Why Sundial Growers Stock Wilted Today

Shares of Sundial Growers (NASDAQ: SNDL) had tumbled 12.8% as of 12:45 p.m. EDT Monday after the Calgary-based cannabis company filed a share sale prospectus with the SEC this morning.

In the prospectus, Sundial described plans to conduct an "equity distribution" whereby it would create up to $800 million worth of new common stock and sell it "from time to time through ... our sales agents."

Sundial described how its shares have "experienced extreme volatility," ranging in price from as low as $0.14 per share to as high as $2.95 per share over the past year, despite there being "no recent change in our financial condition or results of operations."

Source Fool.com