Aurora Cannabis house approves 1-for-12 share converging plan

April 13, 2020
Business

Aurora Cannabis Inc. says a house has authorized a devise to connect all of a superb common shares on a 1-for-12 basis.

The Edmonton-based cannabis association says a pierce will keep Aurora in correspondence with a New York Stock Exchange’s standards and will yield entrance to investors, equity collateral and trade liquidity.

The converging devise is theme to regulatory and batch sell approvals and comes as a association says it has $205 million in cash.

Given macroeconomic doubt caused by COVID-19, Aurora says it intends to record a new handbill addition to capacitate it to lift additional equity capital, beget change piece strength and safety a company’s flexibility.

Aurora says it is still committed to stating medium expansion in net income between a second and third quarters.

The association is also on lane to accommodate targets it formerly set around reductions to costs and collateral expenditures, following a layoff of 500 employees and a $1 billion writedown it took in February.