Aurora Cannabis (NYSE:ACB) provides business updates and COVID-19 operational response plans.
As of March 31, the Company had ~C$205M of cash.
To strengthen the balance sheet further, the Company intends to file a new prospectus supplement for a renewed ATM program, to raise additional equity capital.
Aurora remains on track with its previous business transformation targets, including cost reductions and reductions in capital expenditures.
The Board of Directors has approved a plan to consolidate all of its outstanding Common Shares on the basis of 1 Common Share for every 12 Common Shares currently outstanding (the “Consolidation”).
The Consolidation will be effective May 11 and is aimed to restore NYSE listing compliance.
All of Aurora’s facilities in Canada and internationally continue to be fully operational.
Shares are down 9% premarket.
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