logo-loader
viewmCloud Technologies Corp

mCloud Technologies announces share consolidation in bid to join the Nasdaq, uplist to TSX

When the consolidation is complete, the company expects to file with the SEC and the Toronto Stock Exchange

Hand drawing stock growth chart
mCloud shares closed Friday at C$0.45 in Toronto and at US$0.35 in New York

mCloud Technologies Corp (CVE:MCLD) (OTCMKTS:MCLDF) announced a plan to undergo a 10:1 share consolidation as it eyes uplisting to the TSX and joining the NASDAQ. 

The move requires approval from the Toronto Stock Exchange Venture, where the mCloud is currently listed in Canada. The artificial intelligence asset management company also trades on the OTC Markets in the US. 

"With our recent record financial results, the accretive acquisition of Autopro, and the successful execution of our expansion strategy, we have timed the share consolidation to continue to raise investor interest in mCloud," CEO Russ McMeekin said in a statement. 

READ: mCloud Technologies’ AssetsCare platform helps fuel 3Q revenue

If successful, the company plans to elevate to the tech-centric Nasdaq exchange in the US and upgrade to the Toronto Stock Exchange (TSE) in Canada. After the consolidation, mCloud will have roughly 15.7 million common shares issued and outstanding.

"In addition, we are in the process of filing a Form F-1 Registration Statement with the SEC, which will enable us to apply to be listed on the NASDAQ," McMeekin said. "We also intend to apply to the Toronto Stock Exchange to uplist from the TSXV, subject to meeting certain conditions."

mCloud shares closed Friday at C$0.45 in Toronto and at US$0.35 in New York.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: mCloud Technologies Corp

Price: 4.6 CAD

TSX-V:MCLD
Market: TSX-V
Market Cap: $72.14 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of mCloud Technologies Corp named herein, including the promotion by the Company of mCloud Technologies Corp in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: mCloud releases Q-3 financial numbers sees strong revenue...

mCloud Technologies (CVE: MCLD) CEO Russ McMeekin and CFO Chantel Schutz sat down with Steve Darling from Proactive Vancouver to discuss their 3rd quarter numbers including a nice increase in revenue. Schutz told Proactive about their accounting team and the work behind the scenes to...

on 11/14/2019

2 min read