Aug. 12 at 10:18 PM
$ACB $CURLF $SNDL $VRNO
From TDR:
Aurora holders should price that carefully, because they'd be trading a debt-free balance sheet with
$149.1 million of cash for equity in a company carrying
$611.5 million of debt against
$107 million of cash. They'd also inherit a US retail business growing 3.7% while adding doors, and an EBITDA margin moving the wrong direction.
The cash consideration alone tells you something. US
$0.75 per share across Aurora's share count is a substantial cash outlay for a company with
$107 million on hand. That money is coming from somewhere — likely the balance sheet Curaleaf is acquiring.
There's also a Nasdaq problem nobody has addressed. Aurora is NASDAQ-listed precisely because it doesn't touch the US plant. Curaleaf does. How a combined entity preserves that listing is not a footnote; it's a structural question, and the release is silent on it.