mCloud Technologies Corp. (NASDAQ:MCLD) (TSXV:MCLD), (“mCloud” or the “Company”) a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets today announced it had received a written notification on October 26, 2022 (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that the Company’s Market Value of Listed Securities (“MVLS”) for the last 30 consecutive business days was below the required minimum of US$35 million for continued listing on Nasdaq under Nasdaq Listing Rule 5550(b)(2).
The Notification Letter is only a notification of deficiency and has no immediate effect on the listing or trading of mCloud common shares. mCloud will continue to trade on Nasdaq under the symbol “MCLD.” The Company’s common shares are also listed on the TSX Venture Exchange (the “TSXV”) and the Notification Letter does not affect the Company’s compliance status with such listing.
In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the Company has been provided a compliance period of 180 calendar days, or April 24, 2023, to regain compliance. The letter states that Nasdaq will close the matter and provide written confirmation that the Company has achieved compliance with rule 5550(b)(2) if at any time before April 24, 2023, the Company’s MVLS closes at US$35 million or more for a minimum of ten consecutive business days.
mCloud’s business operations are not affected by the receipt of the Notification Letter and the Company fully intends to regain compliance with Nasdaq listing rules. The Company will monitor its Nasdaq listing between now and April 24, 2023, and to evaluate its available options to regain compliance with Nasdaq’s minimum MVLS rule within the compliance period.
