In an effort to remain listed on the Nasdaq, Aurora Cannabis (TSX: ACB) has seen its directors approve a reverse split to maintain minimum price requirements of the exchange.
Aurora is set to conduct a ten to one reverse split, which is expected to result in its 475.9 million outstanding shares being cut down to just 47.6 million. The consolidation is slated to be implemented on February 20, 2024, with the company’s trading symbols to remain unchanged.
“We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow1 this calendar year,” commented CEO Miguel Martin.
The announcement of the consolidation was tucked into a release that saw the company re-affirm its guidance of positive annual Adjusted EBITDA for fiscal 2024, as well as positive free cash flow for calendar 2024.
Aurora Cannabis last traded at $0.53 on the TSX.
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