Universal mCloud takes steps towards NASDAQ listing

Bright news for Universal mCloud Corp (CVE:MCLD) on Tuesday, as it announced it was commencing the process of co-listing on the Nasdaq Capital Market.

The company said Tuesday it has appointed co-founder and chief investment officer Michael A. Sicuro non-executive chairman of the board, while simultaneously appointing Darren Anderson, currently the company’s chief accounting officer, as chief financial officer.

The company said current board member Mike Allman will have a more active role with the senior team in the company’s growth and strategy activities while continuing to serve on the board as chairman of the compensation and nominating committees.

READ: Five takeaways on the future of AI from mCloud Connect 2018

Anderson has over 13 years of experience in finance and accounting including over five years as a finance executive. He is a chartered professional accountant (CPA) in the province of Ontario and a graduate of Carlton University in Ottawa, Canada. 

“We are fortunate to have a broad and deep team to support the company through this transition,” said Russel McMeekin, president and chief executive officer of mCloud. “Darren came to us with the Ngrain transaction and is a tremendous talent. Having him on the team and assuming this role is directly in line with a key component in our acquisition strategy of adding bench strength through these transactions. He is an excellent financial executive and a true steward of capital.”

“We are extremely grateful to our current shareholders for their support thus far,” said McMeekin.

“We want this group and all future shareholders to have access to the Nasdaq platform for their portfolios.”

The company’s board of directors said it has formed a special committee to be chaired by Sicuro, a long-time Wall Street and capital markets veteran, to oversee the Nasdaq listing process together with management and the company’s outside advisers.

According to the company, the multijurisdictional regulations between the Toronto Stock Exchange and the Securities Exchange Commission/Nasdaq are expected to enable the company to become listed on the Nasdaq following certain changes to its current governance structure and internal processes.

The company said the process will commence immediately and is anticipated to continue into 2019 in accordance with the required steps and milestones.

The company also announced Tuesday that it intends to add a third independent director as part of the Nasdaq listing process in order to comply with Nasdaq listing requirements and the recently announced changes for companies domiciled in California.

According to mCloud, the team has already identified several candidates, with an expectation that this individual most likely will be nominated as the company’s lead independent director.

The company noted that listing on the Nasdaq will be subject to the satisfaction of certain conditions, including the approval of the Nasdaq and there is no guarantee that the company will satisfy all of the conditions to listing.

Shares of Universal mCloud were at C$0.40 on Tuesday. 

Story by ProactiveInvestors