May 13 (Reuters) - Aurora Cannabis Inc said on Thursday it would move its U.S. stock listing to the Nasdaq due to the exchange’s “cost-effectiveness,” following similar moves by rivals last year.
Its shares, currently listed on the New York Stock Exchange, fell nearly 9% in extended trading as it missed expectations for third-quarter revenue, hit by the impact of coronavirus-induced restrictions in Canada.
“This listing transfer will enable us to realize cost efficiencies as part of our efforts to deliver long-term value to shareholders,” Chief Executive Officer Miguel Martin said in a statement.
Rivals Canopy Growth Corp and Aphria Inc also moved their U.S. listings to the Nasdaq in 2020, citing lower costs. Aphria delisted this year after its reverse merger with Nasdaq-listed Tilray .
Aurora’s shares will start trading on the Nasdaq on May 25 under the ticker symbol “ACB.”
Reporting by Arunima Kumar in Bengaluru; Editing by Aditya Soni