Aurora Cannabis Raising $150 Million in New Share Issue
In yet another instance of a marijuana company selling stock to raise fresh capital, Aurora Cannabis (NYSE: ACB) is floating a new secondary share issue. The company announced in a regulatory filing Wednesday that it is selling 20 million "units" for $7.50 apiece in order to raise gross proceeds of $150 million.
The company said it will use its share of the latter "to fund growth opportunities, working capital, and other general corporate purposes."
The issue's underwriters will purchase the entirety of the issue. They also hold a 30-day option to buy up to an additional 15% of the number of units offered, on the same terms and conditions.
Source Fool.com
