Aurora Cannabis (ACB) announced on Monday that billionaire hedge fund manager Nelson Peltz would be resigning as their strategic advisor. This ends an 18-month collaboration between Peltz and,,,
the company. Shares of ACB fell 5.3% for the day.
In March 2019, ACB granted Nelson Peltz options to purchase 19,961,754 common shares of the stock at a price of $10.34 per share. If Peltz exercised the options, then he would have become the second-largest shareholder in the company after fund giant The Vanguard Group.
Peltz is the CEO and founding partner of New York-based Trian Fund Management LP. He has strong ties to PepsiCo (PEP) and Mondelez International (MDLZ), and was expected to bring ACB a deal similar to the one between Canopy Growth Corporation and Constellation Brands (STZ). Now that Peltz is no longer a strategic advisor ACB, the company will have to solely rely on their new CEO to make a deal of similar magnitude.
This news comes just a week after ACB sank to a 52-week lows after posting a $1.8 billion dollar loss (its largest loss in its history) and…
Continue reading at STOCKNEWS.com
