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%.