Aurora Cannabis Inc. ACB, -5.22% ACB, -4.85% said Monday it is taking steps to improve liquidity and regain compliance with New York Stock Exchange listing requirements, after its stock traded below $1 for more than 30 days. The company said its board has approved a 1-for-12 reverse stock split scheduled for on or about May 11. The Canadian cannabis company had $205 million in cash at the end of March, including all amounts raised in an at-the-market (ATM) offering program initially announced in May of 2019. To bolster its balance sheet, the company is planning a renewed ATM program to raise additional equity capital on top the roughly $350 million that remains available under its outstanding shelf prospectus. "The company intends to use a portion of this available capacity to provide further balance sheet strength and preserve flexibility given macroeconomic uncertainty caused by COVID-19," the company said in a statement. Aurora is on track with its previously announced business transformation plan, that includes reducing SG&A costs, cutting capex and simplifying its business structure. It is still expecting fiscal third-quarter cannabis net revenue to show "modest growth" compared with the second quarter. The company's Canadian and international facilities are fully operational and it is working with local, national and international authorities to ensure it is complying with guidelines on the pandemic. U.S.-listed shares were down 6% premarket and have fallen 59% in the year to date. The ETFMG Alternative Harvest ETF MJ, -0.97% has fallen 33% and the S&P 500 SPX, -1.11% has fallen 14%.