What do you do when a founder dumps his shares on the open market? Thats the question being asked by current shareholders of Aurora Cannabis (TSX: ACB) (NYSE: ACB) after its been revealed that founder and former CEO Terry Booth has been dumping his position in the firm on the open market.
Last week, Booth dumped approximately 12,161,900 common shares from his holdings, after beginning the week with approximately 15,408,167 common shares. The dump equates to lowering his ownership position by approximately 78.9%, all of which occurred indirectly through Lola Ventures Inc.
The sale of the position occurred over a number of days, from March 11 to 16 as per filings. In total, the share sale is believed to have yielded approximately $13.7 million for Booth, while leaving him with approximately 3,246,267 common shares remaining. Based on Sedi filings, it’s believed that he also currently still owns 7,251 rights, 2,548,878 options (which are believed to currently be worthless), and 374,690 restricted share units.
Aurora Cannabis last traded at $1.07 on the TSX.
Information for this briefing was found via Sedi and Aurora Cannabis. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.