Aurora Cannabis (ACB) dropped a number of negative news after the market closed last Thursday, further shaking investor confidence:
- CEO Terry Booth will step down and remain as a Board member.
- $1 billion impairment related to its international assets.
- Cut its workforce by 500 including 25% of its corporate staff.
- Revised lending agreement to eliminate EBITDA ratio covenants but also reduced the credit facility size by $141.5 million.
- Expects F2020 Q2 net revenue of $50-$54 million and anticipates no sign of improvement for F2020 Q3 with flat revenue.
(All amounts in C$)