RE:RE:Be Careful Out ThereIf you read this news release from the company in question , McCloud , you'll see their finance appears to be Clueless ( paying a bill correctly is pretty basic); I have never seen any analysis that CTS's financial team is clueless!
SAN FRANCISCO, Sept. 15, 2022 /PRNewswire/ - mCloud Technologies Corp. (Nasdaq: MCLD) (TSXV: MCLD), ("mCloud" or the "Company") a leading provider of AI-powered asset management and Environmental, Social, and Governance ("ESG") solutions today provided an update on an interest payment related to its outstanding unsecured convertible debentures (the "Debentures").
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.