Aurora Cannabis: Reverse Stock Split Incoming
Posted On March 4, 2020
- Once notified, the company must bring its share price and average share price back above $1.00 by six months following receipt of the notification.
- CannTrust is no longer in compliance with the NYSE’s continued listing standard rules because the per share trading price of the Company’s common shares has fallen below the NYSE’s share price rule.
- The NYSE requires the average closing price of a listed company’s common shares to be at least US $1.00 per share over a consecutive 30 trading-day period.
- (Note 24(NYSE: B )) for gross proceeds of $267.7 million and $325.2 million (US$202.0 million and US$245.3 million) at an average price of $3.83 and $4.20 per share (US$2.89 and US$3.16 per share), respectively.
- Unsurprisingly, a majority of these companies (~60%) saw their share price decline within one year of their reverse splits coming into effect.
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