10:21:36 EST Tue 07 Feb 2023
Enter Symbol
or Name

Login ID:
Aurora Cannabis Inc (2)
Symbol ACB
Shares Issued 300,393,331
Close 2022-11-28 C$ 1.68
Recent Sedar Documents

Aurora shareholders protest $218M undermarket offering

2022-11-28 20:38 ET - Street Wire

This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

Three shareholders of Aurora Cannabis Inc. have filed a shareholder oppression case in the Supreme Court of British Columbia over a $218-million undermarket offering. The shareholders claim to have suffered the loss of roughly half of the value of their shares as a result of the offering. They also say that there was no need for the company to raise money, as it had a healthy balance sheet.

The allegations are contained in a petition filed at the Vancouver courthouse on Friday, Nov. 25. The case was brought by Martin & Millen Inc., a private Ontario entity holding 676,436 shares, and DMMB (Pty) Holdings Ltd., a Bahamian entity that owns 261,096 shares. Also bringing the case is Chad Barrett, a Texas man who does not list the number of shares that he controls.

The petition arises from an offering that Aurora announced on May 26, 2022, in which it ultimately issued 70.4 million units at $3.13. The shareholders complain that the price was a significant discount. (The stock was above $5 in the weeks leading up to the offering, and was at $3.43 the day before the company issued the news release. In the days after Aurora announced the offering, the stock began falling, initially dropping to $2.14 and hitting $1.87 on June 9.)

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS

© 2023 Canjex Publishing Ltd. All rights reserved.

Reader Comments - Comments are open to paying subscribers of Stockwatch and unmoderated, although libelous remarks, obscene language and impersonations may be deleted. Opinions expressed do not necessarily reflect the views of Stockwatch.
For information regarding Canadian libel law, please view the University of Ottawa's FAQ regarding Defamation and SLAPPs.