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Sichenzia Ross Ference LLP Represents mCloud Technologies Corp. in $25 Million Public Offering  

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Press Release – New York, NY – December 29, 2022 – Sichenzia Ross Ference LLP today announced that it represented mCloud Technologies Corp. (NASDAQ: MCLD, MCLDW, MCLDP) (TSX-V: MCLD), a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets (“mCloud”), in its public offering of up to $25,000,000 9.0% Series A Cumulative Perpetual Preferred Shares, with a liquidation preference of $25.00 per share (the “Series A Preferred Shares”), and up to 25,000,000 warrants to purchase one common share.  The Series A Preferred Shares have been approved for listing on the Nasdaq Capital Market and are expected to begin trading under the symbol “MCLDP” on December 30, 2022.  The warrants are identical to, and will be listed on the Nasdaq Capital Market along with, the warrants issued by mCloud in November 2021 that are currently listed on The Nasdaq Capital Market under the symbol “MCLDW.” 

mCloud received gross proceeds of $10.5 million, before deducting placement agent fees and other offering expenses, from the sale of 420,000 Series A Preferred Shares and 10,500,000 accompanying warrants at the initial closing on December 28, 2022.  American Trust Investment Services, Inc. acted as the lead placement agent for the offering on a best efforts basis.

This offering was made pursuant to the registration statement on Form F-1 (No. 333-264859) that mCloud previously filed with the Securities and Exchange Commission, which became effective on December 22, 2022.  The Sichenzia Ross Ference LLP team was led by partners Marc Ross, Thomas Rose, Avital Perlman, and associate Joseph Nunziata.

Sichenzia Ross Ference Carmel LLP