SNDL Stock Forecast: Sundial Growers extends gains and announces shareholder vote for reverse split

NASDAQ: SNDL gained 3.43% during Thursday’s trading session.
Sundial Growers announces a shareholder vote for a reverse split.
Fellow meme stock GameStop has a wild day after firing its CFO.

Stocks Reporter FXStreet

NASDAQ: SNDL extended its gains on Thursday, but waited until after hours to announce an upcoming vote with major consequences on shareholder equity. Share of SNDL added 3.43% and closed the trading session at $0.36. Stocks rose yet again on Thursday ahead of the key jobs report that is set to be released on Friday morning. All three major indices popped with another strong day from mega-cap tech stocks leading the way. The Dow Jones gained 346 basis points, the S&P 500 added 1.50%, and the NASDAQ posted a 2.28% rise during the session.

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The major news from Sundial Growers on Thursday came after the markets had already closed for the day. The company issued a press release for an upcoming shareholder vote on July 21st, which will discuss the long-anticipated reverse split of the stock. Sundial is allowing shareholders to vote on either a 10 for 1 or 25 for 1 reverse split that would help to consolidate Sundial’s outstanding share float of more than 2.39 billion shares. It will be interesting to see how investors react on Friday, but generally speaking, reverse splits are not received well by shareholders.

Sundial stock price

Fellow meme stock GameStop (NYSE:GME) had a wild day on Thursday as the stock gained 15.14% after the announcement that it had fired its CFO. GameStop is also looking to trim its workforce as the next step in its major turnaround and digital transformation. While shares soared during intraday trading, the stock was down by more than 5.3% in after hours trading.

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Stocks Reporter

FXStreet

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