Aurora Cannabis Plans Reverse Stock Split to Avoid NYSE Delisting
Aurora Cannabis (NYSE: ACB) will soon have considerably fewer shares of common stock outstanding.
The company announced it is planning a 1-for-12 reverse stock split. This would reduce its outstanding share count from just over 1.3 billion to just under 109.5 million, assuming no additional stock is issued before that happens.
Aurora says the consolidation will occur on or about May 11. For most shareholders, this process will be automatic, although owners of physical stock certificates will need to complete and mail official paperwork in order to receive certificates for the newly consolidated stock.
Source Fool.com