Aurora Confirms Share Transfer To Nasdaq Capital Market; To Repurchase $9.6 Mln Of Senior Notes

(RTTNews) - Aurora Cannabis Inc. (ACB), a Canadian cannabis producer, said on Tuesday that it has received approval to transfer the listing of its shares to the Nasdaq Capital Market from the Nasdaq Global Select Market, with effect from September 19.

The transfer is expected to allow the firm to seek an additional 180 days to regain compliance with the minimum bid price requirement for its Nasdaq listing.

The firm noted that its shares will continue to trade in the U.S. under the ticker 'ACB' and the share trading will not be affected by the transfer. ACB shares continue to be listed on the Toronto Stock Exchange as the deficiency does not impact the company's status with its TSX listing.

In addition, Aurora has agreed to repurchase around C$13 million or $9.6 million principal amount of its convertible senior notes satisfied by the issuance of around 13.5 million shares.

Post transaction, Aurora will have approximately C$39.6 million or $29.2 million of notes outstanding.

The transaction aims to further reduce the company's debt and annual cash interest costs to achieve the target of positive free cash flow in 2024.

Aurora has repurchased around C$428 million or $316 million principal amount of notes since December 2021, resulting in total cash interest savings of approximately C$32 million or $24.1 million.