mCloud Technologies Corp (MCLD)

[DVP25]

I wonder what is going to become of the Preferred Shares (MCLDP)

If you recall, they actually reported the closing of $10.5M of the $25M Preferred offerring back in December, but the PR cited that ...

"The net proceeds from the initial closing will be held in escrow until mCloud has proceeds, including from potential subsequent closings of this offering or the Company's previously announced non-brokered common share offering, sufficient to satisfy the convertible debenture debt."

Considering they never reported the closing of the remainder of the offering, I would assume the money is still in escrow. I would also assume the investors will be trying to get that money back.

It should also be noted that despite announcing an upsizing of their concurrent common share offering to $18M last November due to "strong demand", they never announced a single penny of that offering actually closing.

How does a deal have such "strong demand" and never close?