Published: September 19, 2023 at 7:10 a.m. ET
Aurora Cannabis Inc. ACB CA:ACB said Tuesday it received approval to transfer its U.S. listing to the Nasdaq Capital Market from the Nasdaq Global Select Market effective today. The move will give the company an additional 180 days to return to compliance with Nasdaq’s $1 minimum bid price requirement and comes after the stock closed below $1 for 30 consecutive business days. The company also announced it would repurchase CAD13 million ($9.6 million) of senior convertible notes, leaving it with just $29.2 million outstanding. “The purpose of the note repurchase transaction is to further reduce the company’s debt and annual revenues…
Aurora Cannabis Inc.
PBR
PBR
said Tuesday that it has received approval to transfer its U.S. listing to the Nasdaq Capital Market from the Nasdaq Global Select Market effective today. The move will give the company an additional 180 days to return to compliance with Nasdaq’s $1 minimum bid price requirement and comes after the stock closed below $1 for 30 consecutive business days. The company also announced it would repurchase CAD13 million ($9.6 million) of senior convertible notes, leaving it with just $29.2 million outstanding. “The purpose of the note repurchase transaction is to further reduce the Company’s debt and annual cash interest costs, thereby reinforcing Aurora’s commitment to achieving the company’s free cash flow target positive during calendar year 2024,” the company said in a statement. Aurora has repurchased approximately $316 million in principal amount of notes since December 2021, saving it approximately $24.1 million in cash interest. Shares of the Canadian cannabis company rose 0.6% premarket and have fallen 6% year to date, while the AXS Cannabis ETF
THCCX
fell 18% and the S&P 500
SPX
gained 16%.
