Aurora Cannabis Inc. ACB shares are trading higher on Monday. The company announced that it has recently repurchased nearly $9 million of its convertible senior notes in multiple transactions.
Read: Aurora Cannabis Takes Bold Step Towards Financial Recovery
What To Know:
Aurora Cannabis stated the purpose of the transactions was to reduce debt and annual cash interest costs and to forward its goal of achieving positive free cash flow in 2024. The transactions will save Aurora more than $485 thousand in annualized interest payments.
After the completion of the repurchases, Aurora will have approximately $39 million of convertible senior notes outstanding.
The news comes following a recent letter from the Department of Health and Human Services to the DEA recommending the reclassification of marijuana from a Schedule I to Schedule III substance.
Shares of ACB are moving higher on very heavy trading volume. According to data from Benzinga Pro, more than 26 million shares have already been traded in the session, compared to the stock's 100-day average of 4.995 million shares.
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ACB Price Action: According to Benzinga Pro, Aurora Cannabis shares are up 21% at 64 cents at the time of publication.
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