CALGARY,
AB, April 13, 2023 /CNW/ - SNDL Inc. (Nasdaq:
SNDL) ("SNDL" or the "Company") reports that the
Company expects to file its audited consolidated financial
statements for the year ended December 31,
2022, annual management's discussion and analysis for the
same period, annual information form for the same period (which
will be reported as an Annual Report on Form 20-F) and management
certifications of annual filings (collectively, the
"Filings"), on or before April 24,
2023, which will be within the applicable U.S. filing
deadline.
The principal reasons for the delay are:
- The significant amount of work and in-depth procedures required
to be performed by the Company and its external auditor on its
internal controls over financial reporting under Section 404(b) of
the Sarbanes-Oxley Act of 2002 ("SOX"), including the
addition of significant operations acquired during 2022. The
requirement to be SOX compliant and expanded scope of operations is
a function of the rapid growth in scale and level of corporate
activity SNDL has achieved over the last three years. SOX
compliance requires heightened levels of corporate controls and
processes that will ultimately benefit SNDL shareholders through
best practices in risk management.
- Additional procedures required by the Company related to the
change of auditor who was appointed in July
2022.
- Additional procedures required relating to significant
acquisitions during the year ended December
31, 2022.
SNDL and its auditor have made significant progress and continue
to work diligently toward completing the audit and the Filings as
soon as possible. There have been no disagreements between the
Company and the auditor regarding any matter of accounting
principles or practices, financial statement disclosure or auditing
scope or procedures. SNDL believes that there will be no
restatement of previously released financial statements of
SNDL.
SNDL is also providing this bi-weekly update on the status of
the management cease trade order granted on April 3, 2023 (the "MCTO") by its
principal Canadian regulator, the Alberta Securities Commission
(the "ASC"), under National Policy 12-203 – Management Cease
Trade Orders ("NP 12-203"). The Company has requested an
extension of the MCTO from the ASC.
The MCTO restricts the Chief Executive Officer and Chief
Financial Officer from all trading in securities of SNDL until such
time as the Filings have been filed by the Company and the MCTO has
been lifted. The MCTO does not affect the ability of other
shareholders to trade in securities of the Company.
SNDL confirms that since its April 3,
2023 press release: (i) there has been no material change to
the information set out in the April 3,
2023 press release that has not been generally disclosed
other than as set forth herein; (ii) the Company is satisfying and
confirms that it intends to continue to satisfy the provisions of
the "alternative information guidelines" under NP 12-203 and issue
bi-weekly default status reports for so long as the delay in filing
the Filings is continuing, each of which will be issued in the form
of a news release; (iii) there has not been any other specified
default by the Company under NP 12-203; (iv) the Company is not
subject to any insolvency proceedings; and (v) there is no material
information concerning the affairs of the Company that has not been
generally disclosed.
ABOUT SNDL INC.
SNDL is a public company whose shares are traded on the Nasdaq
under the symbol "SNDL."
SNDL is the largest private-sector liquor and cannabis retailer in
Canada with retail banners that
include Ace Liquor, Wine and Beyond, Liquor Depot, Value Buds, and
Spiritleaf. SNDL is a licensed cannabis producer and one of the
largest vertically integrated cannabis companies in Canada specializing in low-cost biomass
sourcing, premium indoor cultivation, product innovation, low-cost
manufacturing facilities, and a cannabis brand portfolio that
includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis,
Palmetto, Bon Jak, Spiritleaf Selects, Versus Cannabis, Value Buds,
Vacay, Grasslands and Superette. SNDL's investment portfolio seeks
to deploy strategic capital through direct and indirect investments
and partnerships throughout the global cannabis industry. For more
information on SNDL, please go to www.sndl.com.
Forward-Looking
Statements
Certain statements in this press release constitute
"forward-looking" statements that involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, objectives or achievements of SNDL or industry
results, to be materially different from any future results,
performance, objectives or achievements expressed or implied by
such forward-looking statements. When used in this press release,
words such as "may", "would", "could", "will", "expect",
"anticipate", "estimate", "believe", "intend", "plan", and other
similar expressions are intended to identify forward-looking
statements. Forward-looking information in this news release
includes, but is not limited to, statements regarding: SNDL's
expectation that it will complete the Filings on or before
April 24, 2023; SNDL's expectation
that there will be no restatement of previously released financial
statements of SNDL; and SNDL's intention to file bi-weekly status
reports in the form of news releases in satisfaction of the
provisions of the "alternative information guidelines" set out in
NP 12-203. These statements reflect SNDL's current views regarding
future events and are based on information currently available to
SNDL, and speak only as of the date of this press release. These
forward-looking statements involve a number of risks, uncertainties
and assumptions. The principal factors, assumptions and risks
that SNDL made or took into account in the preparation of these
forward-looking statements include: SNDL's belief that its external
auditor will complete its audit and release its audit opinion in a
timely manner that will allow SNDL to file its Annual Report on
Form 20-F within the applicable U.S. filing deadline; SNDL's belief
that the unaudited financial statements prepared by management of
the Company will not differ materially from audited financial
statements once available. The forward-looking information
contained in this news release is made as of the date hereof.
Unless required by applicable securities law, SNDL does not intend
and does not assume any obligation to update these forward-looking
statements, whether as a result of new information, future events
or otherwise.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/sndl-announces-filing-of-annual-report-by-april-24-and-provides-bi-weekly-mcto-status-update-301796370.html
SOURCE Sundial Growers Inc.