Sundial Growers-Sponsored Joint Venture With SunStream Bancorp's Sunstream IVXX Investment Corp. Reports Submission Of Draft Statement On Confidential Basis For Proposed IPO
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.