Aurora Cannabis (NYSE:ACB) stock has fallen below $1 on the NYSE, which puts it at the risk of being delisted from the exchange. So far, the stock has fallen 60% YTD (year-to-date). One of investors’ favorite stocks is hitting rock bottom this year. Aurora Cannabis stock fell 12% on Wednesday and closed at $0.85. At 9:31 AM ET today, the stock has fallen 24.1% in pre-market trading. The stock didn’t even need coronavirus concerns to fall to this level. Aurora Cannabis has been struggling since last year. The challenges have continued this year. Is there even any hope for Aurora Cannabis or will it be a penny stock?
Aurora Cannabis’s worst nightmare
Any stocks’ worst nightmare would be to get delisted from a stock exchange. According to the rules, when a stock falls below $1, it has one month to recover. If the stock doesn’t recover, it might get delisted from the stock exchange. Aurora Cannabis has been heading in this direction for a while now. However, analysts and investors hoped that the company would bounce back. Monday’s stock market crash pulled all of the cannabis stocks down. The coronavirus scare and declining oil prices impacted the US stock market. The already struggling cannabis sector fell hard. Aurora Cannabis hit its all-time lows. Since Monday, the stock has been trading below $1. Overall, cannabis companies have been on a rollercoaster ride since 2019.
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