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Universal mCloud's shares secure eligibility with The Depository Trust Company

The company also provided a progress update on recent corporate initiatives

Artificial intelligence
mCloud is a pure play AI and analytics cloud company

Universal mCloud Corp (CVE:MCLD) said its OTCQB-listed common shares are now eligible for electronic clearing and settlement through the Depository Trust Company in the USA.

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.

READ Universal mCloud shares surge as it brings in over C$5.5mln from financing and announces US listing​

"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.

READ IoT specialist Universal mCloud's acquisition of royalty agreement will double revenues and position group for profitability​

"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.

Quick facts: mCloud Technologies Corp

Price: 2.98 CAD

TSX-V:MCLD
Market: TSX-V
Market Cap: $73.96 m
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