Breadth divergence is a troubling sign for the stock market

Sundial Growers to seek shareholder approval for share consolidation

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Sundial Growers Inc.

said it planned to seek shareholder approval for a share consolidation at an upcoming annual and special meeting of shareholders on July 21.

The cannabis company said it was seeking a consolidation ratio of between 10-to-1 and 25-to-1.

Sundial said its stock was currently not in compliance with Nasdaq’s minimum bid price requirements, and added that “the proposed consolidation is expected to enable Sundial to avoid a delisting event that could cause material disruption through the reduction of both trading liquidity and access to capital.”

Sundial shares closed Thursday’s regular session with a 3.43% gain, closing at 35 cents per share.

Year to date, the stock is down about 37%.

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