Sundial Growers (NASDAQ:SNDL) shares dropped 10% after the Canadian cannabis firm released a new SEC filing. The company was initially scheduled to release Q4 and FY 2021 earnings results on March 9, 2022.
Trading Data
On Thursday, SNDL stock slid 10.51% to $0.5305 with 109.66 million shares, compared to its average volume of 101.34 million shares. The stock moved within a range of $0.5300 – 0.5729 after opening trade at $0.5635.
Surprisingly the company indicated at the time that it anticipated reporting record adjusted EBITDA from ongoing operations, but it pushed back the release date to around two weeks. Again, the company has now pushed back the annual report’s release date, which left investors worried.
The cannabis company’s latest delay in releasing financial results comes as it awaits an external auditor to finalize works on its financial statement for FY 2021. Sundial indicated in the SEC filing that the process needs a considerable amount of more work and comprehensive procedures. Also, the reason for the delay is that this is the first time the company has to get an audit report on internal financial disclosures. So in the coming weeks, investors should keep an eye on SNDL.
Technical Data
SNDL stock is below the 20-Day and 50-Day Moving averages of $0.60 and $0.57 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.66.
