October 01, 2019

Sundial Announces Voluntary Lock-Up By Directors And Executive Officers

CALGARY, October 1, 2019 – Sundial Growers Inc. (Nasdaq: SNDL)(“Sundial” or the “Company”) announces that a group of directors and executive officers, including Sundial’s Executive Chairman and controlling shareholder, Edward Hellard, and Chief Executive Officer, Torsten Kuenzlen, have entered into a voluntary lock-up agreement (the “Lock-Up”) with respect to the common shares (“common shares”) of Sundial they own as of the date hereof as well as those common shares that are issuable upon conversion or exercise of outstanding warrants or convertible notes within the Lock-Up period. The Lock-Up covers approximately 26 million, or about 25%, of the total issued and outstanding common shares, or approximately 34 million, or about 28%, of the total outstanding common shares on a fully diluted basis (as defined below), in each case, as of September 30, 2019.

“One of Sundial’s key success drivers is committed, experienced leadership that is aligned with shareholders on value creation. I am pleased that other directors and executive officers have joined me in executing this voluntary lock-up agreement. We also plan to approach other significant shareholders about locking up their shares. These actions demonstrate our commitment to building a sustainable industry-leading cannabis company,” said Executive Chairman, Edward Hellard.

The Lock-Up limits participating shareholders’ ability to sell their locked-up common shares during the Lock-Up period, subject to standard exceptions. On February 25, 2020, 15% of the locked up common shares will be released and the remaining 85% will be released on August 15, 2020. The Lock-Up will only apply to a director or officer so long as they are a member of the board of directors or employed by the Company, as applicable. The Lock-Up is in addition to the transfer undertaking provisions applicable to all of Sundial’s pre-IPO shareholders and contained in Sundial’s constating documents, which remain in effect.

A copy of the agreement is available under Sundial’s profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.

Latest News

View All

Tuesday, Jun 02, 2020

Sundial Announces Extension of Credit Facility Waiver Agreements

Sundial continues discussions with its lenders to restructure its credit agreements to strengthen the Company’s overall financial flexibility and capital structure.

Read More

Friday, May 15, 2020

Sundial Reports First Quarter 2020 Financial Results

Sundial reported its financial and operational results for first quarter 2020 ended March 31, 2020

Read More

Friday, May 15, 2020

Sundial Enters Into Agreement to Sell Bridge Farm Group

Sundial is pleased to announce it has reached an agreement to sell its U.K. asset, Bridge Farm Group to a consortia of private investors

Read More
image/svg+xml logo logo Created with Sketch.

Sorry!

Thanks, but unfortunately you need to be legal age to view our website.

Welcome.

You need to be of legal age to view our website.

Please choose a province and enter your date of birth to continue.

Province

Date of Birth

By entering this site you agree to our

TERMS & CONDITIONS and PRIVACY POLICY