Aurora co-founder and ex-CEO Terry Booth sold 12.16M shares of company stock for roughly $13.6M. They represented two-thirds of his stake in the company.
- Aurora said the sale was part of Booth’s departure from the company, which he announced in February.
- Booth told BNN Bloomberg he sold his shares in order to free up cash and reduce volatility during the COVID crisis, and would consider reinvesting, “once the dust settles.”
Elsewhere in the corporate world:
Last week Tilray offered deeply discounted shares (USD$4.76 per share) and was punished for it by shareholders. MKM analyst Bill Kirk warned while Aurora and Hexo have financing requirements coming due, they won’t have an easy time of raising money and may have to endure “substantially dilutive terms at below current pricing levels.” That is, if they can get funding at all.
Lift & Co announced it had temporarily laid off staff due to the pandemic, though company reps wouldn’t say how many layoffs or how many staff they have. (Lift laid another 13 workers off from its Toronto office in May.)
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- Nonetheless, they said the cuts won’t affect Lift & Co trade shows. Lift & Co’s massive Toronto show is still scheduled for the last weekend in May.
- Lift CFO Kasia Malz said the company was shutting down Cohesion, the unprofitable “flagship” consumer data program it launched in September.