mCloud Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD) (“mCloud” or the “Company”), a provider of cloud technology solutions that optimize the performance, reliability, and sustainability of energy-intensive assets, today announced the commencement of its public offering of until 25,000,000 9.0% cumulative perpetual Series A Preferred Stock with a liquidation preference of $25.00 per share (the “Series A Preferred Stock”) and up to 25,000,000 warrants to purchase one common share.
Each Series A Preferred Stock will be sold to the public along with 25 warrants for an aggregate price of $25.00. Each Series A Preferred Share is convertible into 25 common shares after the issuance date. The warrants are exercisable on the date of issuance and will expire on November 29, 2026 at an exercise price per common share of $4.75. The Series A Preferred Stock and Warrants may only be purchased together in this offering, but the Series A Preferred Stock and Warrants are immediately separable and will be issued separately.
There is currently no market for the Series A Preferred Stock. It is anticipated that the Series A Preferred Stock will be admitted to listing on the Nasdaq Capital Market under the symbol “MCLDP”. The Warrants are identical to and will be listed on the Nasdaq Capital Market together with the Warrants issued by mCloud in November 2021 currently listed on the Nasdaq Capital Market under the symbol “MCLDW”.