On May 23, 2023, mCloud Technologies Corp. (TSXV:MCLD) provided an update on the company's exploration of currently active strategic alternatives. On March 29, 2023, mCloud announced it had formed a special committee comprising independent members of mCloud's Board of Directors (the ‘Special Committee') for the purposes of exploring strategic alternatives to maximize shareholder value, including retaining ATB Capital Markets Inc. (‘ATB') and Maxim Group LLC (‘Maxim') as financial advisors.

Since this announcement, the Special Committee has worked diligently with the support of ATB and Maxim to evaluate a variety of options. Over the past several weeks, the Special Committee has narrowed its efforts toward a transaction that would result in the acquisition of the Company by a strategic partner. The Company is continuing to pursue this potential transaction but is currently unable to provide any further guidance on the nature or timing of the proposed transaction.

There can be no assurances that the transaction will be completed or that any successful transaction will result from the strategic process.