Why Aurora Cannabis Stock Sank Friday
Canadian cannabis company Aurora Cannabis (NYSE: ACB) reported fiscal third-quarter 2021 results yesterday, and investors are reacting by selling off the stock today. As of 10:05 a.m. EDT, Aurora shares were down more than 6%, after an initial 10% drop to start Friday's session.
Financial results were down from the prior-year period, similar to other Canadian marijuana companies. Pandemic-related restrictions have affected sales for the entire industry.
But Aurora also included an item at the bottom of the news release that may have surprised investors. Though the company highlighted the fact that its balance sheet remains strong with about $525 million in Canadian dollars ($432.4 million) in cash on hand as of May 12, it announced that it will file to raise another $300 million in U.S. dollars through an equity offering.
Source Fool.com
