Aurora Cannabis Inc.’s US-listed shares fell more than 15 percent in afternoon trading on Monday after the Canadian pot producer renewed an at-the-market offering under which it can raise as much as $350 million in equity capital. Reports the NY Post
The company said its board also approved a reverse stock split of 1:12 to boost its share price above $1, the minimum required to maintain a listing on the New York Stock Exchange.
Aurora’s US-listed stock was last trading at a price of 74 cents a share.
Edmonton, Alberta-based Aurora said on Monday it had about C$205 million ($146.8 million) cash as of March 31, including all the money it raised under the original at-the-market offering announced in May 2019.
Shares of other cannabis companies were also down during mid-afternoon trading on Monday with Tilray losing 8.9 percent, Hexo off 4.5 precent and Canopy Growth down 1.2 percent.