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mCloud Technologies Corp. (NASDAQ:MCLD) (TSXV:MCLD), ("mCloud" or the "Company") a provider of cloud technology solutions optimizing the performance, reliability, and sustainability of energy-intensive assets today announced it had received a notice dated March 23, 2023 (the "Notice"), from The Nasdaq Stock Market LLC ("Nasdaq") stating the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) because the closing bid price for the Company's listed securities was below $1.00 per share for the last 30 consecutive business days.
In accordance with Nasdaq listing rule 5810(c)(3)(A), the Company has 180 calendar days, or until September 19, 2023, to regain compliance. The Notice states that to regain compliance, the bid price for the Company's common stock must close at $1.00 per share or more (the "Minimum Bid Price") for a minimum of ten (10) consecutive business days during the compliance period ending September 19, 2023.
In the event the Company does not regain compliance during the compliance period, the Company may be eligible for additional time. To qualify for this additional time, the Company will be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for The Nasdaq Capital Market, with the exception of the bid price requirement, and will need to provide written notice of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. If the Company meets these requirements, Nasdaq will inform the Company it has been granted an additional 180 calendar days to regain compliance with Nasdaq's current listing requirements. However, if it appears to Nasdaq that the Company will not be able to cure this deficiency, Nasdaq will provide notice that the Company's securities will be subject to delisting.
The Notice has no immediate effect on the listing of the Company's common stock or warrants, and the Company's common stock and warrants continue to trade on The Nasdaq Capital Market under the symbols "MCLD" and "MCLDW", respectively. However, there can be no assurance that the Company will be able to regain compliance with the Minimum Bid Price or maintain compliance with other Nasdaq listing standards.
