mCloud Technologies to delay repaying convertibles, expects July 14

Chicago, June 30 – mCloud Technologies Corp. provided an update regarding its maturity date repayment of its $23,457,500 of 10% convertible debenture debt due on June 30, according to a press release.

The company is aiming to repay the principal and interest due on or about July 14, upon completion of a new offering of convertible preferred shares.

mCloud has worked with the Securities and Exchange Commission to update its F-1 registration statement for the new preferred stock.

To receive payment on the existing debentures, holders must surrender certificates evidencing their debentures to TSX Trust Co.

As previously reported, the company is preparing to offer 9% series A cumulative perpetual preferred shares, each sold with half of one warrant.

The series A perpetual preferred shares are non-callable for one year, except in the occurrence of any delisting event, change of control or $8 VWAP event, after which they may be redeemed at par plus all accumulated and unpaid dividends.

The $25-par perpetuals are convertible into common shares of mCloud upon issue at $4.75 per share. Any declared but unpaid dividends will be paid to the holder upon conversion.

The warrants are also exercisable upon issue, expiring on Nov. 29, 2026, at $4.75 per share.

Maxim Group LLC is the underwriter for the offering.

Sichenzia Ross Ference LLP is acting as counsel for the issuer with specific Canadian counsel yet to be named. Fox Rothschild LLP is counsel to the underwriter.

Application has been made to list the perpetual preferreds and the warrants on the Nasdaq Capital Market under the symbols “MCLDP” and “MCLDW,” respectively.

mCloud is a Calgary, Alta.-based provider of AI-powered asset management and environmental, social and governance solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.