mCloud Technologies Corp. a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets further to its release issued on March 29, 2023 in respect of its application to the British Columbia Securities Commission (the “BCSC”) for a management cease trade order (the “MCTO”), that the BCSC has granted the MCTO, pursuant to which the Company will have until May 30, 2023 to file its annual financial statements, accompanying management’s discussion and analysis, related CEO and CFO certifications and annual information form for the financial year ended December 31, 2022 (collectively, the “Annual Filings”).
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As a result of recent unexpected departures of key finance employees, the Company experienced delays in its ability to complete internal pre-audit procedures associated with the audit process. Those delays in turn delayed the ability of the Company’s external auditor to commence its audit procedures. The Company has now substantially resolved these issues and is working expeditiously to complete the Annual Filings, with the goal of completing the Annual Filings as quickly as possible, and in any event on or before May 30, 2023 in accordance with the terms of the MCTO.
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The Company is providing this default announcement in accordance with National Policy 12-203 Management Cease Trade Orders (“NP 12-203”). The MCTO will prohibit the chief executive officer and the chief financial officer of the Company from trading in securities of the Company for so long as the Annual Filings are not filed. The issuance of the MCTO does not affect the ability of persons other than the chief executive officer and the chief financial officer of the Company to trade in the Company’s securities.
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