mCloud Provides Update on Interest Payment Related to Outstanding Unsecured Convertible Debentures
mCloud Technologies Corp. (“mCloud” or the “Company”) a leading provider of AI-powered asset management and Environmental, Social, and Governance (“ESG”) solutions provided an update on an interest payment related to its outstanding unsecured convertible debentures (the “Debentures”).
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On August 29, 2022, mCloud announced it had delivered to TSX Trust Company (“TSX Trust”) the funds to cover accrued interest for the Debentures up to August 31, 2022. In subsequent consultation with TSX Trust, mCloud has been advised that given the current event of default under the indenture governing the Debentures, there is not a mechanism under the indenture to provide for the payment of post-maturity interest payments to Debenture holders. As a result, mCloud has confirmed with TSX Trust that upon receipt of written instructions from mCloud TSX Trust will return the post-maturity interest amount in full to mCloud. The Company intends to include this amount at the time the principal amount of the Debentures is repaid.
The Company is awaiting regulatory approval of its pending F-1 registration statement filed in connection with its previously announced preferred share offering and will use a portion of the offering proceeds to repay in full the outstanding principal and accrued interest under the Debentures.
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mCloud is unlocking the untapped potential of energy intensive assets with AI and analytics, curbing energy waste, maximizing energy production, and getting the most out of critical energy infrastructure. Through mCloud’s AI-powered AssetCare platform, mCloud offers complete asset management solutions for commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.
With a worldwide presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singapore, and Beijing, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 67,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.
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