The conflict centers on Aurora’s at-the-market (ATM) program, which Curaleaf seeks to halt through a regulatory filing. Miguel Martin, Aurora’s Executive Chairman and CEO, rejected the premise that the program reflects the company’s current valuation. He emphasized that the facility was established in February 2026—months before the hostile bid emerged—to fund international expansion and strategic acquisitions, such as recent investments in the UK market.

Aurora’s board remains firm in its opposition, urging shareholders to reject the takeover. The company contrasts its own debt-free status against the more than $1 billion in debt held by Curaleaf, which includes $500 million in notes carrying an 11.5% interest rate. According to Aurora, this financial burden poses significant risks to potential investors. Following a unanimous recommendation from its Special Committee, the company has advised shareholders to take no action and withdraw any shares already tendered to the hostile offer, citing unresolved regulatory deficiencies in the Curaleaf bid currently under review by the Alberta Securities Commission.