We've asked the Alberta Securities Commission to pause Aurora's ATM program while our offer is outstanding

We've asked the Alberta Securities Commission to pause Aurora's ATM program while our offer is outstanding Here is a quick rundown of what we filed today and why. Aurora has an "at-the-market" (ATM) program, which lets it sell new shares directly into the open market whenever it wants. Every new share issued means existing shareholders own a slightly smaller slice of the company, and it also raises the total number of shares we'd have to pay for under our offer. Aurora has kept issuing shares through this program while our bid has been on the table — roughly 2.81 million shares at an average of about US$3.04 each since we first approached them in June. That works out to about 4.9% dilution over that stretch (roughly 10.8% since the program started in February), and it's added more than US$11 million to the cost of completing our offer. Our position: issuing stock below the offer price while shareholders are deciding whether to tender is a defensive tactic, not a "strategic and accretive" use of capital, especially from a company describing itself as debt-free with about C$149 million in cash. So, we've applied to the Alberta Securities Commission to halt further issuances under the ATM while our offer is outstanding, and we've asked for an expedited hearing. Aurora shareholders should get to decide the future of their own company without watching their ownership shrink week by week in the meantime. Full details and release linked below.