Why Sundial Growers Stock Dropped Monday
Shares of Canadian marijuana company Sundial Growers (NASDAQ: SNDL) were down more than 7% at Monday's lows, and were 3.6% below Friday's closing price as of 2:15 p.m. EST.
At that time, the stock was trading at $1.50 per share, right at the exercise price of new warrants the company just announced it was issuing.
On Friday, Sundial announced that more than 98 million warrants to purchase common shares at prices of $0.80 and $1.10 per share were being exercised, and the company was issuing the same number of new warrants at the $1.50 exercise price.
Source Fool.com
