In a strategic move aimed at aligning with Nasdaq listing regulations, Aurora Cannabis Inc. has revealed plans to consolidate its shares on a one-for-10 basis. The company anticipates that this initiative will not only restore compliance with Nasdaq rules but also broaden its accessibility to a diverse spectrum of institutional investors.
The proposed consolidation plan, set to be effective on or about February 20, is contingent upon regulatory and stock exchange approvals. Aurora Cannabis is optimistic that this measure will enhance its position in the market and facilitate increased participation from institutional investors. The decision follows the company's previous share consolidation in 2020, where shares were consolidated on a one-for-12 basis.
As of now, Aurora Cannabis boasts 475,903,822 common shares outstanding. In Tuesday's trading session on the Toronto Stock Exchange, Aurora shares experienced a marginal decline of one penny, closing at 53 cents. The company remains focused on strategic maneuvers to optimize its market standing and ensure compliance with pertinent listing regulations.
This story was originally covered by Global News.