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TRST - CannTrust Holdings Inc News Story

C$0.91 0.0  0.0%

Last Trade - 30/03/20

Sector
Healthcare
Size
Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £31.7m
Position in Universe th / 2676

Aurora Cannabis falls on capital raise, reverse stock split

Mon 13th April, 2020 4:32pm
April 13 (Reuters) - Aurora Cannabis Inc's  ACB.TO   ACB.N 
U.S.-listed shares fell nearly 14% in morning trade on Monday
after the Canadian pot producer renewed an at-the-market
offering under which it can raise as much as $350 million in
equity capital.
    The company said its board also approved a reverse stock
split of 1:12 to boost its share price above $1, the minimum
required to maintain a listing on the New York Stock Exchange.
 urn:newsml:reuters.com:*:nPn9QwQTWa
    Aurora's U.S.-listed shares were last trading below 80
cents.
    Companies in the nascent marijuana industry had a rough 2019
and things are worsening this year, with many running out of
cash at a time when the coronavirus pandemic has investors on
the sidelines across all sectors.
    Producers CannTrust Holdings Inc  TRST.TO  and James E
Wagner Cultivation Corp  JWCAh.V  filed for bankruptcy
protection two weeks earlier.  urn:newsml:reuters.com:*:nPn3KJQMfa  urn:newsml:reuters.com:*:nCNWrLVSSa
    Edmonton, Alberta-based Aurora said on Monday it had about
C$205 million ($146.8 million) cash as of March 31, including
all the money it raised under the original at-the-market
offering announced in May 2019.
    Shares of other cannabis companies were also down on Monday
with Tilray Inc  TLRY.O  down more than 8%, Hexo Corp  HEXO.TO 
off 5% and Cronos Group Inc  CRON.TO  and Canopy Growth Corp
 WEED.TO  down over 3%.

 ($1 = 1.3966 Canadian dollars)

 (Reporting by Shariq Khan in Bengaluru; Editing by Shounak
Dasgupta)
 ((Shariq.Khan@thomsonreuters.com; Within U.S.+1 646 223 8780,
outside U.S. +91 80 6182 2681; Twitter: @shariqrtrs))
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