Alberta backs Aurora Cannabis ATM program

Aurora Cannabis (ACB) announced that the Alberta Securities Commission has dismissed an application by Curaleaf Holdings to halt Aurora’s at-the-market share sale program. The decision means Aurora’s ATM program remains in place at a time when Curaleaf is pursuing a hostile bid to acquire the company. Aurora characterizes the outcome as a regulatory confirmation that its financing mechanism can continue as structured during the ongoing bid process.

Aurora stated that the ATM program was publicly announced in February 2026, providing the company with the flexibility to raise capital through market share sales. The program was established to support what Aurora describes as legitimate accretive and strategic opportunities, including increased cultivation capacity and potential mergers and acquisitions.

Aurora reported that the last use of its at-the-market program occurred on August 18, 2026. The company said the program has not been used during the period in which Curaleaf’s hostile bid has been underway. This timing is emphasized by Aurora to show that no shares have been issued under the ATM since the bid process began.

The at-the-market structure allows Aurora to issue shares directly into the trading market when it chooses to access capital. By confirming the last date of use and the lack of activity during the offer period, Aurora is providing additional disclosure about how the financing tool has been employed while the takeover situation develops.

Curaleaf is pursuing a revised hostile bid to acquire Aurora, and the ATM challenge before the Alberta regulator was made in the context of that offer. Aurora maintains that the revised proposal significantly undervalues its business, including what it describes as cash resources, EU-GMP certified assets, global growth platform and potential future upside.

Aurora’s board of directors continues to consider a range of strategic alternatives while the bid remains outstanding. The board has filed a notice of change to its directors’ circular and a related Schedule 14D-9F in the United States, setting out its views of the offer and the ongoing review process.

The board unanimously recommends that Aurora shareholders reject Curaleaf’s revised hostile bid. The company urges investors to take no action and not tender their shares into the offer while the strategic alternatives review proceeds. Aurora has also indicated that shareholders who have already tendered shares have the ability to withdraw them, consistent with its stance that the bid is inadequate.

To support its recommendation, Aurora has made a detailed notice of change to its directors’ circular available on a dedicated website, outlining reasons to reject the revised hostile bid and summarizing the ongoing process to evaluate other options for maximizing shareholder value. The company emphasizes that the regulator’s dismissal of Curaleaf’s application regarding the ATM program aligns with its broader efforts to retain financial and strategic flexibility during this period.