Aurora Cannabis to transfer listing to Nasdaq Capital Market, buy back $9.6 million of convertible bonds
Aurora Cannabis Inc. (ACB.T) said Tuesday it has received approval to transfer its U.S. listing to the Nasdaq Capital Market from the Nasdaq Global Select Market effective today. The move will give the company an additional 180 days to regain compliance with the Nasdaq's $1 minimum bid price requirement and comes after the stock closed below $1 for 30 straight business days. The company also said it's buying back CAD13 million ($9.6 million) of convertible senior notes, leaving it with just $29.2 million outstanding. "The purpose of the notes repurchase transaction is to further reduce the company's debt and annual cash interest costs, reinforcing Aurora's commitment to achieving the target of positive free cashflow in calendar year 2024," the company said in a statement. Aurora has bought back about $316 million in principal amount of notes since December of 2021, saving it about $24.1 million in cash interest. The Canadian cannabis company's stock was up 0.6% premarket and has fallen 6% in the year to date, while the AXS Cannabis ETF (THCX) has fallen 18% and the S&P 500 has gained 16%.
-Ciara Linnane
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
09-19-23 0711ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
Markets Brief: Non-Farm Payrolls in the Spotlight Again
-
6 Top-Performing Large-Growth Funds
-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
Morningstar’s Guide to Investing in Stocks
-
Our Top Pick for Investing in US Renewable Energy
-
How to Measure a Stock’s Uncertainty
-
How to Determine Whether a Stock Is Cheap, Expensive, or Fairly Valued
-
Why a Company’s Management and Capital Allocation Matter
-
How to Determine What a Stock Is Worth
-
How to Measure a Company’s Competitive Advantage
-
How to Think Like a Stock Analyst