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.
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