Aurora and Curaleaf are now fighting over a stock sale, not just a takeover

Aurora Cannabis escalated its fight with Curaleaf on September 24, asking the Alberta Securities Commission to order Curaleaf to fix what Aurora calls multiple compliance failures in its hostile takeover bid — including missing pro forma financials for the combined company, a deposit period that falls short of the required minimum, and no French-language notice published in Quebec.

Aurora is also asking the ASC to extend the mandatory deposit period to 105 days, which would buy Aurora shareholders more time to weigh the offer. "We believe Curaleaf has failed to comply with applicable securities law requirements in connection with its hostile bid, and Aurora intends to vigorously defend its interests and those of its shareholders," said Miguel Martin, Aurora's executive chairman and CEO.

The filing is a sequel to Curaleaf's own move against Aurora: Curaleaf had separately asked the same commission to block an at-the-money stock offering Aurora launched, arguing that share sales below its $4-per-share offer price destroy value for the shareholders Curaleaf is trying to win over. Aurora counters that the ATM program predates the offer and is funding real growth, pointing to its recent Safari Flower Company acquisition as evidence.

Neither filing decides the deal on its own. Curaleaf's tender offer stays open through December 1, and Aurora's board has already told shareholders once, on September 15, to reject it outright. What this week adds is a second front — a regulatory paperwork fight in front of Canadian securities officials that could slow the clock regardless of how the takeover itself eventually gets decided.