Aurora Cannabis Receives Nasdaq Notification Letter for Minimum Bid Price Requirement
A notification letter from the Nasdaq Stock Market LLC advising Aurora Cannabis Inc. that it is not in compliance with Nasdaq’s Minimum Bid Price Requirement
EDMONTON, AB, March 24, 2023 /PRNewswire/ – Aurora Cannabis Inc. (“Aurora” or the “Company”) (NASDAQ: ACB) (TSX: ACB), the Canadian company opening the world to cannabis, today announced receipt of a notification letter (the “Notification Letter”) from The Nasdaq Stock Market LLC (“Nasdaq”) dated March 24, 2023, advising that the Company was not in compliance with Nasdaq Listing Rule 5450(a)(1) as the bid price of the Company’s listed securities had closed at less than US$1.00 per share over the last 30 consecutive business days (the “Minimum Bid Price Requirement”) from February 8, 2023 to March 23, 2023.
The Company has 180 calendar days to regain compliance
In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company has until September 20, 2023, being 180 calendar days from the date of the Notification Letter (the “Compliance Period”), to regain compliance with the Minimum Bid Price Requirement.
If Aurora succeeds in meeting the requirement for 10 consecutive days, Nasdaq will provide written notification of compliance
If at any time before the expiration of the Compliance Period the bid price of the Company’s common shares (the “Shares”) closes at or above US$1.00 per share for a minimum of ten consecutive business days, Nasdaq would be expected to provide written notification that the Company has achieved compliance with the Minimum Bid Price Requirement, subject to Nasdaq’s discretion to extend such ten business day period in certain circumstances.
The notification does not affect day-to-day trading and Aurora’s compliance with the Toronto Stock Exchange
The Nasdaq Notification Letter does not affect day-to-day trading and does not result in the delisting of the Company’s Shares. Aurora’s Shares are also listed on the Toronto Stock Exchange, and the Notification Letter does not affect the Company’s compliance status with the Toronto Stock Exchange listing.
Aurora is actively monitoring its shares and considering all options available to regain compliance
The Company intends to continue actively monitoring the bid price for its Shares between now and the expiration of the Compliance Period and will consider all available options to resolve the deficiency with every intention to regain compliance with the Minimum Bid Price Requirement.
About Aurora Cannabis
Aurora is opening the world to cannabis, serving both the medical and consumer markets. Headquartered in Edmonton, Alberta, Aurora is a pioneer in global cannabis, dedicated to helping people improve their lives. The Company’s adult-use brand portfolio includes Aurora Drift, San Rafael ’71, Daily Special, Being and Greybeard, as well as CBD brand, Reliva. Medical cannabis brands include MedReleaf, CanniMed, Aurora and Whistler Medical Marijuana Co. Aurora also has a controlling interest in Bevo Farms Ltd., North America’s leading supplier of propagated agricultural plants. Driven by science and innovation, and with a focus on high-quality cannabis products, Aurora’s brands continue to break through as industry leaders in the medical, performance, wellness and adult recreational markets wherever they are launched. Learn more at www.auroramj.com and follow us on Twitter and LinkedIn.
About Forward-Looking Statements
This news release includes statements containing certain “forward-looking information” within the meaning of applicable securities law (“forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements made in this news release include, but are not limited to, statements regarding the ability to comply with the Minimum Bid Price Requirement.
SOURCE Aurora Cannabis Inc.