Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) announced today that it is gearing up to uplist on the NASDAQ stock exchange with the help of its newly appointed independent director, Ian Russell, President and CEO of the Investment Industry Association of Canada.
Russell, who is a sought-after presenter, speaker, and frequent media commentator on issues related to the global investment industry, will be actively working alongside Micheal A. Sicuro to prepare for listing on the NASDAQ.
“We are privileged to have Mr. Russell join mCloud’s Board of Directors,” said Michael A. Sicuro, mCloud’s Non-Executive Chair. “As one of Canada’s most prominent figures in the investment industry, Mr. Russell brings extensive experience in the global capital markets that will accelerate the Company’s expansion into new geographies and propel organic growth across all lines of business.”
At the same time, the company revealed that it is has begun the process of graduating from the TSX Venture Exchange to the Toronto Stock Exchange (TSX).
Universal mCloud Enlists Expert for NASDAQ Uplisting
Universal mCloud began the process of uplisting to the NASDAQ late last year after appointing long-time Wall Street and capital markets veteran Michael A. Sicuro to lead the action. Now, Ian Russell will join Sicuro in this initiative and serve on all of the company’s independent committees.
Russell brings more than 20 years of experience engaging with industry trade groups and regulators across the globe, including the US Securities and Exchange Commission (SEC), the Financial Stability Board (FSB), the European Securities and Markets Authority (ESMA), the International Organization of Securities Commissions (IOSCO), the Japan Securities Dealers Association (JSDA), the Securities and Futures Commission (SFC) in Hong Kong, the Japan Securities Dealers Association (JSDA), and the US Securities Industry and Financial Markets Association (SIFMA).
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Russell has also served as chairman of the International Council of Securities Associations (ICSA), which enabled him to promote and raise awareness for Canada’s securities industry and international capital markets.
The process of listing on the NASDAQ involves several steps and milestones and is subject for approval, all of which can take time. The addition of Russell and his expertise should help fast track the up-listing process.
The Benefits of Uplisting to Major Exchanges
Although there are a variety of reasons a company will move to a senior exchange like the TSX or NASDAQ, uplisting includes some notable benefits. After all, when a company is granted permission to list on a major exchange, it signals to investors that that company has hit a major milestone, providing instant credibility.
If Universal mCloud is accepted to the NASDAQ, the company will gain increased exposure and visibility as well as access to a large pool of institutional and retail investors. What’s more, the larger volume of stock traded on senior exchanges opens up Universal mCloud to the possibility of more liquidity and share appreciation.
Other notable benefits of Universal mCloud uplisting to the NASDAQ include gaining access to analyst coverage, trade monitoring, market intelligence, index inclusion, and better funding terms.
Investors interested in Universal mCloud will no doubt be keeping an eye out for news of its acceptance into the TSX and NASDAQ. The company’s trade volume remained low on Monday following the news, and its share price dropped slightly.
As of 3:30 pm EST, Universal mCloud’s share price was down 0.57% on the OTC to $0.30 USD and was unmoved on the TSXV.
Featured Image: mCloud
