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UPDATE: Sundial files shelf to issue up to $1 billion in securities over time, regains Nasdaq compliance

Canadian cannabis company Sundial Growers Inc. SNDL, +5.29% has filed a shelf registration with the Securities and Exchange Commission to issue up to $1 billion of securities over time. Calgary-based Sundial, a now penny stock of a company that once had a valuation of $1 billion, said in early February that it had fully used its previous shelf, after conducting a series of capital raises in recent months. The new shelf allows it to offer common shares, preferred shares, warrants, rights and units. Shares were down 11% premarket, but have gained 363% in the year to date, after the stock became popular with the Reddit investor group that sent shares of videogame retailer GameStop Inc. GME, -5.52% and others to dizzying heights in an effort to create a short squeeze in recent weeks. Separately, Sundial said it had regained compliance with Nasdaq listing rules after its stock closed at $1 or higher for at least 10 consecutive business days. The Cannabis ETF THCX, +5.70% has gained 96% in the year to date, while the S&P 500 SPX, -0.06% has gained 16%.

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