Aurora Cannabis Inc. ACB ACB, an influential cannabis player, maintains its commitment to financial projections. The management anticipates a surplus of revenue over expenses for the year, achieving a positive annual adjusted EBITDA. Additionally, they expect to generate more cash inflow than outflow in 2024, leading to positive free cash flow.
Aurora also plans to consolidate its shares at a ratio of 1 for every 10 currently outstanding by February 20, 2024, in a strategic move to meet Nasdaq’s Minimum Bid Price Requirement and secure access to a broad base of institutional investors.
Discussing the consolidation, CEO Miguel Martin emphasized: “We will continue to exercise financial discipline, and do not see this share consolidation as a distraction from our target of delivering positive free cash flow this calendar year”.
Mr. Martin added in a press release, “Aurora is taking the required steps to comply with Nasdaq’s listing rules so that we can maintain the financial flexibility needed to continue our pursuit of profitable international growth.”
Agrify’s Innovations in Financing Lead to Nasdaq Listing
Agrify Corporation AGFY, known for its advanced cultivation and extraction solutions in the cannabis industry, has successfully secured its place on The Nasdaq Capital Market.
After a formal hearing on January 11, 2024, the Nasdaq Hearings Panel granted Agrify an extension until April 15, 2024, to demonstrate compliance with the stockholders’ equity requirement.
Through astute financial strategies, including debt conversion and equity issuance spearheaded by CEO Raymond Chang and board member I-Tseng Jenny Chan, Agrify has bolstered its equity position.
Agrify reported approximately $3.9 million of debt was converted into equity at a significant premium, with an additional $1 million in debt forgiveness, contributing to an improved stockholder equity position and compliance trajectory.
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