mCloud raises $12.1 million CAD in Nasdaq uplisting

mCloud Technologies Corp. has raised $12.1 million CAD ($9.5 million USD) from its public offering on Nasdaq, selling 2.1 million shares for $5.75 CAD ($4.50 USD) each.

The company began trading on the Nasdaq Capital Market on November 24 under the symbol ‘MCLD.’ The Nasdaq Capital Market is a tier of the Nasdaq containing early-stage companies that have relatively lower market capitalizations.

The Nasdaq listing makes mCloud a dual-listed company as it already trades on the TSX Venture Exchange. mCloud also trades in the United States on the OTCQB under the symbol ‘MCLDF.’

Launched in 2016, mCloud offers asset management solutions using artificial intelligence and analytics. Although founded in Alberta, it has built offices in San Francisco, Vancouver, London, Perth, Singapore, and Beijing.

In February, the company entered into a deal with the crown corporation Invest Alberta to move its headquarters from Vancouver to Calgary in order to manage Alberta’s oil and gas assets more efficiently.

RELATED: mCloud aims to secure capital for push into Middle East, as it lists to Nasdaq Capital Markets

Its AI-powered AssetCare platform enables customers at restaurants using the technology to scan a QR code to get live readings of the location’s indoor air quality before entering. mCloud claims it has over 100 blue-chip customers globally and more than 62,000 assets connected in thousands of locations worldwide.

The company intends to use its Nasdaq financing to bolster its growth initiatives in Saudi Arabia and the Middle East, to accelerate its ESG optimization applications, and for working capital and general corporate purposes.

mCloud has already extended its outreach into the Middle East, announcing in the second quarter, ending June 30, 2021, that it had signed a partnership with URBSOFT in Saudi Arabia. URBSOFT offers design and technology services in digital product innovation, customer experience management, and digital transformation.

The company has equipped two initial locations in Saudia Arabia, providing its AssetCare solution for HVAC and indoor quality for Casa Pasta and Chick ‘n’ Dip restaurants.

Plans are underway to expand AssetCare to other restaurants in the AFCO portfolio, according to mCloud.

Featured image from Getty Images

Charlize Alcaraz

Charlize Alcaraz

Charlize Alcaraz is a staff writer for BetaKit.

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