An anonymous director reports

MCLOUD RECEIVES NASDAQ NOTIFICATION REGARDING FORM 20-F FILING

mCloud Technologies Corp. received a written notification on May 17, 2023, from the Nasdaq Stock Market LLC indicating the company is no longer in compliance with Listing Rule 5250(c)(1) since it has not yet filed its Form 20-F for the period ended Dec. 31, 2022.

In accordance with Listing Rule 5250(c)(1), the company has 60 calendar days, or July 18, 2023, to submit to Nasdaq a plan to regain compliance. If Nasdaq accepts the plan, Nasdaq may grant an exception of up to 180 calendar days from the filing's due date, or Nov. 13, 2023, to regain compliance.

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.

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.

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.

We seek Safe Harbor.