UPDATE: Aurora Cannabis $125 million capital raise may not be enough if it's serious about the U.S.: Jefferies analyst [MarketWatch]
Aurora Cannabis Inc. - Common Shares (ACB)
Company Research
Source: MarketWatch
Aurora Cannabis Inc.'s $125 million bought-deal financing is not surprising, but may not be enough for the Canadian company to establish a needed foothold in the U.S., Jefferies analyst Owen Bennett said Friday. "Following ACB's recent business update and restructured credit facility, we flagged a risk of underinvestment," Bennett wrote in a note to clients. Since that update, "US political developments also mean the US market could open up sooner rather than later. ACB will certainly need cash to establish a US foothold, yet we still wonder if this is enough. Further, a strong US presence is arguably required to support the current multiple," the analyst wrote. Jefferies rates Aurora as underperform with a $3.58 stock price target. The company announced the capital raise late Thursday and Bennett estimates its total implied dilution at 9% and up to 9.8% if the underwriters exercise an option to purchase an additional 10% of the units offered within a 30-day window. Aurora's balance s
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ACB
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- 2/8/24 - CANACCORD
ACB
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- 3/1/24 - Form 6-K
- 2/16/24 - Form 6-K
- 2/8/24 - Form 6-K
- ACB's page on the SEC website