Asset management solutions provider mCloud Technologies Corp. (TSXV:MCLD) (OTCQB:MCLDF) announced Tuesday that it has changed its name to mCloud Technologies Corp. and will continue trading on the TSX Venture under the ticker symbol MCLD.
The CUSIP number assigned to the company’s common shares is 582270104, while the CUSIP number assigned to the company’s warrants expiring on December 6, 2020, is 582270112 (ISIN CA5822701127). The CUSIP number assigned to the company’s warrants expiring on March 19, 2021, is 582270120 (ISIN CA5822701200).
According to the press release, common shares and warrants will be automatically adjusted as a result of mCloud’s name change, and no further action is required by the holders. What’s more, there is no change in the capitalization structure of the company.
mCloud’s Upcoming Q3 2019 Financial Results
mCloud’s name change comes roughly two weeks before its third-quarter 2019 financial results conference call, which is scheduled for November 14, 2019. If mCloud’s second-quarter 2019 results are any indication of what’s to come, investors will definitely want to tune in.
In the second quarter, mCloud Technologies reported $3 million CAD in revenue, which was 36% higher than the previous quarter and 443% more than Q2 2018. The company also achieved several major milestones during the last quarter.
From closing a six-year agreement with TELUS Commercial Real Estate to gaining a stronger foothold in the oil and gas sector through the acquisition of Fulcrum and Autopro, mCloud had a very successful second quarter.
The company also made significant changes to its team to help advance its strategy to drive organic growth through new multi-year, recurring, commercial Software-as-a-Service contracts, including those in the oil and gas, petrochemical, and pipeline industries.
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mCloud Continues to Impress
The company has continued to stay busy throughout Q3, repaying a $2 million USD loan, receiving $13 million CAD in secured debt financing, and launching its newest AssetCare solution in October. mCloud’s new solution, the “3D Digitial Twin,” uses high-precision 3D laser scanners to create digital replicas of facilities.
The company expects the rollout of the 3D Digitial Twin to be quick and has already begun onboarding its first 3D Digital Twin customer in Alberta.
mCloud is also on track to meet its ambitious goal of having over 40,000 assets connected by the end of 2019, which will include assets from all of its business segments: wind, oil and gas, and smart buildings.
In short, MCLD has been working hard to expand its presence across these sectors and has, so far, been quite successful in its endeavors.
The company is also in the process of uplisting to the NASDAQ and graduating from the TSX Venture Exchange to the Toronto Stock Exchange.
MCLD’s share price reacted favorably to the news Tuesday, increasing by 4.65% on the TSXV to $0.45 CAD. The stock also went up on the OTC by 4.31% to $0.35 USD. Since the beginning of 2019, mCloud’s share price is up 50% on the TSXV and has increased by 59.09% on the OTC.
As mentioned, investors who are interested in mCloud Technologies may want to tune into its Q3 2019 financial results conference call in a couple of weeks, which will likely include some wins.
Featured Image: mCloud
