Sundial Growers (NASDAQ:SNDL) stock is down on Thursday after revealing a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.
The SEC filing details an agreement between Sundial Growers, Canaccord Genuity, and ATB Capital Markets USA Inc. This will have the latter two selling shares of SNDL stock from time to time.
According to the SEC filing, Sundial Growers has agreed to sell up to $800 million worth of SNDL stock through the two sales agents. The filing also notes that the agents will earn 3% in gross proceeds from sales made.
Investors didn’t react positively to news of the deal and sent shares falling on Wednesday. That resulted in SNDL stock closing out the day 7.5% lower than what it started. That negative momentum is continuing into today’s trading.
When it comes to stock movement, more than 125 million shares of SNDL stock have changed hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 550 million shares.
Another thing that investors need to know about SNDL stock is its meme status. Sundial Growers is one of Reddit WallStreetBet’s favorite picks. That means there’s been a lot of chaos surrounding the stock’s share price as it got caught up in a war between retail traders and hedge funds.
Sundial Growers is a Candian cannabis company dedicated to the creation of a wide range of marijuana products. It offers these up through a variety of brands that it operates.
SNDL stock was down 1.8% as of Thursday morning. However, the stock is still up 101.8% since the start of the year.
Investors that are looking to catch up on the latest Reddit stock news are in luck.
InvestorPlace.com has dedicated a good bit of time to covering the phenomenon that was meme stocks. While it appears that interest in meme stocks, such as GameStop (NYSE:GME)
American Entertainment (NYSE:AMC), and Nokia (NYSE:NOK), is slowing down, there’s still reason for investors to take interest. Luckily, the content below can help out with that.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.