Benzinga | Dec 3, 2021 09:54AM EST

Cannabis-Focused Investment Company Sunstream IVXX To Go Public

Sunstream IVXX Investment Corp. an affiliate of SunStream Bancorp Inc., a joint venture sponsored by Sundial Growers Inc. (NASDAQ:SNDL) plans to go public.

The company confirmed Friday it has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. 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 industry.

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 company anticipates commencing the IPO during the first quarter of 2022, upon receiving all necessary approvals.

Price Action

Sundial's shares traded 0.12% higher at 59 cents per share at the time of writing Friday morning.

Photo: Courtesy of Plants for Persephone on Unsplash