Why Aurora Cannabis Stock Is Getting Hammered Today

Aurora Cannabis Inc. ACB shares are trading lower after the company announced it has enetered into a bought deal financing agreement.

Aurora announced today that it has amended the terms of its previously announced bought deal financing.

Under the amended terms, a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets, have agreed to buy, on a bought deal basis, 61.2 million units of the company, at a price of $2.45 per unit for gross proceeds of approximately $150 million.

Aurora announced the net proceeds of the offering will be used for general corporate purposes.

Aurora Cannabis produces, distributes, and sells cannabis and cannabis derivative products in Canada and internationally.

Aurora's stock was down approximately 34.5% at $1.78 per share on Friday at the time of publication. The stock has a 52-week high of $10.64 and a 52-week low of $1.68.