- NASDAQ:SNDL fell by 3.44% during Monday’s trading session.
- Sundial reported mixed earnings and is threatened by delisting or a reverse stock split.
- Sundial still has zero debt and a large war chest of cash.
NASDAQ:SNDL fell further towards zero on Monday as the once popular meme stock has lost nearly all of the wind in its sails. Shares of SNDL fell a further 3.44% and closed the first trading day of the week at $0.40. The broader markets bounced back during the session as stocks attempted to recover from another sharp sell off last week, the seventh consecutive losing week for all three major indices. The Dow Jones gained 618 basis points, the S&P 500 added 1.86%, and the NASDAQ rose by 1.59% during Monday trading.
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Last week Sundial reported its Q1 2022 earnings after reporting its delayed Q4 2021 earnings just several weeks earlier. Nothing from the report really moved the needle for Sundial investors, and a sharp decline in cannabis sales for the company illustrate how a pivot to higher end products has been unsuccessful. What’s more, Sundial has now traded below $1.00 per share for most of the year and has far exceeded the minimum threshold of the NASDAQ requirements. The company is now threatened by being delisted from the NASDAQ entirely or undergoing a reverse stock split to get the price back over $1.00.
Sundial stock price
Sundial investors do have solace in the fact that the company is still in an advantageous financial situation. Sundial has zero debt on its balance sheets and still has a warchest of more than $422 million to spend on investments. The company just closed a deal to acquire liquor distributor, Alcanna, earlier this year.
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