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.
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