The cannabis company Sundial Growers Inc. (SNDL) shares surged in the pre-market today as it rose 24% to $0.67.
The company has publicized no new update or development in the previous 24-hours. Still, last week Wednesday on December 30, 2020, it announced that it had completed a C$58.9 million or US$46 million acquisition of a particular purpose vehicle through the borrowing of its available cash reserves.
The particular purpose vehicle is the owner of C$58.9 million in senior secured debt issued by Zenabis Investment Ltd, a Zenabis Global Inc subsidiary.
Zenabis will also pay Sundial a royalty based on quarterly sales generated from its medical, recreational, and wholesale cannabis businesses. The loan has an interest rate of 14% annually and matures on March 31, 2025. U.S.-listed shares of Sundial closed at 46 cents on Tuesday after once being valued at $1 billion.