Aurora Cannabis Founder Dumps 12 Million Shares, and Jefferies Is Not Amused

  • Terry Booth, the founder and one-time CEO of Aurora Cannabis (ACB), has just sold 12.2 million shares of the company he once ran — a development, says Jefferies analyst Owen Bennett, that is ” not great for sentiment” about the stock.
  • As Aurora announced in a press release Monday, ” Terry Booth has filed a report on the System for Electronic Disclosure by Insiders (SEDI) regarding his sale of approximately 12,161,900 shares into the open market … in connection with the previously announced transition of Mr. Booth’s role within the Company.
  • One might imagine that, because Booth is leaving the company, he’d want to cut ties with Aurora entirely, and is therefore selling off his stake in order to make as clean a cut as possible.
  • Investors owning the stock today, and seeing its founder dumping his shares  — even with an expressed intention of perhaps buying back later — might now be thinking to themselves

Read full article: finance.yahoo.com