mCloud Technologies Corp. has successfully closed its underwritten public offering of 2,100,000 units at $4.50 each, raising approximately USD$9.5 million. Each unit includes one common share and one warrant priced at USD$4.75. The offering supports growth initiatives in Saudi Arabia and the Middle East, ESG application acceleration, and general corporate needs. The common shares commenced trading on Nasdaq under the symbol MCLD on November 24, 2021, following a reverse stock split.
mCloud Technologies Corp. (Nasdaq: MCLD) reported Q3 2021 revenues of C$7.3 million, an increase from C$6.1 million in Q3 2020, driven by an 85% rise in AssetCare Over Time recurring revenues. For the first nine months of 2021, revenues totaled C$22.9 million, up 29% from C$17.7 million in 2020. The company added 945 connected assets, reaching a total of 63,453. Significant growth is anticipated following the company's Nasdaq listing and a US$9.5 million public offering. The expansion into Saudi Arabia marks a strategic opportunity for future growth.
mCloud Technologies Corp. (TSXV: MCLD, Nasdaq: MCLD) will report its third quarter 2021 earnings on November 29, 2021, before market opening. A conference call will follow at 10:00 a.m. ET, featuring CEO Russ McMeekin and CFO Chantal Schutz. Participants can join via telephone or listen to a live audio webcast. The conference call will also be archived for replay until December 6, 2021. mCloud aims to optimize energy asset management through its AI-powered AssetCare™ platform, serving over 100 blue-chip clients globally.
mCloud Technologies Corp. (MCLD) announced an amendment to its credit facility with ATB Financial, increasing its available loan by an additional C$5,000,000. This facility allows mCloud to settle all debts with another financial institution and fund general corporate needs. In exchange for the additional funds, mCloud will issue non-transferable warrants for up to 183,486 common shares at an exercise price of C$5.45. The move aims to enhance mCloud's financial stability and operations.
mCloud Technologies Corp. (TSXV:MCLD)(OTCQB:MCLDF) announced its participation at the Planet MicroCap Showcase: VIRTUAL on April 21, 2021, at 4:30 PM EST. Dr. Barry Po, the Chief Marketing Officer, will lead the presentation and answer investor questions. Attendees can access the presentation through a provided webcast link. Those interested in 1on1 meetings with Dr. Po must register for the event. mCloud is known for its AI-powered AssetCare platform, enhancing energy efficiency for various sectors worldwide.