CALGARY,
AB, Nov. 14, 2024 /CNW/ - SNDL Inc. (Nasdaq:
SNDL) ("SNDL" or the "Company") announced today that
its board of directors (the "Board") has approved the
renewal of its share repurchase program (the "Share Repurchase
Program") upon the expiry of its current share repurchase
program on November 20, 2024. The Share
Repurchase Program authorizes the Company to repurchase up to
C$100 million (the
"Share Repurchase Amount") of its outstanding common shares
("shares") from time to time at prevailing market prices,
enabling SNDL to opportunistically return value to
shareholders.
Pursuant to the Share Repurchase Program, SNDL may purchase
shares from time to time at the discretion of management through
open market purchases, privately negotiated transactions, block
trades, derivatives, accelerated or other structured share
repurchase programs, or other means. The manner, timing,
pricing and amount of any transactions will be subject to the
discretion of SNDL and may be based upon market conditions,
regulatory requirements and alternative opportunities that SNDL may
have for the use or investment of its capital.
Notwithstanding the Share Repurchase Amount, SNDL may only
repurchase a maximum of approximately 13.2 million shares under the
Share Repurchase Program, representing 5% of the issued and
outstanding shares when the Share Purchase Program commences.
Subject to the foregoing limitations, the Share Repurchase Program
will commence on November 21, 2024, and expire on
November 20, 2025. The Share
Repurchase Program does not obligate the Company to repurchase any
minimum number of shares and repurchases may be suspended or
terminated at any time at the Company's discretion.
The Company will determine the actual number of shares that may
be repurchased pursuant to the Share Repurchase Program and the
timing of any repurchases.
The price which the Company will pay for any such shares will be
the prevailing market price at the time of repurchase, subject to
certain limitations imposed by applicable securities laws. All
shares repurchased pursuant to the Share Repurchase Program will be
returned to treasury for cancellation, and all such repurchases
will be made on the open market through the facilities of Nasdaq or
by such other means as may be permitted under applicable securities
laws during the term of the Share Repurchase Program.
Under the Company's current share repurchase program, which
commenced on November 21, 2023, the
Company previously sought to repurchase up to C$100 million or 13.1 million
shares. As of November 14, 2024, the
Company had repurchased an aggregate of 727,829 shares for
cancellation under its current share repurchase program at a
weighted average price of approximately US$1.97 per share.
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, Spiritleaf,
Superette and Firesale. SNDL is a licensed cannabis producer and
one of the largest vertically integrated cannabis companies in
Canada specializing in low-cost
biomass sourcing, indoor cultivation, product innovation, low-cost
manufacturing facilities, and a cannabis brand portfolio that
includes Top Leaf, Contraband, Citizen Stash, Sundial Cannabis,
Palmetto, Spiritleaf Selects Bon Jak, Versus, Value Buds, Namaste,
Re-up, Grasslands and Vacay. SNDL's investment portfolio seeks to
deploy strategic capital through direct and indirect investments
and partnerships throughout the North American cannabis
industry. For more information on SNDL, please go
to https://sndl.com/.
Forward-Looking Statements Cautionary Statement
This news release includes statements containing certain
"forward-looking information" and "forward-looking
statements" within the meaning of applicable securities law
(collectively, "forward-looking statements").
Forward-looking statements in this release include, but are not
limited to, the date of commencement and expiry of the Share
Repurchase Program, the number of shares to be repurchased, and the
methods of such repurchases, if any, pursuant to the Share
Repurchase Program. Forward-looking statements are frequently
characterized by words such as "plan", "continue", "expect",
"project", "intend", "believe", "anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar words, or
statements that certain events or conditions "may" or "will" occur.
These statements are only predictions. Various assumptions were
used in drawing the conclusions or making the projections contained
in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. The Company is
under no obligation, and expressly disclaims any intention or
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable law.
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SOURCE SNDL Inc.