Curaleaf Holdings, Inc. has filed an application with the Alberta Securities Commission (ASC) to halt Aurora Cannabis's at-the-market (ATM) share issuance program. The filing, dated September 14, 2026, was submitted as part of Curaleaf's ongoing effort to acquire all of Aurora's issued and outstanding shares.
Curaleaf argues that Aurora's continued sale of shares below the price of Curaleaf's offer constitutes an abusive defensive tactic. The company claims that these issuances are diluting existing shareholders and artificially increasing the cost of Curaleaf's acquisition proposal. According to Curaleaf's application, Aurora has issued approximately 2.81 million shares at an average price of US$3.04 since Curaleaf first expressed interest in a transaction. This activity has reportedly increased the aggregate value required to complete Curaleaf's offer by more than US$11 million.
The filing highlights that Aurora's ATM program has diluted shareholders by approximately 10.8% since its implementation in February 2026. Curaleaf asserts that this practice is inconsistent with Aurora's public statements regarding its financial health, including claims that the company is debt-free and holds approximately C$149 million in cash. Curaleaf has requested an expedited hearing before the ASC to immediately halt further issuances while its offer remains outstanding.
Boris Jordan, Chairman and Chief Executive Officer of Curaleaf, stated that the issuances erode shareholder ownership value and make it harder for investors to decide their own future. Curaleaf maintains that shareholders deserve the freedom to consider the offer without management creating obstacles.
The tender offer is being conducted in accordance with Section 14(e) of the Exchange Act and Regulation 14E. Curaleaf has filed a Registration Statement on Form F-80 under the U.S. Securities Act of 1933 and a Tender Offer Statement on Schedule 14D-1F under the U.S. Securities Exchange Act of 1934.
