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Where Aurora Cannabis Inc (OTCMKTS:ACBFF) Is Heading?

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Aurora Cannabis Inc.

In the last trading session, the stock price of Aurora Cannabis Inc (OTCMKTS:ACBFF) jumped more than 12% to close the day at $7.17. The gains came at a share volume of 5.53 million compared to average share volume of 1.76 million. After the recent gains, the market cap of firm was noted at $3.2 billion.

The details

Aurora Cannabis issued a report following hearings before the “Securities Regulators” planned on December 20 to December 21 in connection with company’s offer to buy all of the stock of CanniMed Therapeutics Inc (OTCMKTS:CMMDF). As previously stated, the company applied to the “Securities Regulators” for an order to stop trade the shareholder privileges plan that CanniMed Therapeutics’ management accepted on November 28, 2017 and reduce the minimum deposit period as per the Offer to 35 days from 105 days, from the “Deposit Period Order.”

The Special Committee of the CanniMed Board and CanniMed, in turn, looked for orders to prevent Aurora Cannabis from buying up to 5% of the due shares of CanniMed Therapeutics on the open market; deem Aurora to be serving together or in concert with the “Locked-Up Shareholders” of CanniMed, and deem the proposal an “insider bid”.

The Securities Regulators repudiated the Aurora Cannabis application to lower the minimum deposit period and hence the minimum deposit period will stay open for at least 105-day period. Pertaining to all other applications submitted by Aurora and the ones made by CanniMed Therapeutics, the Securities Regulators gave verdict entirely in favor of Aurora Cannabis; including giving an order to stop trade the CanniMed Therapeutics “Poison Pill.”

The Securities Regulators even rejected the claim that Aurora Cannabis’ bid was an insider bid and as such company does not need a formal valuation. Moreover, the Securities Regulators overruled CanniMed Therapeutics’ application to restrict Aurora Cannabis’ ability to make usual course buying of CanniMed equities on the open market.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of MMJReporter.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure

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