mCloud Technologies Corp, a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets announced the commencement of its public offering of up to $25,000,000 9.0% Series A Cumulative Perpetual Preferred Shares, with a liquidation preference of $25.00 per share (the “Series A Preferred Shares”), and up to 25,000,000 warrants to purchase one common share.
Each Series A Preferred Share is being sold together with 25 warrants at a combined price to the public of $25.00. Each Series A Preferred Share is convertible following the issuance date into 25 common shares. The warrants are exercisable on the date of issuance and expire on November 29, 2026, at an exercise price per common share equal to $4.75. The Series A Preferred Shares and warrants can only be purchased together in this offering but the Series A Preferred Shares and warrants are immediately separable and will be issued separately.
Currently, no market exists for the Series A Preferred Shares. The Series A Preferred Shares are expected to be approved for listing on The Nasdaq Capital Market under the symbol “MCLDP”. The warrants are identical to, and will be listed on The Nasdaq Capital Market along with, the warrants issued by mCloud in November 2021 that are currently listed on The Nasdaq Capital Market under the symbol “MCLDW.”
mCloud currently intends to use the net proceeds from the offering for working capital and general corporate purposes, including paying off convertible debenture debt in the amount of CAD$23,955,241.
American Trust Investment Services, Inc. is acting as the lead placement agent for the offering on a best efforts basis.
SOURCE: PR Newswire