SAN FRANCISCO, March 29, 2023 /PRNewswire/ – mCloud Technologies Corp. MCLD MCLD (“mCloud” or the “Company”), a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets, today announced it has formed a special committee comprising independent members of mCloud’s Board of Directors (the “Special Committee”) that has retained ATB Capital Markets Inc. (“ATB”) and Maxim Group LLC (“Maxim”) as financial advisors for the purpose of exploring currently active strategic alternatives.
ATB and Maxim will assist the Special Committee in evaluating potential private and public structure alternatives that are being explored to determine the most viable outcomes maximizing value for the Company’s securityholders.
There is no set timetable for this process and there can be no assurance that this process will result in the Company pursuing a transaction or that any transaction, if pursued, will be completed on attractive terms, although the Company believes that it may be possible to complete a transaction during the third quarter of 2023. If the Company is unable to complete a transaction, it may be required to seek a reorganization, liquidation or other restructuring. The Company does not expect to disclose or provide an update concerning developments related to this process unless or until the Company’s Board of Directors has approved a definitive course of action or otherwise determines that other disclosure is necessary or appropriate.
In addition, mCloud announces today that it anticipates that it may be delayed in filing its audited annual financial statements for the year ended December 31, 2022, its management’s discussion and analysis of financial statements for the year ended December 31, 2022, its annual information form for the year ended December 31, 2022 and related filings (collectively the “Required Filings”). Under National Instrument 51-102, the Required Filings are required to be made not…
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