Why Is Aurora Trading Higher Today? No, It's Not Just Because Biden's Historic Marijuana Reform Announcement - Aurora Cannabis (NASDAQ:ACB)


Aurora Cannabis Inc. ACB ACB repurchased an aggregate of approximately CA$31.3 million (US$23.0 million) principal amount of its convertible senior notes at a total cost, including accrued interest, of CA$29.8 million in cash.

The purpose of the transaction, which represents a repurchase of a portion of the notes at a 5.45% discount to par value, was to reduce the company’s debt and annual cash interest costs. Annual cash interest savings from the repurchases of notes made from Q3 2022 onwards now total approximately CA$11.9 million.

Aurora’s balance sheet remains amongst the strongest in the industry, with approximately CA$380 million of cash and cash equivalents (including approximately CA$52 million of restricted cash) inclusive of the transaction announced today, and the company reiterates its expectation of achieving a positive Adjusted EBITDA run rate by December 31, 2022.

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.

Price Action

Aurora shares closed Thurday market session 7.26% higher, after President Biden issued a statement on marijuana reform, which mentioned pardoning ‘all prior federal offenses of simple marijuana possession.’

During Friday pre-market session Aurora shares traded 6.77% higher at $1.42.

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Photo: Courtesy of Diyahna Lewis on Unsplash


Image and article originally from www.benzinga.com. Read the original article here.