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Aurora Cannabis plans reverse allocation of 1 for 12 shares to improve liquidity with new market program




Aurora Cannabis Inc.
+ 2.82%

+ 1.66%

On Monday, it is taking steps to improve liquidity and regain compliance with New York Stock Exchange listing requirements after its shares have traded below $ 1 for more than 30 days. The company said its board of directors has approved a 1 for 12 reverse stock split scheduled for or around May 11. (ATM), offer program originally announced in May 2019. To strengthen its balance sheet, the company plans to renew its ATM program to raise additional equity in addition to the approximately $ 350 million that remains available under its prospectus. prior pending. “The company intends to use part of this available capacity to strengthen the strength of its balance sheet and maintain its flexibility given the macroeconomic uncertainty caused by COVID-19,” the company said in a statement. Aurora is on the right track with its previously announced business transformation plan, which includes reducing ACG costs, reducing investment and simplifying its business structure. He still expects net cannabis revenues in the third fiscal quarter to show “modest growth” compared to the second quarter. The company’s Canadian and international facilities are fully operational and it works with local, national and international authorities to ensure that it complies with pandemic guidelines. Stocks listed in the United States lost 6% before marketing and have fallen 59% since the start of the year. ETFMG Alternative Harvest ETF
+ 1.23%

fell 33% and the S&P 500
+ 1.44%

fell 14%.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

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