- Aurora Cannabis (TSX:ACB) received a favourable ruling after the Alberta Securities Commission dismissed Curaleaf’s (TSX:CURA) application to halt its ATM financing program
- The company said the decision reinforces its view that Curaleaf’s hostile takeover bid significantly undervalues Aurora’s assets, cash position, and growth potential
- Aurora’s board unanimously continues to urge shareholders to reject the revised bid, avoid tendering shares, and withdraw any shares already tendered.
- Aurora Cannabis stock (TSX:ACB) opened trading at C$5.44
Aurora Cannabis (TSX:ACB) said Monday that the Alberta Securities Commission has dismissed an application by Curaleaf Holdings (TSX:CURA) aimed at halting the company’s at-the-market (ATM) equity program, handing Aurora a victory as it continues to oppose Curaleaf’s hostile takeover bid.
The cannabis producer said the commission’s decision supports its position that Curaleaf’s challenge to the ATM program was a distraction from what Aurora views as the central issue facing shareholders: a hostile bid that the company believes significantly undervalues its business and long-term growth prospects.
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Aurora noted that its ATM program was publicly announced in February 2026, more than six months before Curaleaf launched its takeover offer. The company said the facility was created to provide financial flexibility for strategic and accretive opportunities, including potential mergers and acquisitions, expanded cultivation capacity, and other growth initiatives.
“Aurora’s ATM program was publicly disclosed well before the hostile bid and was established to support legitimate accretive and strategic opportunities,” Miguel Martin, Aurora’s CEO and executive chair, said in a news release. “We believe this unsuccessful application distracts from the fundamental shortcomings of Curaleaf’s revised hostile bid.”
The ruling removes a key obstacle for Aurora as it seeks to continue executing its strategy while defending itself against Curaleaf’s bid. Aurora has argued that the offer fails to adequately recognize the value of its cash position, European Union Good Manufacturing Practice (EU-GMP) certified assets, global operating platform, and future growth opportunities.
Aurora’s board has maintained a firm stance against the proposal. In a Notice of Change to its Directors’ Circular filed on Oct. 14, the board unanimously recommended that shareholders reject Curaleaf’s revised hostile bid by taking no action and not tendering their shares.
The board also urged any shareholders who have already tendered their shares to withdraw them, reiterating its view that the revised offer does not reflect Aurora’s full value.
Aurora said the Notice of Change outlines the board’s reasons for opposing the bid and provides shareholders with additional information regarding its recommendation to reject Curaleaf’s offer.
Aurora is a global cannabis company serving both the medical and consumer markets across Canada, Europe, Australia and South America. Its brand portfolio includes Drift, San Rafael ’71, Daily Special, Tasty’s, Being, Greybeard, MedReleaf, CanniMed, Aurora, Whistler Medical Marijuana Co., Pedanios, IndiMed and CraftPlant.
Aurora Cannabis stock (TSX:ACB) opened trading 0.37% lower at C$5.44 and has lost around 5% since the year began.
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