- NASDAQ:SNDL fell by 6.59% during Tuesday’s trading session.
- Sundial delayed its quarterly earnings report until mid-April.
- Sundial announces it is finalizing its acquisition of Alcanna.
NASDAQ:SNDL extended its weekly losses on Tuesday, despite the broader markets rallying for the second consecutive day. Shares of SNDL dropped by a further 6.59% and closed the trading session at $0.73. The markets rallied again on Tuesday with a much more convincing performance than on Monday. All three major indices jumped higher again as the Dow Jones added 338 basis points, the S&P 500 gained 1.23%, and the NASDAQ climbed higher by 1.84%. The NASDAQ’s rebound continued as big tech led the way once again, while investors showed some relief with growing hope for a ceasefire between Russia and Ukraine.
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Sundial announced that it would be delaying its fourth quarter and full-year 2021 earnings report until April 14th after filing a 6K with the SEC on Tuesday. The delay is due to the imminent completion of the acquisition of Alcanna, which Sundial anticipates will have an effect on its earnings call. Is this bullish or bearish? It’s too early to tell but historically, delayed earnings calls have not been great for companies. Even though this is due to an acquisition, investors will still be watching for continued revenue growth and optimistic guidance for 2022.
SNDL stock forecast
Sundial also announced on Tuesday its acquisition of Alcanna Inc. is set to close on March 31, 2022. Alcanna is a Canadian company that owns several liquor distribution retail brands including Wine and Beyond and Liquor Depot. Alcanna is Canada’s largest private liquor retail outlet, and gives Sundial a strong foothold in both the cannabis and alcoholic beverage markets in the country.
Read More: SNDL Stock Price: Sundial Growers Inc slumps as Alcanna merger nears completion