What is hot at Sundial Growers Inc. (SNDL) as the shares explode in the pre-market?

NXTP Stock
NXTP Stock

Shares of Sundial Growers Inc. (SNDL) was trading higher 2.36% to $0.48 in the premarket session. The Healthcare sector firm didn’t announce any new developments however, the gain likely reflected some investors’ continued optimism as of December 21, 2020. Sundial Growers Inc. (SNDL) ‎revealed that it had achieved debt-free status after prepaying the $21.9 million balance of ‎its NRE credit facility. As of today, no debt remains outstanding. Prices are in Canadian ‎dollars unless otherwise noted.‎

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‎Sundial has approximately $62 million in current cash and 840 million outstanding common ‎shares. The total prepayments on the Facility are roughly $5 million.‎

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‎”At a time when many cannabis companies are burdened by heavy debt, Sundial is proud to ‎announce that we have paid off our entire debt load,” said Zach George, Sundial’s CEO. ‎

Sundial suffered from a cash shortage just two quarters after its IPO, breaching covenants in ‎its senior secured credit facility. Through asset sales, debt for equity swap, capital raises, ‎and cash repayments, we have eliminated $227 million in delinquencies, he added.”‎

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