Aurora Cannabis to move listing to Nasdaq Capital Markets, buy back $9.6 million of convertible bonds

Published: September 19, 2023 7:10am ET

Aurora Cannabis Inc. ACB CA:ACB on Tuesday said it has received approval to transfer its US listing from Nasdaq Global Select Market to Nasdaq Capital Market, effective today. The move will give the company an additional 180 days to regain compliance with Nasdaq’s $1 minimum bid price requirement and comes after the stock closed below $1 for 30 consecutive trading days. The company also said it was buying back CAD13 million ($9.6 million) of convertible senior notes, leaving it outstanding at just $29.2 million. “The Notes Repurchase Transaction is intended to further reduce the Company’s debt and annual…

Aurora Cannabis Inc. ACB ACB on Tuesday said it has received approval to transfer its US listing from the Nasdaq Global Select Market to the Nasdaq Capital Market, effective today. The move will give the company an additional 180 days to regain compliance with Nasdaq’s $1 minimum bid price requirement and comes after the stock closed below $1 for 30 consecutive trading days. The company also said it was buying back CAD13 million ($9.6 million) of convertible senior notes, leaving it outstanding at just $29.2 million. “The notes repurchase transaction is intended to further reduce the company’s debt and annual cash interest costs, thereby strengthening Aurora’s commitment to achieving its target of positive free cash flow in calendar year 2024,” the company said in a statement. Could.” Aurora has purchased back approximately $316 million in principal amount of the notes through December 2021, saving approximately $24.1 million in cash interest. The Canadian cannabis company’s stock was up 0.6% in the premarket and has fallen 6% so far this year, while the AXS Cannabis ETF THCX has fallen 18% and the S&P 500 SPX has gained 16%.

Source: www.marketwatch.com