Sunstream IVXX Investment Corp. Announces Confidential Submission of Draft Registration Statement for Proposed Initial Public Offering
On December 2, 2021, Sunstream IVXX Investment Corp. announced the confidential submission of a draft registration statement to the SEC for a proposed IPO. As a specialty finance company, Sunstream IVXX plans to operate as a closed-end, non-diversified management investment company, focusing on investments in the U.S. cannabis industry's debt. The exact number of shares and price range for the offering are yet to be determined, with the public offering expected to commence in Q1 2022 following SEC review and market conditions.
- Sunstream IVXX targets investments in the growing U.S. cannabis industry.
- The IPO could provide substantial funds for debt investments, enhancing market presence.
- The offering could lead to shareholder dilution.
- Uncertainty around SEC approval and market conditions may delay the IPO.
CALGARY, AB, Dec. 2, 2021 /PRNewswire/ - Sunstream IVXX Investment Corp. ("Sunstream IVXX"), an affiliate of SunStream Bancorp Inc., a joint venture sponsored by Sundial Growers Inc. (NASDAQ: SNDL), today announced that it has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (the "SEC") for a proposed initial public offering of its common stock. Sunstream IVXX will be a specialty finance company that operates as a closed-end, non-diversified management investment company that anticipates electing to be regulated as a business development company under the Investment Company Act of 1940. The number of shares of common stock to be sold and the price range for the proposed offering have not yet been determined. The purpose of the offering is to use the net proceeds therefrom to invest primarily in the debt of U.S. cannabis companies across the cannabis industry. Sunstream IVXX intends to commence the public offering following completion of the SEC review process, subject to market and other conditions, in the first quarter of 2022.
This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933, as amended (the "Securities Act"). As required by Rule 135, this press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.
ABOUT SUNDIAL GROWERS INC.
Sundial is a public company with Common Shares traded on Nasdaq under the symbol "SNDL". Our business is reported and analyzed under three operating segments: Cannabis Operations, Cannabis Retail and Investments.
As a licensed producer that crafts small-batch cannabis using state-of-the-art indoor facilities, our 'craft-at-scale' modular growing approach, award-winning genetics and experienced growers set us apart. Sundial's brand portfolio includes Top Leaf, Sundial Cannabis, Palmetto and Grasslands. Sundial also operates the Spiritleaf retail banner. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis by offering a premium consumer experience and quality curated cannabis products.
Our investment operations seek to deploy strategic capital through direct and indirect investments and partnerships throughout the global cannabis industry.
We are proudly Albertan, headquartered in Calgary, AB, with operations in Olds and Rocky View County, Alberta, Canada. For more information on Sundial, please go to www.sndlgroup.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/sunstream-ivxx-investment-corp-announces-confidential-submission-of-draft-registration-statement-for-proposed-initial-public-offering-301435895.html
SOURCE Sundial Growers Inc.
FAQ
What is Sunstream IVXX's IPO plan related to SNDL?
When is Sunstream IVXX expected to start its public offering?
How will the IPO affect Sundial Growers (SNDL)?
What are the risks associated with the Sunstream IVXX IPO?
