Aurora Cannabis Inc. has announced a plan to consolidate its shares on a one-for-10 basis.

The company says it expects the move will restore compliance with Nasdaq listing rules and ensure the company continues to have access to a wide range of institutional investors. 

The plan, which is subject to regulatory and stock exchange approvals, is expected to be effective on or about Feb. 20.

Aurora shares closed down a penny at 53 cents in trading on the Toronto Stock Exchange on Tuesday.

The decision comes after the company consolidated its shares on a one-for-12 basis in 2020.

Aurora currently has 475,903,822 common shares outstanding.

This report by The Canadian Press was first published Jan. 31, 2024.