Canadian producer Aurora Cannabis said it’s planning to consolidate its shares to restore compliance with the Nasdaq’s minimum bid-price requirement and ensure continued access to a range of institutional investors.
Aurora’s board of directors approved the plan to consolidate outstanding common shares on the basis of one share for every 10 shares currently outstanding, subject to regulatory and stock exchange approvals, the Alberta-based company said in a Wednesday news release.
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The proposed plan would cut Aurora’s outstanding shares from 475,903,822 to 47,590,382.
Aurora expects the share consolidation to be effective around Feb. 20.
“We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow1 this calendar year,”
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