mCloud Technologies one step closer to listing on the NASDAQ

Alberta oil and gas energy industry

Calgary-based mCloud Technologies Corp. marked another milestone toward listing its common shares on the NASDAQ, August 17.

The cleantech company announced the filing of a Form 40-F Registration Statement with the United States Securities Exchange Commission.

Canadian companies with securities registered in the United States are required to complete a Form 40-F, which – much like an investor prospectus – outlines a company’s business, strategies, financials, and more.

“Our AI-powered ESG solutions have taken flight around the world and have helped us attract the interest of institutional investors and bolster our value to shareholders.”
 

Listing of mCloud’s common shares on NASDAQ remains subject to the approval of NASDAQ and the satisfaction of all applicable listing and regulatory requirements, including the effectiveness of Form 40-F. Following receipt of all required approvals, mCloud said it would issue a press release announcing its first trading date on NASDAQ.

mCloud’s common shares will continue to trade on the OTCQB until it receives NASDAQ approval and up-listing. The New York-based OTCQB is the venture market of the OTC Group, which operates three exchanges.

The company will also continue to be a reporting issuer in Canada on the TSX Venture Exchange post-NASDAQ up-list.

mCloud’s AI-powered AssetCare platform offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.

The company said it has over 100 blue-chip customers globally and more than 62,000 assets connected in thousands of locations worldwide. Russ McMeekin, mCloud president and CEO, called the cleantech firm “a truly global company,” noting that it operates in the United States, Canada, the United Kingdom, Singapore, Australia, China, and soon, Saudi Arabia.

“Our AI-powered ESG solutions have taken flight around the world and have helped us attract the interest of institutional investors and bolster our value to shareholders, all of which will be further facilitated through the filing of this Form 40-F and pursuing next steps toward a prestigious listing on the NASDAQ,” McMeekin said.

In its Q2 2021 presentation, the firm said it earned revenues of $15.6-million CAD, an increase of 35 percent over the previous six months.

While its number of connected assets increased by two percent quarter-over-quarter, and 22 percent year-over-year, mCloud said pandemic restrictions in markets where mCloud operates impeded the firm’s full growth potential.

RELATED: mCloud moving HQ to Calgary to bring energy efficiency solution closer to Alberta oil and gas industry

Among the achievements in the second quarter, ending June 30, 2021, mCloud announced partnerships with three utilities in the United States. and Canada to help businesses optimize building air quality, and energy efficiency with support from the utilities. mCloud estimates the partnerships will make its AssetCare solution available to approximately one million buildings in the US and Canada.

mCloud also announced a partnership with URBSOFT in Saudi Arabia, signing a memorandum of understanding with the strategic provider of advanced ground and aerial inspection technology solutions in the Kingdom of Saudi Arabia. mCloud said the partnership allows it to use its AssetCare solution to support the digitalization and ESG objectives of Saudi Vision 2030, the Kingdom of Saudi Arabia’s national economic plan.

As well, Arnel Santos joined mCloud, currently serving as the firm’s executive vice president and COO. Previously, Santos worked as a senior executive with NOVA Chemicals and Royal Dutch Shell PLC.

On April 15, mCloud closed a public offering, raising net proceeds of $13.1 million. The company plans to use the capital to commercialize its new AssetCare fugitive gas and leak detection solution, as well as to advance its business in the Middle East and Southeast Asia.

In February the company announced that it had 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.

Photo by Loïc Manegarium from Pexels

Charles Mandel

Charles Mandel

Charles Mandel's reporting and writing on technology has appeared in Wired.com, Canadian Business, Report on Business Magazine, Canada's National Observer, The Globe and Mail, and the National Post, among many others. He lives off-grid in Nova Scotia.