Curaleaf Asks Regulators to Freeze Aurora’s Stock Sales as Hostile Bid Drags On

Curaleaf Asks Regulators to Freeze Aurora’s Stock Sales as Hostile Bid Drags On

Mon, September 14, 2026 at 10:50 PM GMT+3 2 min read

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Curaleaf is asking the Alberta Securities Commission to stop Aurora Cannabis from selling new shares while its $4.00-per-share takeover offer is on the table. Aurora says the filing is a distraction.

Curaleaf's push comes down to a single number: Aurora sold stock at $3.04 while telling shareholders that $4.00 is too low, and is keeping the option to sell more at the same price.

Curaleaf's application, filed Monday, says Aurora has issued about 2.81 million shares through its at-the-market program since Curaleaf first approached the company in June. That works out to roughly 4.9% dilution over the period and more than $11 million added to the cost of the bid, the company said. Curaleaf wants an expedited hearing and a halt on further issuances until the offer expires.

"Every Share Aurora sells below the Offer price raises the same question: if management believes $4.00 undervalues the company and the company has ample cash, why continue diluting its shareholders?" Curaleaf chairman and CEO Boris Jordan said in a statement.

Aurora responded within hours. The company said the ATM was announced in February, more than six months before the bid, and that it hadn't been used in the three years prior. It also said the program has been inactive for several weeks.

"Curaleaf is attempting to spin a story that simply does not align with the facts," Aurora CEO Miguel Martin said. "Our ATM program was established long before Curaleaf launched its inadequate hostile bid and was never designed as a response to it."

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Aurora spent the rest of its release on Curaleaf's balance sheet. Curaleaf carries more than $1 billion in debt, including $500 million in senior secured notes at 11.5%. Aurora has no debt and about C$149 million in cash. Martin's message to shareholders is that they're being asked to trade a clean balance sheet for stock in a heavily levered company with concentrated voting control.

At the heart of the deal are Aurora's EU-GMP facilities and its ability to export into the fast-growing European medical cannabis market.

Still, neither company has moved on price. Aurora says the offer undervalues its business. Curaleaf says Aurora shareholders will benefit via the combined company. Expect more barbs ahead.