SAN
FRANCISCO, March 29, 2023 /CNW/ - mCloud
Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), ("mCloud" or
the "Company") a provider of cloud technology solutions optimizing
the performance, reliability, and sustainability of
energy-intensive assets today announced it had received a notice
dated March 23, 2023 (the "Notice"),
from The Nasdaq Stock Market LLC ("Nasdaq") stating the Company was
not in compliance with Nasdaq Listing Rule 5550(a)(2) because the
closing bid price for the Company's listed securities was below
$1.00 per share for the last 30
consecutive business days.
In accordance with Nasdaq listing rule 5810(c)(3)(A), the
Company has 180 calendar days, or until September 19, 2023, to
regain compliance. The Notice states that to regain compliance, the
bid price for the Company's common stock must close at $1.00 per
share or more (the "Minimum Bid Price") for a minimum of ten (10)
consecutive business days during the compliance period ending
September 19, 2023.
In the event the Company does not regain compliance during the
compliance period, the Company may be eligible for additional time.
To qualify for this additional time, the Company will be required
to meet the continued listing requirement for market value of
publicly held shares and all other initial listing standards for
The Nasdaq Capital Market, with the exception of the bid price
requirement, and will need to provide written notice of its
intention to cure the deficiency during the second compliance
period, by effecting a reverse stock split, if necessary. If the
Company meets these requirements, Nasdaq will inform the Company it
has been granted an additional 180 calendar days to regain
compliance with Nasdaq's current listing requirements. However, if
it appears to Nasdaq that the Company will not be able to cure this
deficiency, Nasdaq will provide notice that the Company's
securities will be subject to delisting.
The Notice has no immediate effect on the listing of the
Company's common stock or warrants, and the Company's common stock
and warrants continue to trade on The Nasdaq Capital Market under
the symbols "MCLD" and "MCLDW", respectively. However, there can be
no assurance that the Company will be able to regain compliance
with the Minimum Bid Price or maintain compliance with other Nasdaq
listing standards.
About mCloud Technologies
Corp.
mCloud is unlocking the untapped potential of energy-intensive
assets with cloud-based solutions that curb energy waste, maximize
energy production, eliminate harmful emissions, and get the most
out of critical energy infrastructure. Through mCloud's portfolio
of AssetCare® solutions, mCloud enables asset owners and operators
in energy- and asset-intensive industries such as oil and gas,
wind, and commercial facilities to use cloud-based digital twins,
AI, and analytics to optimize asset performance, reliability, and
sustainability. mCloud has a worldwide presence with offices in
North America, Europe, the Middle
East, and Asia-Pacific.
mCloud's common shares trade in the
United States on Nasdaq and in Canada on the TSX Venture Exchange under the
symbol MCLD. Visit mcloudcorp.com to learn more.
Forward-Looking Information and Statements
This press
release contains certain "forward-looking information" within the
meaning of applicable Canadian securities legislation and may also
contain statements that may constitute "forward-looking statements"
within the meaning of the safe harbor provisions of the U.S.
Private Securities Litigation Reform Act of 1995. Such
forward-looking information and forward-looking statements are not
representative of historical facts or information or current
condition, but instead represent only the Company's beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of the Company's
control. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or may contain
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "will continue", "will occur"
or "will be achieved". The forward-looking information contained
herein includes information related to the Company's eligibility
for additional time to regain compliance with Nasdaq listing
standards.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
A more complete discussion of the risks and uncertainties facing
the Company appears in the Company's Annual Information Form and
other continuous disclosure filings, which are available on SEDAR
at www.sedar.com and EDGAR at www.sec.gov. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information and forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward-looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE mCloud Technologies Corp.
