Aurora Cannabis shares plummet 40 per cent following unusual share sale [Toronto Globe and Mail (Ontario, Canada)]
Aurora Cannabis Inc. - Common Shares (ACB)
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Source: Toronto Globe and Mail
Shares of Aurora Cannabis Inc., a former star of Canada’s legal weed dreams, plummeted another 40 per cent on Friday morning after the company announced an unusual share sale. Aurora sold US$125-million worth of shares priced at US$2.45 apiece, amounting to a 10-per-cent discount to where they had last traded. The company and its lead underwriters, Canaccord Genuity and BMO Nesbitt Burns, also added a warrant to the offering to entice buyers, and its inclusion made the discount even more extreme. The warrant, which is similar to a stock option, allows someone who participates in the financing to purchase an additional Aurora share at some point over the next 36 months at an exercise price of US$3.20. After accounting for its value, the new shares were likely sold at a discount of 30 per cent or more. At first blush, some investors seemed to like the deal terms, because the financing had excess demand and early Friday the underwriters increased the deal size by US$25-million to US$150-
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