Daily Archives: March 29, 2022

The Buffalo Bills set a record, and it greatly benefits the team's owners.

The Bills will have the most public money set toward the construction of a new stadium. According to the Buffalo News, the Bills will get a new $1.4 billion stadium.

The stadium itself is the first big part of the story. The second one is that the state of New York and Erie County is contributing $850 million to the construction costs. The most an NFL team has been given in public tax money for a new stadium was the Las Vegas Raiders, who got $750 million in tax money to help build Allegiant Stadium, a big factor in the Raiders moving from Oakland.

The Bills aren't going anywhere for a long time. A new stadium ensures that.

The announcement about the new stadium came as the NFL is having its owners meetings in Florida. The Bills, who have been trying to get a new stadium to replace the one in Orchard Park, put out a statement.

The agreement has a 30-year lease that Gov. Kathy Hochul told the Buffalo News was ironclad. Erie County legislators could take up to 30 days to approve the deal, the Buffalo News said.

The staggering amount of public money going to the project is far less than anyone had anticipated, Hochul told the Buffalo News. The Buffalo News said there had been speculation taxpayers might need to give $1 billion to the project. The state of New York will give $600 million and Erie County will give $250 million to the project for Bills owners Terry and Kim Pegula. The NFL is also giving the Pegulas a $200 million loan. The Buffalo News said the Pegulas will put $350 million toward the stadium, but a portion of that will come from 50,000 personal seat licenses to all season-ticket holders that will cost $1,000 each.

Fox Business speculated in 2020 that the Pegulas' net worth was $5.1 billion.

The stadium, expected to be finished by 2026, will be across Abbott Road from the current Highmark Stadium the Bills call home, the Buffalo News said. It will be an open-air stadium.

The Bills won't be going anywhere for a while. Taxpayers are the main reason for that.

Highmark Stadium in Buffalo will be replaced by 2026. (AP Photo/Frank Franklin II, File)

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Bills reach deal for new stadium, with a record amount of taxpayer money funding it - Yahoo Sports

Ross Chastain delivered a finish to remember at Circuit of the Americas with his bump of AJ Allmendinger.

Chastain scored the first win of his career on Sunday after he pushed Allmendinger into Alex Bowman on the final lap. Allmendinger had bumped Chastain out of the way for the lead seconds earlier, so Chastain got his revenge and took out his other challenger for the win in the process as Bowman had snuck into the picture when Chastain and Allmendinger were tussling.

It was an ending to the race that NASCAR could only dream of and one of the most climactic road course race finishes in the last decade. Itll be replayed for years. But its greatness shouldnt overshadow how Sundays race was a glaring example of NASCARs need to overhaul the way that road course races are run.

Road course races are now a significant part of NASCAR. There are six of them among the 36 points races on the Cup Series schedule for the second straight season and NASCARs new Cup Series car was designed to be better handling on tracks with left and right turns than its bulkier predecessor.

The adjective bulky can also be used to describe Sundays race. The race which went a lap longer than scheduled took 3 hours and 20 minutes to get to the tussle between Chastain and Allmendinger thanks to the inefficient way that NASCAR officiates road course races. The average green-flag run during Sundays 69-lap race was just 5.6 laps despite green-flag runs of 16 and 14 laps among the first 31 laps.

Unlike IndyCar and Formula 1, NASCAR only implements full-course cautions at road courses when debris or stalled cars need to be retrieved from the track. Earlier in the day on Sunday, Formula 1 implemented a virtual safety car to move two stalled cars from the entrance to pit road. Those cars were only blocking a small part of the 3+ mile Jeddah Street Circuit and didnt require a lot of cleanup. There was no need for the race to be halted entirely and the field bunched up.

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Ross Chastain bumped AJ Allmendinger out of the way for his first NASCAR Cup Series win on Sunday. (Photo by Logan Riely/Getty Images)

At the 3.4-mile COTA, six of the nine full-course cautions throughout the NASCAR race were because of fluid or debris in a small part of the track or a stopped car. If NASCAR had local yellows or other safety measures like the two open-wheel series, the races could have kept going while the track was cleared. Instead, the minor incidents and cleanups required the race to be slowed for at least a lap to inordinately extend the races runtime and give viewers a chance to change the channel to the Elite Eight games on CBS.

Another two of the unnecessary full-course cautions were for pre-planned stage breaks. NASCARs stage racing format isnt going anywhere, so asking for the abolishment of stages is a fruitless endeavor. But getting rid of the pre-planned cautions that come with the conclusions of Stage 1 and Stage 2 at road courses would help keep viewers engaged and also increase the quality of racing.

Keeping stages but ditching the cautions that come with them would re-introduce a strategy aspect thats sorely been missing from road course racing over the last five seasons. Part of the appeal of NASCAR road course racing is the myriad ways that teams manage their tires and fuel to get to the end of the race. With two known caution flags, the strategy options for teams are limited and much more vanilla.

The cautions also unnecessarily extend the length of races. At 68 laps and an approximate time of 2 minutes and 15 seconds a lap, Sundays race at COTA was going to take at least 2.5 hours without any caution flags to interrupt the proceedings. Throw in the nine caution flags and the extra lap for overtime and the Cup Series race took 10 minutes longer than the combined run time of the last two 56-lap Formula 1 races at Circuit of the Americas.

And lets be blunt; F1 is quickly emerging as NASCARs major U.S. motorsports competitor among adults in the 18-49 demographic. A week ago, the season-opening F1 race drew 1.35 million viewers in the United States while the NASCAR race at Atlanta had significantly more viewers at 4 million. But NASCARs advantage was made up nearly entirely of adults over 50. Over 650,000 people between the ages of 18-49 watched the F1 race while approximately 715,000 adults in that same demographic watched the Cup race.

F1s appeal among younger viewers in the United States can be attributed to a lot of factors. And its efficient races and race lengths is likely one of them. Watching F1 is a two-hour maximum commitment most weekends. NASCAR requires a lot more of a viewers time to watch the whole story unfold. All of the first six races of the season have taken over three hours to complete.

That extended runtime is why NASCAR should be doing all it can to not give viewers an opportunity to change the channel during those extended TV windows. Yeah, the payoff for sticking with Sundays race at COTA was worth it for everyone who watched from start to finish. But that doesnt mean the grueling staccato journey to get there shouldnt be re-evaluated.

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COTA delivered a great finish and also showed why NASCAR's road course officiating needs an overhaul - Yahoo Sports

Media and tech major Yahoo has appointed Alicin Reidy-Williamson to the role of Chief Diversity & Culture Officer, where she will lead diversity, equity, and inclusion (DEI) efforts globally, in addition to building upon the team culture.

In her role, Reidy-Williamson will be based in New York, and report to CEO Jim Lanzone. She will work closely with leaders at Yahoo to grow a diverse workforce and strengthen policies, practices, and business that nurture a culture of inclusion.

She will also lead a team of DEI and employee experience practitioners, oversee employee engagement and strategic partnerships, and continue to champion accountability across teams, functions, and geographies.

On her appointment, CEO Lanzone said: "Alicin has a strong track record of driving DEI innovation and the experience to lead Yahoo during our next stage of growth. She will help to unlock the full potential of our workforce and business that will fully reflect Yahoos values and purpose. I look forward to her leadership and partnership."

Reidy-Williamson brings 25 years of experience leading culture, purpose, and DEI for companies. In past roles, she has served as Chief Inclusion Officer at Endeavor, and as Managing Principal for The Raben Group. She has also spent 13 years at Viacom and MTV Networks, credited with launching the companys efforts in corporate responsibility, D&I, and public affairs.

Reidy-Williamson commented: "In my conversations with leaders across Yahoo, it is clear the companys DEI culture runs deep - and impacts every employee at every level. By leveraging the power of this culture, we can drive business results while accelerating employee engagement and experiences that create access, advocacy, and community."

In addition to her corporate endeavours, Reidy-Williamson is on the board of March on Washington Film Festival, the Diversity Advisory Council Chair for Operation Homefront, and sits on the board of She Should Run.

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Up the ranks: Alicin Reidy-Williamson to drive Yahoo's DEI efforts as Chief Diversity & Culture Officer - Human Resources Online

Calculated and Distributed by Morningstar Indexes, the Index Defines and Leads a New Global Investment Category in Capital Markets

LOS ANGELES, March 29, 2022 /PRNewswire/ -- VegTech Invest, advisor to the active VegTech Plant-based Innovation & Climate ETF (NYSE: EATV), launches the VegTech Plant-based Innovation & Alternative Proteins Index (Ticker EATVI) with calculation and distribution services provided by Morningstar Indexes.

EATVI is the VegTech Plant-based Innovation and Alternative Proteins index provided by VegTech Invest. It is a benchmark for the emerging sector.

VegTech Invest is the first-to-market with a non-tracking, active ETF and an Index that defines and leads this new global investment category: Plant-based Innovation & Alternative Proteins. The index serves as a benchmark for the emerging sector.

Impact Investing in Alternative Proteins

The VegTech Index focuses on large-, mid- and small-cap companies building a more efficient, cruelty-free and eco-friendly food supply chain through disruptive technologies and innovation. It offers exposure to companies that are innovating with plants and plant-derived ingredients to create animal free products for sustainable consumption, including alternative proteins. These companies produce consumer packaged goods, ingredients, biotechnology, agtech, scientific services and other innovations.

"VegTech Plant-based Innovation & Alternative Proteins Index represents an underweighted sector of the capital markets that has experienced surprisingly high revenue growth over the last several years. Few in the financial world are taking note of the long-term impact of this sector.

"With this index, we are providing a benchmark for the capital markets to be used in understanding the growth of plant-based innovation and alternative proteins, and the inherent investment opportunity therein," say Index Classification Committee member and EATV Fund Manager, Dr. Sasha Goodman. "We are proud to launch this new index supported by the global calculation and distribution capabilities of Morningstar Indexes."

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The VegTech Index is listed on Bloomberg, Morningstar, and others. Those interested in licensing the index can contact info@VegTechInvest.com.

Be a Part of the Solution with the VegTech Active ETF (NYSE: EATV):

VegTech Plant-based Innovation & Climate ETF (EATV) launched on the New York Stock Exchange on December 28, 2021 and is a global fund of 40 publicly traded plant-based innovation companies.

The VegTech ETF (EATV) includes companies innovating with plants and plant-derived ingredients to produce animal-free products for sustainable consumption. VegTech Invest advisors Elysabeth Alfano and Sasha Goodman believe these companies positively impact climate change and solve some of the world's most pressing problems such as food security, deforestation, animal cruelty and growing public health concerns.

EATV's top ten holdings are Amyris (NASDAQ: AMRS), Celsius (NASDAQ: CELH), Oatly (NASDAQ: OTLY), Beyond Meat (NASDAQ: BYND), E.L.F. Beauty (NYSE: ELF), MGP Ingredients (NASDAQ: MGPI), Ingredion (NYSE: INGR), Givaudan (SS: GIVN), National Beverage Corp (NASDAQ: FIZZ), and Vita Coco (NASDAQ: COCO).

First To Market at a Critical Time

Interest in sustainability and planetary health is on the rise, and plant-based consumption and plant-based investing are expected to continue to grow.

In an October 13, 2021 commentary, Innova Market Insights' Global Insights Director Lu Ann Williams noted, "One of the biggest shifts we are seeing is that the health of the planet is now the top concern of consumers. Personal health has been the big concern for the past few years, but consumers now tell us that this has been surpassed by global issues."

"We are proud to be the first to market with a non-tracking, active ETF (EATV) and an industry benchmark index (EATVI) that are laser focused on plant-based innovation and alternative proteins, including fermented proteins and cultivated meat. These advancements are shifting our food and materials supply systems to be animal-free and sustainable. It's now or never," says Elysabeth Alfano.

VegTech InvestVegTech Invest advises the VegTech Plant-based Innovation & Climate ETF, (EATV.) EATV invests in companies actively innovating with plants and plant-derived ingredients to create animal-free products for sustainable consumption. The ETF provides exposure to the growing plant-based trend.

The firm is also the provider, along with Morningstar, of the VegTech Plant-based Innovation & Alternative Proteins Index, a global benchmark that defines and leads the disruptive plant-based innovation and alternative protein investment sector in the public markets.

Headshots/Logos here. LinkedIn/Twitter.

Exchange Traded Funds (ETF) are bought and sold through exchange trading at market price (not NAV), and are not individually redeemed from the fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

The fund's investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectus and summary prospectus contain this and other important information about the investment company. It may be obtained by calling 1-424-237-8393, emailing info@vegtechinvest.com or visiting EATV.VegTechInvest.com. Read it carefully before investing.

Investing involves risk including the possible loss of principal. Past performance does not guarantee future results.

The fund is an actively managed ETF that does not seek to replicate the performance of a specified index.

Foreign securities may be more volatile and less liquid than domestic (U.S.) securities, which could affect the Fund's investments.

Stocks of companies with small and mid-market capitalizations involve a higher degree of risk than investments in the broad-based equities market.

The fund is non-diversified and may hold large positions in a small number of securities. A price change in any one of those securities may have a greater impact on the fund's share price than if it were diversified.

The Fund is newly organized and has limited operating history to judge.

Quasar Distributors, LLC

Contact: Media RelationsE: Info@VegtechInvest.com

VegTech Invest is the advisor to the VegTech Plant-based Innovation and Climate ETF (NYSE: EATV) and the provider or the VegTech Plant-based Innovation and Alternative Proteins Index (Ticker: EATVI).

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SOURCE VegTech Invest

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VegTech Invest Launches the VegTech Plant-based Innovation & Alternative Proteins Index - Yahoo Finance

By Noel Randewich

(Reuters) -Tesla's announcement on Monday that it will seek shareholder approval to increase its share count in order to enable a stock split adds to a recent wave of megacap companies splitting their shares in a bid to attract more investors.

Tesla said in a filing it would hold a vote at its upcoming annual shareholder meeting to increase the number of authorized shares in order to enable a stock split.

A stock split by Tesla, which would have be approved by its board of directors, would be the electric car maker's second since 2020, and it would follow stock split announcements by other major U.S. companies in recent years.

In the past two years, Apple, Nvidia and Tesla have split their shares, while Amazon and Google-parent Alphabet have recently announced upcoming share splits.

Companies split their shares to make their stock prices appear less expensive and appeal to more investors. However, splitting a stock does not affect its underlying fundamentals.

Still, BofA Global Research said in recent research note that stock splits "historically are bullish" for companies that enact them, with their shares marking an average returns of 25% one year later versus 9% for the market overall.

Tesla's stock surged 8% on Monday, adding over $100 billion to its stock market value.

Amazon has gained about 20% since March 9, when the ecommerce heavyweight announced a stock split that will take effect on June 6. That compares to a 7% gain in the Nasdaq during the same period. During that time, Wall Street has also seen a broad rebound in megacap growth stocks following losses earlier this year, as well as volatility related to rising interest rates and Russia's invasion of Ukraine.

Tesla was the most traded stock among Fidelity's online brokerage customers on Monday, with buy and sell orders almost evenly split, suggesting retail investors are cautious about the company.

Since joining the S&P 500 in December 2020, Tesla has been one of its most heavily weighted stocks, currently accounting for over 2% of the index. It has gained about 300% since announcing its first stock split in August 2020.

Other S&P 500 companies with nominally high share prices, which analysts say could hint at a future stock split announcement, include Chipotle Mexican Grill, up 0.1% on Monday at $1,558, as well as Booking Holdings, trading near flat at about $2,247.

(Reporting by Noel Randewich; Editing by Cynthia Osterman)

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Tesla adds to wave of megacap stock splits - Yahoo Finance

Teslas director for artificial intelligence is taking a sabbatical from the company, but that has not stopped CEO Elon Musk from announcing plans for the possible market launch of its A.I.-heavy Optimus robot in 2023.

In an interview published on Sunday, the ambitious billionaire (with a penchant for setting out unrealistic goals) reaffirmed plans to present a working proof-of-concept for the Optimusan all new product, for which there has not even been a physical mock-up.

It could be ready towards the end of next year, at least for a moderate (scale) series production, he told Germany's Welt am Sonntag, promising a pretty good result on a prototype basis before the end of this December.

Tesla appears to be in the process of rebranding itself as an A.I. company first, carmaker second as part of the next stage of growthMusks Master Plan Part 3.

During Teslas product roadmap update in January, Musk said that this years top two priorities are not completing engineering work on several cars already promised, but finishing Full Self-Driving (FSD) and working on Optimus.

Musk has argued the humanoid bot he unveiled in virtual form for the first time in August is not unlike a Tesla car: motion is achieved through a series of actuators and motors operated by a central processor and imbued with A.I. only instead of a four-wheels, its chassis is bipedal.

Humanoid robots are coming, look at Boston Dynamics. They make better models every year, Musk told the German weekly, referring to the new Hyundai Motor subsidiary that once belonged to tech investor SoftBank.

In light of Musk's announcement, the sudden news that his director of A.I., Andrej Karpathy, is taking a four-month sabbatical from his day job raises question marks.

Many Tesla investors no doubt remember similar news in 2018 with regards to Doug Field, who subsequently departed to Apple and then Ford, where he is now in charge of engineering for the EV operations recently spun off into Ford Model e.

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Karpathy has been in charge of Tesla Vision, the most critical part of FSD currently still officially undergoing beta testing.

This software system endows the car with the ability to instantly process footage from eight cameras placed around the vehicle into a three-dimensional map of its surroundings including the velocity and likely direction of other cars, cyclists and pedestrians detected.

While marketed in beta, FSD is in reality very much still a work in progress in which over 60,000 Tesla owners in the United States voluntarily serve as unofficial guinea pigs to troubleshoot the software.

The sabbatical comes as FSD beta testers still await the arrival of Version 11, which would combine software for city driving and highway driving into one so-called single stack that should streamline development.

It was presumably V11 that prompted Elon Musk to ask buyers to pay $12,000 for FSD in January. While inflation has prompted Tesla to repeatedly raise the price for cars, software is not directly affected by higher raw material costs for metals, plastics and other inputs.

During a recent interview with A.I. expert Lex Fridman, Musk may have given a subtle signal playing down Karpathy's importance. Andrejs awesome and obviously plays an important role, but we have a lot of really talented people driving things, he told the podcaster in December. People will give me too much credit and theyll give Andrej too much credit.

This could suggest Ashok Elluswamy and Milan Kovac will be playing an even bigger role going forward, even if Karpathy does not follow Field in leaving the company.

Karpathy, who himself said he was in the middle of a digital nomad trip that would see him visit Europe and Asia, suggested he had every intention of returning.

I already miss all the robots he posted to Twitter, adding he looked forward to having at his fingertips again Teslas supercomputer, allegedly among the five most powerful known in the world with over 10,000 graphics processing units.

This story was originally featured on Fortune.com

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Musk wants to start selling Tesla's AI-powered humanoid robot next year, but his AI chief just went on sabbatical - Yahoo Finance

The Detroit Lions will be on Hard Knocks 2022 coming this summer, it was announced at the NFL owners meetings on Monday. It is the first time in the series' 16-edition run that it will be held at training camp in Allen Park in Detroit. The five-episode season debuts on Aug. 9.

We are excited about the opportunity to showcase the City of Detroit and the amazing culture we are building at the Lions," Lions team president and CEO Rod Wood said. "HBO Sports & NFL Films are the best of the best and we know they will be excellent partners in sharing our story with football fans around the world.

The Lions, Carolina Panthers and New York Jets were the only three teams who were eligible without any rights of refusal. Teams with a first-year head coach cannot be forced to be on the show nor can teams who have made the playoffs in at least one of the past two seasons and teams who have been on the show within the past decade.

Detroit hired head coach Dan Campbell, 45, ahead of the 2021 NFL season. The Lions went 3-13-1 and have finished in last place in the NFC North four straight times.

"As Hard Knocks enters its third decade inside NFL training camps, we are both thrilled and thankful for the opportunity to feature a historic franchise like the Lions," said NFL Films Vice President and Senior Coordinating Producer Ken Rodgers said in the announcement. "The city, the culture and the coaching staff in Detroit all have an exciting energy that will make the show must-watch television this summer."

Campbell previously appeared on the show as an assistant with the Miami Dolphins in 2012. The club also features quarterback Jared Goff, who will be making his third appearance on "Hard Knocks." He was a rookie No. 1 overall pick with the Hard Knocks cameras were with the Los Angeles Rams (then in St. Louis) in 2016. He was also on the show in 2020.

The Lions are one of the few organizations with a woman owner in Sheila Ford Hamp, another potential story line that could evolve on the show.

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HBO's 'Hard Knocks' will cover Lions in 2022 edition for first time - Yahoo Sports

FORT WORTH, Texas, March 28, 2022 /PRNewswire/ -- On March 28, 2022, Kimbell Tiger Acquisition Corporation ("TGR" or the "Company"), a special purpose acquisition company and an indirect subsidiary of Kimbell Royalty Partners LP ("Kimbell"), announced that, commencing March 28, 2022, holders of the units sold in the Company's initial public offering may elect to separately trade the shares of Class A common stock and redeemable warrants included in the units. The shares of Class A common stock and warrants that are separated will trade on The New York Stock Exchange (the "NYSE") under the symbols "TGR" and "TGR.WS," respectively. Those units not separated will continue to trade on the NYSE under the symbol "TGR.U." Holders of the units will need to have their brokers contact Continental Stock Transfer & Trust Company, the Company's transfer agent, in order to separate the holders' units into shares of Class A common stock and redeemable warrants.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained for free by visiting Edgar on the U.S. Securities and Exchange Commission's ("SEC") website at http://www.sec.gov or from UBS Investment Bank, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, New York 10019, telephone: (888) 827-7275, or email: ol-prospectusrequest@ubs.com.

Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the trading of TGR's securities on the NYSE. These and other forward-looking statements involve risks and uncertainties, including risks relating to general market and economic conditions, the COVID-19 pandemic and other risks and uncertainties described in TGR's filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Except as required by law, TGR undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this news release. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in TGR's filings with the SEC.

Contact:Rick BlackDennard Lascar Investor Relationskrp@dennardlascar.com(713) 529-6600

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SOURCE Kimbell Tiger Acquisition Corporation

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Kimbell Tiger Acquisition Corporation Announces the Separate Trading of its Class A Common Stock and Warrants, Commencing March 28, 2022 - Yahoo...

It's only Monday, and it's already been a big news week for football in the city of Detroit.

First, the Detroit Lions were selected as the subject of HBO's "Hard Knocks" this season for the first time. And later on Monday, the city found out that it will be hosting the traveling show known as the NFL draft.

It was announced Monday at the NFL's owner meetings that Detroit will host the 2024 NFL draft also a first for the city.

Detroit had shown extensive interest in hosting the draft for years now, with team president Rod Wood mentioning the franchise's desire to enter the draft-hosting mix in the coming years. NFL owners voted today to award the 2024 draft to Detroit over the other two finalist cities, Green Bay and Washington, D.C.

Green Bay Packers president Mark Murphy was also hopeful his team would land the event and said his team's city will push to host future drafts.

After New York hosted the event for many years through 2014, the NFL moved it on the road to Chicago (2015 and 2016), Philadelphia (2017), Dallas (2018), Nashville (2019) and Cleveland (2021).

This year's draft will reside in Las Vegas for the first time; the city was poised to host the 2020 NFL draft before that event went all-virtual during the COVID-19 pandemic.

Kansas City was selected as the 2023 NFL draft host. The dates for the 2024 draft have yet to be announced. The event is expected to take place in the area around Ford Field, as well as at the nearby Campus Martius Park downtown. The historic Fox Theater also could be used for portions of the event.

The Draft has become a prominent offseason event across the country, and we are excited to work with the Lions and their partners to bring the 2024 NFL Draft to the Motor City, NFL commissioner Roger Goodell said in a statement. With the help of Visit Detroit, the Detroit Sports Commission, and the City of Detroit the Lions passionate fan base and all visitors will be treated to an incredible three-day experience.

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Detroit approved to host the 2024 NFL draft - Yahoo Sports

Alcanna Inc.

The Arrangement is expected to close on or about March 31, 2022

EDMONTON, Alberta, March 28, 2022 (GLOBE NEWSWIRE) -- Alcanna Inc. ("Alcanna" or the "Company") (TSX: CLIQ) announces today that all regulatory requirements under applicable provincial liquor and cannabis legislation have been satisfied for completion of the previously announced plan of arrangement (the "Arrangement") with Sundial Growers Inc. ("Sundial") (NASDAQ: SNDL) under section 192 of the Canada Business Corporations Act pursuant to the terms of the arrangement agreement between Alcanna and Sundial dated October 7, 2021, as amended by the amending agreement dated January 6, 2022 (the "Arrangement Agreement"). Sundial and Alcanna have mutually agreed to extend the outside date for closing of the Arrangement to March 31, 2022. Completion of the Arrangement remains subject only to customary closing conditions as further described in the Arrangement Agreement. If the Arrangement is completed on March 31, 2022, the Alcanna Shares are expected to be de-listed from the Toronto Stock Exchange (the "TSX") on or about April 4, 2022.

Pursuant to the Arrangement Agreement and the amended terms of the plan of arrangement attached thereto, Sundial has agreed to acquire all of the issued and outstanding common shares in the capital of Alcanna (the "Alcanna Shares") from the holders of Alcanna Shares ("Alcanna Shareholders"). Pursuant to the Arrangement Agreement, each Alcanna Shareholder will be entitled to receive, in exchange for each Alcanna Share held: (i) 8.85 common shares (each whole share, a "Sundial Share") in the capital of Sundial (the "Share Consideration"); and (ii) $1.50 in cash (together with the Share Consideration, the "Revised Consideration").

SUNDIAL FILING OF ANNUAL DISCLOSURE

Sundial has announced a delay in filing its audited consolidated financial statements for the year ended December 31, 2021, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Sundial Filings") beyond the deadline of March 31, 2022 prescribed by Canadian securities laws. Sundial has announced that it expects to file its Annual Report on Form 20-F within the applicable U.S. filing deadline and to report fourth quarter and full year 2021 earnings on or before April 14, 2022.

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Sundial's press release stated the following with respect to the delay of the Sundial Filings:

The principal reason for the delay is the significant amount of additional work and in-depth procedures required to be performed by the Company and its external auditor as 2021 is the first year that [Sundial] is required to have an auditor attestation report on its internal controls over financial reporting under Section 404(b) of the Sarbanes-Oxley Act of 2002 (SOX). This requirement to be SOX compliant is a function of the rapid growth in scale and level of corporate activity Sundial has achieved over the last two years. SOX compliance requires heightened levels of corporate controls and processes that will ultimately benefit Sundial shareholders through best practices in risk management.

[Sundial]s auditor is completing its external audit and will be unable to issue an audit opinion before the end of March 2022 as previously expected. [Sundial] believes that there will be no restatement of previously released financial statements of Sundial.

[Sundial] has informed the staff of the Alberta Securities Commission (the "ASC") about its anticipated delay of the Filings and has applied to the ASC pursuant to Part 4 of National Policy 12-203 Management Cease Trade Orders ("NP 12-203") for a Management Cease Trade Order ("MCTO") pending the release of the Filings. If an MCTO is issued, Sundial intends to satisfy the provisions of the "alternative information guidelines" set out in NP 12-203, including the requirement to file bi-weekly status reports in the form of news releases containing prescribed updating information, until the Filings are made. An MCTO would not generally affect the ability of persons who are not directors, officers, or insiders of [Sundial] to trade in securities of [Sundial].

Alcanna Shareholders are encouraged to read the full text of Sundial's press release in respect of the Sundial Filings.

SUBMISSION OF AMENDED AND RESTATED LETTER OF TRANSMITTAL

Following completion of the Arrangement, each Alcanna Shareholder will cease to be an Alcanna Shareholder and to have any rights in respect of their Alcanna Shares other than to receive the Revised Consideration payable to such Alcanna Shareholder pursuant to the Plan of Arrangement.

As previously announced, Alcanna has mailed an amended and restated letter of transmittal to registered Alcanna Shareholders to receive the Revised Consideration upon completion of the Arrangement. The amended and restated letter of transmittal is also available under Alcanna's profile on SEDAR at http://www.sedar.com and on Alcanna's website at https://www.alcanna.com/ALCANNA-Special-Meeting-Materials.

The amended and restated letter of transmittal is for use by registered Alcanna Shareholders. Alcanna Shareholders that do not have their Alcanna Shares registered in their name (rather, such Alcanna Shares are registered in the name of a broker or other intermediary) should contact their broker or other intermediary for instructions and assistance regarding receipt of the Revised Consideration to which they are entitled upon completion of the Arrangement.

In order to receive the Revised Consideration under the Arrangement, registered Alcanna Shareholders must complete the amended and restated letter of transmittal and submit it to Odyssey Trust Company, the depositary, in accordance with the instructions set out in the amended and restated letter of transmittal. If Alcanna Shareholders have questions about submitting the amended and restated letter of transmittal, please contact Odyssey Trust Company by email at corp.actions@odysseytrust.com or at 1-587-885-0960.

NASDAQ LISTING OF SUNDIAL SHARES

On August 12, 2021, Sundial disclosed that it was notified by the NASDAQ Capital Market ("NASDAQ") on August 9, 2021 that the bid price for the Sundial Shares did not meet the NASDAQ minimum bid price requirement of US$1.00 per Sundial Share for the 30 consecutive business days from June 25, 2021 to August 6, 2021. At that time, the NASDAQ required Sundial to regain compliance by February 7, 2022. On February 8, 2022, Sundial announced that it had received an extension of 180 calendar days to meet this requirement of the NASDAQ. The extension will allow Sundial to regain compliance if the bid price for the Sundial Shares closes at or above US$1.00 per share for a minimum of 10 consecutive trading days before August 8, 2022. Sundial has disclosed that it intends to monitor the closing bid price of the Sundial Shares and will, if necessary, implement available options to regain compliance with the NASDAQ minimum bid price requirement, including a reverse stock split.

The Arrangement Agreement, including further information on the conditions precedent to completion of the Arrangement, are described in the management information circular and proxy statement of Alcanna dated November 9, 2021 (collectively, the "Circular"), and the material change report of Alcanna dated January 6, 2022, copies of which have been filed on SEDAR at http://www.sedar.com and are available on Alcanna's website at https://www.alcanna.com/ALCANNA-Special-Meeting-Materials.

ABOUT ALCANNA INC.

Alcanna is one of the largest private sector retailers of alcohol in North America and the largest in Canada by number of stores operating locations in Alberta and British Columbia. The Company's strategic partner, Nova Cannabis Inc. (TSX: NOVC), also operates 78 cannabis retail stores in Alberta, Ontario, and Saskatchewan. Alcanna Shares trade on the TSX under the symbol "CLIQ". Additional information about Alcanna is available on SEDAR at http://www.sedar.com and the Company's website at http://www.alcanna.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements or information (collectively "forward-looking statements") within the meaning of applicable securities legislation, relating to, among other things, the satisfaction or waiver of all of the remaining conditions precedent to completion of the Arrangement; the anticipated completion of the Arrangement and timing thereof; the rights of Alcanna Shareholders upon completion of the Arrangement; the de-listing of the Alcanna Shares from the TSX and the timing thereof; the anticipated delay of the Sundial Filings; the anticipated timing of release of the Sundial Filings; the timing of release of Sundial's Annual Report on Form 20-F and report of Sundial's fourth quarter and full year 2021 earnings; Sundial's expectations with respect to SOX compliance and benefits thereof; the ability of Sundial to obtain a MCTO and intentions with respect to compliance with NP 12-203; the continued ability to trade securities of Sundial prior to the release of the Sundial Filings; prior to the the continued listing of the Sundial Shares on the NASDAQ; Sundial's intentions with respect to attempts to re-gain compliance with the minimum bid price requirement of the NASDAQ; and Sundial's ability to re-gain compliance with the minimum bid price requirement of the NASDAQ. Forward-looking statements are typically identified by words such as "continue", "anticipate", "will", "should", "plan", "intend", and similar words suggesting future events or future performance. All statements and information other than statements of historical fact contained in this news release are forward-looking statements.

The risk factors and uncertainties related to the Arrangement include, among other things: risks related to the completion and the timing of the Arrangement; the ability to complete the Arrangement on the terms and timeline contemplated by the Arrangement Agreement, or at all; the ability and expectation that following completion of the Arrangement, Sundial will continue to experience enhanced market liquidity and growth; that Alcanna's cash flow and retail operations expertise will accelerate Sundial's growth; the ability of the consolidated entity to focus more management effort on its investment arm; the ability of the consolidated entity to realize the anticipated benefits from the Arrangement and the timing thereof; the inability of the parties to fulfill or waive any conditions precedent to the completion of the Arrangement Agreement, including obtaining required regulatory approvals; interloper or other stakeholder risk; risks related to the operations of Alcanna's liquor retail business upon completion of the Arrangement; risks related to new issuances of Sundial Shares that could affect the Alcanna Shareholders' pro forma ownership of Sundial; the risks and uncertainties related to the ability of the consolidated entity to successfully integrate the respective businesses, execute on the strategic opportunity, as well as the ability to ensure continued performance or market growth of its products; the duration and severity of the COVID-19 pandemic on the business, operations and financial condition of the consolidated entity; the risk that the consolidated entity will be unable to execute its strategic plan and growth strategy, including the capital allocation and retail cannabis strategy, as planned or at all; dependence on suppliers; potential delays or changes in plans with respect to capital expenditures and the availability of capital on acceptable terms; risks inherent in the liquor retail and cannabis industries; competition for, among other things, customers, supply, capital and skilled personnel; changes in labour costs and markets; inaccurate assessments of the value of acquisitions; general economic and provincial and national political conditions in Canada and globally; industry conditions, including changes in government regulations; fluctuations in foreign exchange or interest rates; unanticipated operating events; failure to obtain regulatory and thirdparty consents and approvals when required; changes in tax and other laws that affect us and our security holders; the potential failure of counterparties to honour their contractual obligations; stock market volatility; and risks associated with existing and potential future lawsuits, shareholder proposals and regulatory actions.

Readers should not place undue reliance on forward-looking statements included in this news release. Forward-looking statements are inherently subject to change and do not guarantee future performance and actual results may differ materially from those expressed or implied by the forward-looking statements. A number of risks, uncertainties and other factors that may cause actual performance and results to differ materially from any estimates, forecasts or projections, or could cause our current objectives, strategies and intentions to change.

In addition, if the Arrangement is not completed, and each of the parties continues as an independent entity, there are risks that the announcement of the Arrangement and the dedication of substantial resources of each party to the completion of the Arrangement could have an impact on such party's business relationships, and could have a material adverse effect on the current and future operations, financial conditions and prospects of such party. Readers should refer to the discussion of risks set forth in the Circular under the heading "Risk Factors". A comprehensive discussion of other risks relating to Alcanna's business are contained under the heading "Risk Factors" in Alcanna's annual information form for the financial year ended December 31, 2020 dated March 25, 2021 which is available on SEDAR at http://www.sedar.com. Additional information regarding risks and uncertainties relating to Sundial's business are contained under "Item 3D Risk Factors" in Sundial's Annual Report on Form 20-F, which was filed with the Securities and Exchange Commission on March 17, 2021 which is available on SEDAR at http://www.sedar.com and EDGAR at http://www.sec.gov. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking statements contained in this news release are made as of the date hereof. Except as expressly required by applicable securities legislation, Alcanna does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

CONTACT INFORMATION

James BurnsVice Chair & Chief Executive Officer Alcanna Inc. (587) 460-1026

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Alcanna Inc. Announces Anticipated Closing Date of Proposed Plan of Arrangement with Sundial Growers Inc. - Yahoo Finance