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That is very troubling. I heard rumors of payroll deferal before but thought that it was just that, rumors. I am sorry to hear about your partners problems with the company.
I guess the question coming for investors in the near term will be do you believe in the tech or not. If or when they get recurring revenue to a breakeven point, I still struggle to see how the company won't have a positive outlook at that point.
I just wonder how low it will go prior to that. Will more financing be necessary? The share count compared to many companies is still low, but will they need an RS to get uplisted?
Next earnings will be key to see what they added, charged, realised at year end that isn't on a quarterly basis. If the recurring continues to increasr at the same pace, that will be very positive.
I hate to ask this, but is anyone looking for a bottom for entry assuming no more dilution. Or has everyone had enough?
So tired of the dilution, was hoping the last debentures was it. Been bag holding over a year now and will have too for some time yet.
You're right that I was mistaken. I see a few people picked up on this.
Mr Mish has added more today at market.
I do hate all this dilution, paying interest with new shares, etc. Hopefully we are near the end of needing to do this.
I have to say that on the CC, McKeekin was more professional I found than in previous calls.
A link to the audio of the presentation from yesterday. It gives a great overview of the business model and plans to market.
https://www.xxiicentury.com/investors/events/detail/2213/q1-virtual-investor-summit
Very positive on XXII as we continue through the year and into the future.
Inside buy gave a volume spike after hours. Great to see, at around this price as well.
22nd Century Group Receives Additional $3.7 Million from Cash Exercise of Outstanding Warrants
MARCH 12, 2021 10:00AM EST
WILLIAMSVILLE, N.Y., March 12, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, today announced that it has received an additional $3.7 million, for total net proceeds of $11.8 million, from the completion of the cash exercise of warrants during February and March of 2021. Following this transaction, the Company is free of any outstanding warrants.
“We are pleased to further strengthen our balance sheet from the complete exercise of these remaining warrants while simplifying and effectively managing our capital structure,” said James A. Mish, chief executive officer of 22nd Century Group. “We intend to use these proceeds in support of near-term, disruptive growth opportunities in both our tobacco and hemp/cannabis franchises. These include sales, licensing, and partnership opportunities upon securing Modified Risk Tobacco Products (MRTP) authorization for VLN® and further development of our upstream capabilities in the cannabinoid value chain.”
They always report a loss, this is no suprise. Not sure where you get that they have no cash from as the report states the opposite.
As for your MRTP comment, all I can do is shake my head as everything leads a reasonable person to the conclusion that it will be approved.
22nd Century Group Provides Business Update Letter from CEO
Download as PDFFEBRUARY 24, 2021 10:00AM EST
Global Commercial Opportunities in Approximately +$800 Billion Markets Across Tobacco and Hemp/Cannabis
WILLIAMSVILLE, N.Y., Feb. 24, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company that is focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, today provided a business update letter from Chief Executive Officer, James A. Mish.
Dear Fellow Shareholders,
As the Chief Executive Officer of 22nd Century Group in this important first quarter of 2021, I am proud of what our team was able to accomplish in 2020, and I look forward to sharing our financial results with you during our next quarterly earnings update in March. We are entering what I believe will be a pivotal year for 22nd Century. Since reporting third quarter earnings last November, shares of 22nd Century have appreciated 343% to $3.821. Still, I believe the Company’s current share price greatly undervalues the untapped potential of our business and of our extraordinary potential in very large and highly attractive markets.
Primary Mission
Top of mind for 22nd Century in the first quarter of 2021, as it is for many of our investors, is the status of our Modified Risk Tobacco Product (MRTP) application with the U.S. Food and Drug Administration (FDA) to authorize our VLN® reduced nicotine content (RNC) cigarettes. We are highly confident that our application is in the FDA’s final review stage and upon receiving authorization, we believe 22nd Century will be the first, and likely the only, company to receive a MRTP designation for a combustible cigarette.
The Centers for Disease Control and Prevention (CDC) has reported that more than two-thirds of smokers want to quit and that more than half of all smokers report having made a quit attempt in the past year – yet fewer than one in ten smokers succeed in actually quitting each year. Cigarette smoking remains the leading cause of preventable disease and death in the United States. It is clear that adult smokers are actively seeking alternatives to addictive, combustible cigarettes.
22nd Century’s VLN® cigarettes contain 95% less nicotine than traditional combustible cigarettes available on the market today. When told about our reduced nicotine content cigarettes, 60% of adult smokers indicated a likelihood to use VLN®2. With more than 34 million smokers in the United States and more than 1 billion smokers worldwide, VLN® has near-term blockbuster potential. This puts 22nd Century in a very enviable – and near standalone - position to capitalize on the global combustible market that is valued at more than $700 billion annually. Having the only combustible cigarette with a modified exposure claim authorized by the FDA would serve as a catalyst for 22nd Century’s commercial sales, as achieving even 0.25% share of the U.S. tobacco market would result in a substantial increase in revenue and market capitalization for the Company. This will be our home run.
The political changes now in place will likely be highly favorable to our business prospects from a policy priority and regulatory view. What’s more, we believe we have made an impact on the timing of our MRTP application based on a positive and relentless approach with the FDA through multiple channels. With the Biden Administration in the White House and Democrats in control of both the Senate and House of Representatives in the 117th United States Congress, we believe that government agencies will be much more focused on improving public health in 2021. And we have already begun working to align completely with the new administration and to encourage their support.
We also believe that, under the new administration, the FDA will now be re-energized in implementing its ground-breaking Comprehensive Plan for Tobacco and Nicotine Regulation, in particular the Agency’s plan to cap the amount of nicotine in combustible cigarettes. At just 0.5 milligrams of nicotine per gram of tobacco, VLN® is the only combustible tobacco product today that meets the FDA’s proposed product standard for nicotine levels that are “minimally or non-addictive.” 22nd Century’s MRTP authorization and the launch of VLN® will serve as a vanguard for the FDA’s proposed mandate. We believe the tide is, at last, turning and have a bullish outlook on the implementation of such a mandate that will, according to public health researchers, help more than five million adult smokers quit smoking, prevent hundreds of children from becoming addicted to smoking every day, and save more than eight million American lives by the end of the century3. This is the grand slam that will drive our revenue and market capitalization orders of magnitude higher.
Commercial Launch Ready
As previously discussed, we are fully prepared for the commercial launch of VLN® King and VLN® Menthol King cigarettes within 90 days of receiving authorization from the FDA. The launch of VLN® will be paired with a compelling marketing campaign to introduce adult smokers to the world’s lowest nicotine content cigarette. Based on early sales projections and to meet the expected demand from adult smokers, we have significantly expanded the growing program for VLN® reduced nicotine content tobacco.
Additionally, authorization in conjunction with an FDA mandate to reduce nicotine content in all cigarettes sold in the United States would open multiple licensing and partnership opportunities for 22nd Century’s proprietary RNC tobacco intellectual property (IP) and technology, again significantly expanding our addressable market and revenue opportunities.
That is why securing the FDA authorization for VLN® cigarettes continues as my number one priority as CEO of 22nd Century Group. I hope that you and other social media users will make it a priority as well.
At 22nd Century, we have actively communicated with Congressional representatives to ask for their support for our MRTP application and more importantly, to move forward assertively with the FDA’s proposed mandate to limit the levels of nicotine in combustibles to “minimally or non-addictive” levels. We have also expanded our public relations, public affairs, and social media efforts, to keep authorization top of mind for our friends at the FDA, other government agencies, and in the tobacco industry. Including:
An op-ed in our hometown paper, The Buffalo News, urging the FDA to proceed with their proposed plan to limit nicotine in traditional cigarettes;
A news release on expanding planting of VLN® tobacco to meet the expected demand for our VLN® RNC cigarettes;
News on an order for 3.6 million of our SPECTRUM® Variable Nicotine Cigarettes to support U.S. Government Research;
An op-ed penned by our Vice President of Regulatory Science, John Pritchard, that urges the FDA to accelerate the implementation of its nicotine mandate.
Cannabis: Breakthrough in Accelerating and Developing Desirable Commercial Traits
Turning attention to our hemp/cannabis side of the business, we were excited to share news about a truly incredible breakthrough earlier this month.
In collaboration with researchers from KeyGene, our scientists have developed a cutting-edge molecular breeding platform that will enable 22nd Century and our strategic partners to quickly identify and accelerate the development of new varieties of hemp/cannabis plants with commercially valuable traits.
Traditional breeding methods can take ten years or longer to develop new varieties of hemp/cannabis plants that express desired traits. With 22nd Century’s breakthrough molecular breeding technology, we can dramatically improve the development process time that it takes to develop new, high-value hemp/cannabis cultivars – a tremendous value to this large, emerging market. In a recent research report, Prohibition Partners estimates that legal cannabis sales in North America alone reached approximately $18.1 billion in 2020 and is projected to rise to $39.1 billion by 2025. Additionally, the global legal hemp/cannabis market is estimated to be worth upwards of $100 billion annually by 2024. You can read more about 22nd Century’s innovation in this very attractive market, here.
Since reporting third-quarter earnings, we have refocused our hemp/cannabis strategy to target the upstream segments of the cannabinoid value chain and related intellectual property in the areas of plant biotechnology research, gene modification and engineering, modern plant breeding and development, and extraction. We are placing a renewed emphasis on developing intellectual property and high-value genetic traits by targeting and developing proprietary hemp/cannabis lines with select agronomic traits, including lines with stable, ultra-high tetrahydrocannabinol (THC) levels, lines with rare cannabinoids, and lines with ultra-low terpene levels. This is a shift away from cannabidiol (CBD) and hemp-based finished goods – a saturated market.
We believe we can establish a leadership position in the legal hemp/cannabis industry by leveraging our core strengths in plant science and intellectual property including plant engineering, gene-editing, and modern plant breeding combined with strategic, operational partnerships. We are already in advanced discussions with potential partners that will enable us to offer comprehensive commercial breeding, cultivation, and extract purification services utilizing our proprietary hemp/cannabis plants in development. We will continue to focus on and ensure the accelerated delivery of valuable, commercial plant lines, intellectual property and technology for the life science, consumer product, and pharmaceutical end-use markets. With an emphasis on science-driven differentiation 22nd Century intends to gain widespread recognition as a world leader in this legal hemp/cannabis industry.
In the coming months, we will have more news about our evolving relationships with KeyGene, Panacea, and other new strategic partners in the fast-growing legal hemp/cannabis space. Our collaboration with these organizations and the achievements we make together will advance our leadership position and have an enormously positive impact on our business opportunities.
Ready for the Future
As I stated at the beginning of this letter, 2021 will be a pivotal year for 22nd Century Group. The fruits of more than a decade of research and development are, at last, ripe for harvest. We are very excited about the historic milestones that 22nd Century will achieve in these, our primary areas of focus:
Secure FDA authorization of VLN®, the only reduced nicotine content combustible cigarette in the world that will receive a MRTP designation from FDA; execute commercial product launch and licensing and partnership initiatives within 90 days of authorization;
Support and advance the FDA’s proposed mandate to cap the nicotine content of all combustible cigarettes sold in the U.S. to just 0.5 milligrams of nicotine per gram of tobacco;
Target the upstream segment of the cannabinoid value chain; creating proprietary, commercially valuable new plant lines and related intellectual property with stabilized genetics to harness and optimize hemp/cannabis plant potential; monetize a portion of our existing hemp/cannabis IP in 2021 and continue to bring disruptive technology forward;
Turn attention to the Company’s development of a third, plant-based franchise after securing MRTP authorization for VLN®; leverage 22nd Century’s plant science expertise to develop and secure valuable intellectual property, and sign lucrative strategic partnerships to support the development of this franchise;
Maintain diligent financial execution, efficient operating structure, and balance sheet strength to support 22nd Century’s growth initiatives.
22nd Century’s leadership team and I are ready and eager to make available VLN® to each and every adult smoker in the United States within 90 days of receiving authorization from the FDA.
Having refocused our hemp/cannabis strategy on intellectual property and on the upstream segments of the cannabinoid value chain, 22nd Century’s relationship with KeyGene is stronger and more fruitful than ever. Throughout 2021 and beyond, we expect to reach more major research milestones with our partners at KeyGene and with other strategic partners in both hemp/cannabis and our soon-to-be-announced third franchise.
It is truly an exciting time for our company and stakeholders, and I hope that you share in our enthusiasm. Please visit our Press Release page on the 22nd Century website and follow us on Twitter and LinkedIn to learn more about our organization and continue to follow our news as it is made.
James A. Mish
Chief Executive Officer, 22nd Century Group
1As of market close on Tuesday, February 23, 2021.
2Based on perception studies conducted by 22nd Century Group
3Appelberg, Feirman, Salazar, et al. (2018)
That was quite the spike. I had my fingers on the sell button at $4.10 area and remembered that this was a long-term hold for me.
This is all good news, we have a lot happening in the coming months / years. The fact that the balance sheet is so strong is pretty amazing as well.
22nd Century Group and KeyGene Launch Advanced Cannabis Technology Platform for Accelerated Development of New Varieties of Hemp/Cannabis Plants with Commercially Valuable Traits
Breakthrough expected to yield disruptive plant lines and new licensing opportunities with strategic partners
WILLIAMSVILLE, N.Y., Feb. 10, 2021 (GLOBE NEWSWIRE) -- 22nd Century Group, Inc. (NYSE American: XXII), a leading plant-based, biotechnology company focused on tobacco harm reduction, very low nicotine content tobacco, and hemp/cannabis research, announced today that it has developed and launched a new, cutting-edge technology platform that will enable the Company and its strategic partners to quickly identify and incorporate commercially valuable traits of hemp/cannabis plants to create new, stable hemp/cannabis lines. The platform incorporates a suite of proprietary molecular tools and a large library of genomic markers and gene-trait correlations. The platform was developed in collaboration with researchers at KeyGene, a global leader in plant research involving high-value genetic traits and increased crop yields.
“This is a major breakthrough. Quickly and easily identifying the genes responsible for specific traits in a plant is a powerful tool for 22nd Century Group and the hemp/cannabis industry as a whole,” said James A. Mish, chief executive officer of 22nd Century Group. “That is why we are even now beginning discussions to license this platform to strategic partners to help them improve their plant breeding techniques and to optimize their hemp/cannabis cultivars. We continue to make great advancements through our partnership with KeyGene, and this newly developed molecular breeding platform has the potential to result in exponential growth for the Company’s revenues and create new value opportunities for our stakeholders, including shareholders.”
“Using traditional breeding techniques, it typically takes at least eight to ten years to develop new varieties of hemp/cannabis plants that consistently express important traits,” said Juan Sanchez Tamburrino, Ph.D., vice president of research and development at 22nd Century Group. “Our new molecular breeding platform can dramatically reduce our development time for new high-value varieties of hemp/cannabis and allows 22nd Century scientists to identify plant lines that carry high levels of major therapeutic cannabinoids, such as cannabidiol (CBD), cannabichromene (CBC), and other minor therapeutic cannabinoids, like cannabidivarin (CBDV) and tetrahydrocannabivarin (THCV).”
Demonstrating how this technology can be used, 22nd Century and KeyGene scientists can now accelerate the selection of specific traits yielding novel cannabinoid profiles. For example, the team was able to select specific markers that predict the gender of hemp/cannabis plants with an astounding 99.6% accuracy.
Using this new breeding technology, 22nd Century has already characterized millions of high-value single nucleotide polymorphisms (SNPs). SNPs are molecular markers or guideposts within a plant’s genome that indicate important variations in Deoxyribonucleic acid (DNA) sequences. Targeting these newly identified SNPs, 22nd Century was able to locate and isolate specific sections of genetic code from genome assemblies present in the Company’s state-of-the-art hemp/cannabis bioinformatics database. 22nd Century’s bioinformatics database continues to grow and already contains hundreds of hemp/cannabis genomes and thousands expression datapoints across a wide array of hemp/cannabis varieties and phenotypes. The ability to identify specific genetic variations allows researchers to isolate high-value traits, like increased CBD or tetrahydrocannabinol (THC) production, and then introduce those traits in new plant lines using modern plant breeding techniques, including trait tracking using molecular marker profiles and the Company’s proprietary accelerated breeding pipeline.
Since reporting third quarter earnings, 22nd Century has refocused its hemp/cannabis strategy to target the upstream segments of the cannabinoid value chain, in particular, in the areas of plant biotechnology research, gene modification and engineering, modern plant breeding and development, and extraction. The Company intends to build upon its core strengths in the plant science and ingredient value chain and is in advanced discussions with operational partners that will enable it to offer comprehensive commercial breeding, cultivation, and extract purification services utilizing its proprietary hemp/cannabis plants in development. The Company will continue to focus on and ensure the accelerated delivery of valuable, commercial plant lines and technology, and related intellectual property for the life science, consumer product, and pharmaceutical markets.
https://www.xxiicentury.com/news-media/press-releases/detail/414/22nd-century-group-and-keygene-launch-advanced-cannabis
Thoughts on this? Some details but a lot is missing.
https://www.mcloudcorp.com/blog/connected-industries/leverage-benefits-ai-oil-gas-industry
Does this mean they actually connected them as the title suggests, or that they signed them as the article reads?
mCloud Connects First Ten New York Buildings in New Multi-Site Commercial Building Campaign
Tue., December 22, 2020, 8:00 a.m. AST
Customers include franchises for notable brands including some of the world's largest restaurant chains, automotive dealers, and fitness centers
Company expects Connected Buildings segment to thrive in 2021 as new campaign targets over 20,000 businesses in New York and California
VANCOUVER, BC, Dec. 22, 2020 /CNW/ - mCloud Technologies Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ("AI"), today announced it signed its first ten AssetCare™? contracts with building operators based in New York. These contracts kick off a new commercial building campaign for the Company, aimed at businesses operating portfolios of small- and medium-sized buildings in New York and California.
The first customers from this campaign include globally recognized restaurants, automotive dealers, fitness centers, and other customers who each operate multiple locations in New York and California. The campaign is based on exclusive partnerships the Company has secured with local service providers in these two states to jointly market and offer mCloud's unique solutions using IoT and AI to drive improvements in indoor air quality and energy efficiency.
"This set of ten AssetCare subscription contracts is expected to be the first of many for mCloud in 2021," said Dr. Patrick O'Neill, mCloud's President for North America. "Businesses across New York and California are struggling to find an easy-to-implement solution to help them be compliant with new health regulations and reassure their customers and employees their buildings are safe – both are now required to get these thousands of businesses back to work."
"mCloud's AI-enabled Connected Buildings offering is the easiest solution for these operators, period," O'Neill added. "The unique and compelling economics offered by AssetCare and our partnership with local providers allow us to offer an unbeatable solution to these businesses who now have no choice but to adapt."
AssetCare for Connected Buildings combines a comprehensive indoor air quality solution with IoT- and AI-powered building management, which drive operational and energy efficiency improvements that help offset its cost. As with the Company's AssetCare solutions in other segments, AssetCare delivers direct, measurable business results through the cloud under a recurring subscription model the Company calls "Results-as-a-Service."
Because mCloud uniquely combines IoT, AI, and the cloud to drive continuous improvements 24/7, the Company is able to serve small- and medium-size commercial building operators where standard building control solutions are cost-prohibitive. The Company uses AI to provide 24/7 managed Live Operations ("LiveOps") with every AssetCare subscription, continuously monitoring and optimizing the ventilation and air purification systems of every connected building to ensure newly defined CDC and ASHRAE standards are met in the most cost-efficient manner possible.
mCloud posted this on Twitter yesterday.
$MCLD With more than 54,770 assets connected today, we are on a journey to 70,000 assets by year end 2020 with a #marketopportunity to reach over 25 million immediately connectable assets. #AI #goals #investors #investment Rightwards arrow https://bit.ly/mCloudIP
Why still mention a journey to 70K assets this year? This isn't even expected until Q2 2021 now is it?
This email yesterday had a little bit more info in it, cant post the images but here it is in partial.
mCloud (TSX-V: MCLD) (OTCQB: MCLDF) announced closing on US$2.8MM Convertible Debenture and being awarded over US$5MM in net Total Contract Value (“TCV”).
What does this mean for the company and its shares?
Proceeds are to be used to maintain momentum in rising AssetCare Over Time revenue and growth in TCV. Despite the slowdown in connected assets during pandemic, recuring revenues, or AssetCare Over Time, grew sequentially by 74% and 33% in the second and third quarters of 2020, respectively.
?
Adding an additional US$5MM in TCV in the first week of December is an excellent example of why maintaining sales momentum is imp
erative, and the effort is delivering results. With a TCV in AssetCare exceeding $43 MM (previously announced $38MM plus the $5MM in first week of December), we expect continued acceleration in AssetCare Over Time revenues into 2021. Total contract value measures how much value a contract is worth once executed.
The company’s relationship with a strategic partner is maturing adding additional “pull forward” capital from existing and future contracts. Much of the new business awarded in the first week of December fits the criteria for accelerating up front cash with new contracts.
https://www.hpe.com/us/en/newsroom/press-release/2020/04/hpe-financial-services-offers-2-billion-in-financing-and-new-programs-to-help-customers-and-partners-weather-covid-19.html
The debenture funding, along with capital “pull forward”, is anticipated to be more than sufficient to fund the Company’s continued growth to the inflection point where AssetCare Over Time revenues sustain the direct expenses, which is estimated to occur in mid-2021 at 70K connected assets.
mCloud Announces Closing of US$2.798 Million Convertible Debenture
Source: PR Newswire (Canada)
Closed US$2.798 million convertible debenture with significant participation from existing US shareholders
Contracts totalling over US$5 million recently awarded in first week of December 2020
VANCOUVER, BC, Dec. 7, 2020 /CNW/ - mCloud Technologies Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ("AI"), today announced it has closed the first tranche of its private placement offering of convertible unsecured subordinated debentures (the "Debentures") at a price of US$100 per Debenture for gross proceeds of US$2.798 million. At its discretion, the Company expects to complete one or more additional tranches of the offering of Debentures, which together with the first tranche, is referred to herein as the "Offering."
The Company is also pleased to announce today it has been awarded new customer contracts in the first week of December within the Company's strategic growth geographies of North America, Asia Pacific and the European Union. These contracts are comprised of AssetCare™? solutions for wind, communications, and oil and gas.
The total contract value for these awards is expected to exceed US$5 million, with contract formalities to be completed this month. The awards include digital blade inspection and wind analytics for a key European renewable energy operator, new connected solutions for oil and gas customers in North America and Southeast Asia, and an engagement with a major communication technology provider in Asia Pacific.
As originally announced on October 13, 2020, the Company established terms to pull forward capital from multi-year AssetCare contracts in partnership with a strategic supplier of IoT edge devices and customers who elect to pay a greater proportion of their AssetCare subscriptions upfront. The Company continues to see benefits from this and expects to employ this structure with more AssetCare contracts in this manner going forward.
"These awards from new notable enterprise customers highlight our relentless growth and progress in onboarding new customers via AssetCare and SaaS-based subscriptions," said Russ McMeekin, mCloud President and CEO. "These customers add to our existing backlog of assets and workers to be connected in 2021, enhancing our already established foundation for growth next year."
"We have a clear pathway to achieving our goal of connecting 70,000 assets and crossing the point at which our AssetCare Over Time revenues will sustain our direct expenses on an ongoing basis," McMeekin added.
About the Debentures
The Debentures will bear interest from each applicable issuance date at 8% per annum, calculated and paid quarterly on the last day of December, March, June, and September of each year. Interest will be paid in common shares of the Company ("Common Shares") or cash at the election of the Company. The first interest payment will be made on March 31, 2021 and will consist of interest accrued from and including the closing of each tranche of the Offering (each a "Closing Date") to December 31, 2020. The Debentures will mature on the date that is 36 months following the Closing Date (the "Maturity Date").
The principal amount of the Debentures issued under the first tranche of the Offering will be convertible into Common Shares (each, a "Debenture Share") at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The conversion price per Debenture Share is 110% of the lower of i) the volume weighted average trading price of the Common Shares on the TSX Venture Exchange for the five trading days preceding the Closing Date and ii) the closing price of the Common Shares on the TSX Venture Exchange on the day prior to the Closing Date, subject to adjustment in certain events (the "Conversion Price"). The Conversion Price of the Debentures issued under the first tranche of the Offering is US$1.48 per Debenture Share.
The principal amount of Debentures outstanding will be repayable in Common Shares or cash at the election of the Company on the Maturity Date.
The net proceeds from the Offering will be used for working capital purposes. All securities issued under the Offering will be subject to a statutory four-month hold. However, the Company has covenanted to use its commercially reasonable efforts to, within 60 days of the final closing of the Offering, file a prospectus supplement to the Company's existing base shelf prospectus for the purpose of qualifying the issuance of the Debenture Shares issuable upon conversion of the Debentures. The Offering is subject to the final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
Where did you see the $14 price target? Was there any comments with it?
I am unfamiliar with that source, is it another chat form? I tried to browse, could not find it.
Thank you for the update. That is actually very good information to know. Excited, but realistically I don't expect the ramp-up in growth for several more quarters (from what I expected when I originally bought a year ago). Need to see continued reduction in COVID restrictions globally and I don't think we are close to that yet.
I don't see why $3 isn't possible. We were there a couple years ago on MRTP speculation, mind you that was kind of a MJ bubble as well.
With MRTP they suspect a $10 valuation is possible, based on capturing a .25% share of the US market. I won't hold my breath. That would only be a $1.2B MC though.
The real excitement will be after MRPT and some commercialization, see the traction and possible deals. Still a lot of speculation but it is promising.
Although my computer is not showing the form 4 in a very readable format, looks like a market purchase of 100,000 shares by Mish. Good.
Where do you get this information? Seems unlikely that anyone would know outside of the agency, or share.
I missed 50% of the interview, will have to listen later. The final thing required for NASDAQ is a $3 share price.
The recurring revenue from the recently announced deal, once complete within 18 months is approx $1.2m / month. They already have 20 of the 2000 or so complete.
I have been looking forward to tomorrow for several months now, first earning since I invested.
Hoping to see solid Q1 over Q4 growth, which we have evidence happened. A NASDAQ and TSX uplisting, at least a timeframe. Also looking forward to the guidance and info on how the pandemic impacted plans.
I wonder if they are seeing any traction on the air quality aspect for COVID.
Tuesday Earnings for Q4 19 and Q1 20. I am hopeful that the announce NASDAQ uplisting around that time. I believe any buying pressure will carry this back up to previous highs.
Did anyone listen to the shareholder meeting today? I only caught the last 15 mins. Short is the two directors were approved, including Cliff who they say is engaged and active with the company. They also said they have a plan for after MRTP approval (if they get it), although not much said about it.
Good to get an update on Q1 while waiting for Q4 19. Nice to see growth continued, wonder if that all came early in the Q, I suspect most did.
Good stuff.
Starting to wonder if they plan on ever publishing official Q4 2019 results. Pushing it as far as possible, that's for sure. Hopefully KPMG didn't find anything too erroneous.
mCloud Announces Filing of Final Base Shelf Prospectus
April 17, 2020
VANCOUVER, April 17, 2020 – mCloud Technologies Corp. (TSX-V: MCLD, MCLD.DB) (OTCQB: MCLDF) (“mCloud” or the “Company”), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence (“AI”), and analytics, is pleased to announce that it has filed a final short form base shelf prospectus (the "Prospectus") with the securities regulatory authorities in each of the provinces of Canada. Once a receipt is issued for the Prospectus, the Prospectus will allow the Company to offer from time to time, over a 25-month period, common shares, preferred shares, debt securities, subscription receipts, warrants and units with an aggregate value of up to $200 million. Should the Company offer any securities, it will make a prospectus supplement available that will include the specific terms of the securities being offered.
Russ said he couldn't quantify an interest once listed but said it was certainly there.
Learned a little bit from the presentation. They remain confident that they will meet the lower end of connected asset guidance for 2020 (due to COVID-19 it is likely they won't reach upper end). They put in a demand letter for the $500K to BuildingIQ, Russ did not want to comment any further on BuildingIQ with the exception of saying if they did not receive the $500K back, legal recourse would follow.
They submitted NASDAQ fees two weeks ago. If I understand correctly the process can take up to six weeks, but who knows how operational they are.
As far as I am aware, none. It is just a matter of time now before a final decision. Marketing may be something that arises but if it does it cam be addressed. The tech /need / requirments / etc have all been satisfied.
I thought Q4 full year had to be published by end of month, March. I think I read today that Ventures have until near month end, April. Boooooo! Haha. Seems like such a long wait.
Official earnings for Q4 is due before the end of the month isn't it? KPMG has been going over all the books and fixing their missteps, hopefully it is all sorted out soon.
HENC filings were always kept current. Nothing changed when this started.
I have a document written at home a month ago that I was going to post detailing all the false information and information that they edited on sites to support their theory. I'll share when I get home Friday.
The site they kept posting for 'updated filings' ... the filings weren't updated or changed from when HENC originally filed months prior.
The site where they showed the ticker 'HENC' and then the info for Holloman Corp (employees, revenue, etc) is like wikipedia, can be edited by anyone.
Not one piece of info came from the company itself, except the conversation with Gina, if you can believe that.
Buc, there is no merger, just speculation by the guys who made it run. We have both been following this for years. They edited forms and posted them on here.
I'm not saying it won't run again, it very well may with such a small float, but was pure pump.