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mCloud Technologies Corp. (symbol: MCLD) is a forward-thinking provider of cloud technology solutions that aims to optimize the performance, reliability, and sustainability of energy-intensive assets. Headquartered in San Francisco, mCloud's innovative technology focuses on uniting people, data, and knowledge to enhance the health and performance of critical equipment.
The company’s core business revolves around its AssetCare® platform, which leverages cloud-based digital twins, artificial intelligence, and advanced analytics. This suite of tools empowers asset owners and operators in various industries, including oil and gas, wind energy, and commercial facilities, to maximize energy production, reduce energy waste, and minimize harmful emissions.
Recent developments at mCloud include the formation of a special committee to explore strategic alternatives aimed at maximizing shareholder value. This includes the potential separation of its industrial and commercial business from its aerospace and defense sector, focusing on NGRAIN, a subsidiary acquired in 2018 that provides specialized solutions for military and defense applications. This restructuring aims to ensure NGRAIN's standalone operation remains highly regulated and continues to secure long-standing, multi-year engagements with high-profile clients.
The company is also working closely with various stakeholders and financial advisors, such as ATB Capital Markets Inc., to explore potential transactions, including asset sales and recapitalization. Recent approvals from the special committee will potentially involve the sale of mCloud's broader industrial and commercial assets, allowing for a more focused approach in each business segment. The anticipated cash proceeds from these sales are intended to address current financial obligations.
mCloud’s common shares are traded on the Nasdaq and the TSX Venture Exchange under the symbol MCLD. The company maintains a global presence with offices across North America, Europe, the Middle East, and the Asia-Pacific region.
For more details, visit the official website at mcloudcorp.com.
mCloud Technologies Corp. (NASDAQ: MCLD) has announced an update regarding the filing of its annual financial statements for the year ending December 31, 2022. The Company is actively working to finalize and submit the Annual Filings as soon as possible. Previously, mCloud was issued a Management Cease Trade Order by the British Columbia Securities Commission. The Company assures that there are no insolvency proceedings ongoing and that all material information is disclosed. To comply with regulations, mCloud will issue bi-weekly reports as part of the Alternative Information Guidelines until the Annual Filings are complete, which will be available on SEDAR. mCloud specializes in cloud technology solutions aimed at enhancing sustainability and performance in energy-intensive sectors.
mCloud Technologies Corp. (MCLD) has been granted a Management Cease Trade Order (MCTO) by the British Columbia Securities Commission. This allows the company until May 30, 2023, to file its annual financial statements for the fiscal year ended December 31, 2022. Delays were caused by unexpected departures of key finance employees, impacting the completion of internal pre-audit procedures. The company aims to resolve these issues promptly and will issue bi-weekly updates during the default period. Importantly, there are no insolvency proceedings against mCloud as of this press release.
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