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Aurora Cannabis shares fall 40% after share sale amendment

Aurora Cannabis shares tank

Aurora Cannabis Inc.'s share price fell by about 40 per cent, after the company announced it sold US$150 million worth of shares.

The Edmonton marijuana company's share price was $3.47 when trading ended Thursday, but by mid-morning Friday, had fallen to $2.07 and closed at $2.14.

The sale of shares was part of an amendment Aurora made to a previously announced bought deal financing.

The amendment made it possible for a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets to purchase 61.2 million Aurora units for US$2.45 each.

Each unit is comprised of one common share in Aurora and one common share purchase warrant, which can be used to acquire one common share for US$3.20 each in the next 36 months.

Aurora has yet to record a profit and in recent years has been trying to drive revenues by better aligning supply with demand, laying off staff and closing facilities.



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