MCLOUD RECEIVES NASDAQ NOTIFICATION REGARDING MARKET VALUE OF LISTED SECURITIES

mCloud Technologies Corp. had received a written notification on May 15, 2023, from the Nasdaq Stock Market LLC indicating that the company's market value of listed securities (MVLS) for the last 30 consecutive business days was below the required minimum of $35-million (U.S.) for continued listing on Nasdaq under Nasdaq Listing Rule 5550(b)(2).

The notification letter is only a notification of deficiency and has no immediate effect on the listing or trading of mCloud common shares. mCloud will continue to trade on Nasdaq under the symbol MCLD. The company's common shares are also listed on the TSX Venture Exchange and the notification letter does not affect the company's compliance status with such listing.

In accordance with Nasdaq Listing Rule 5810(c)(3)(C), the company has been provided a compliance period of 180 calendar days, or Nov. 13, 2023, to regain compliance. The letter states that Nasdaq will close the matter and provide written confirmation that the company has achieved compliance with rule 5550(b)(2) if at any time before Nov. 13, 2023, the company's MVLS closes at $35-million (U.S.) or more for a minimum of 10 consecutive business days.

mCloud's business operations are not affected by the receipt of the notification letter and the company fully intends to regain compliance with Nasdaq listing rules. The company will monitor its Nasdaq listing between now and Nov. 13, 2023, and to evaluate its available options to regain compliance with Nasdaq's minimum MVLS rule within the compliance period.

About mCloud Technologies Corp.

mCloud is unlocking the untapped potential of energy-intensive assets with cloud-based solutions that curb energy waste, maximize energy production, eliminate harmful emissions and get the most out of critical energy infrastructure. Through mCloud's portfolio of AssetCare solutions, mCloud enables asset owners and operators in energy- and asset-intensive industries such as oil and gas, wind, and commercial facilities to use cloud-based digital twins, artificial intelligence, and analytics to optimize asset performance, reliability and sustainability. mCloud has a worldwide presence with offices in North America, Europe, the Middle East and Asia-Pacific. mCloud's common shares trade in the United States on Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD.

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