional consumer and customer experiences.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds, AB, and Rocky View County, AB.