The Internet of Things company said eligibility with The Depository Trust Company, the largest securities depository in the world, will allow for more efficient and economic trading of the company's common shares on the OTCQB and increase its visibility and accessibility with US investors.
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"Our DTC eligibility will provide US investors with the ability to efficiently trade mCloud's common shares," said Russ McMeekin, the president and chief executive officer of mCloud.
"As mCloud's shares become more broadly accessible, I would like to reiterate the opportunity ahead. mCloud is a pure play AI [artificial intelligence] and analytics cloud company competing in the global AI and machine learning market, which according to the International Data Corporation's Worldwide Semi-annual Artificial Intelligence Systems Spending Guide, is expected to grow to $57.6 billion by 2021," McMeekin added.
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"We are pleased with the progress we have made over the last three months. We are particularly excited about some of our recent developments in China, where we have received positive feedback on our AI/Cloud technology with remote mobile applications," McMeekin said.