Sundial Growers Inc. (NASDAQ:SNDL) closed a share offering valued at roughly $74.5 million this week.
The Calgary, Canada-based company currently has some $610 million in cash, in addition to marketable securities and loans receivable of approximately $61 million, and approximately 1.56 billion common shares outstanding.
Sundial unveiled a registered offering of 60.5 million Series A Units sold at a price of about $1 each.
Some 14 million Series B Units were sold at a price of $1 each, minus $0.0001.
The remaining exercise price of each Series B Warrant is equal to US$0.0001 per common share, according to a release.
The exercise price of the company's Series A Warrants is equal to $1.10 per common share.
A warrant gives the stock holder the right to buy a company's stock at a specific price and at a specific date.
By Thursday, the company's shares opened at $1.25 each. By 3:20 p.m. EST, they hovered $1.17 per share.
The company was once dubbed a "unicorn" due to its valuation, which at one point hovered at $1 billion.
These days, Sundial is among a list of so-called “meme stocks” in the crosshairs of Reddit investor group r/WallStreetBets investors, as compiled by Swaggy Stocks.
The r/WallStreetBets group has over 8 million members and recently grabbed headlines for buying shares of companies such as GameStop Corp. (NYSE:GME) and AMC Entertainment Holdings Inc. (NYSE:AMC), which are similarly heavily shorted.