mCloud Technologies Corp. (TSXV:MCLD) signed an expression of interest to acquire BuildingIQ, Inc. (ASX:BIQ) for AUD 5.7 million on February 10, 2020. Under the terms of the deal, mCloud is offering to buy BuildingIQ CDIs on the basis of 1 share in mCloud for every approximately 441 CDIs. mCloud will provide BuildingIQ with a secured working capital loan of AUD 1.5 million on commercial terms on February 14, 2020. mCloud will explore a possible listing of its common shares on the Australian Stock Exchange. Both companies have agreed to a breakup fee of AUD 0.5 million on terms consistent with transactions of this nature. The transaction is subject to a period of due diligence and exclusivity, and contingent on the execution of definitive agreements between BuildingIQ and mCloud, receipt of all required regulatory, shareholder approvals (including, if applicable, the approval of the TSX Venture Exchange) and the approval of CDI holders of BuildingIQ. The estimated completion of definitive agreement is by April 8, 2020 and approval by CDI holders is by June 8, 2020. As of March 22, 2020, mCloud Technologies is evaluating alternative arrangements with BuildingIQ, as a result of material misrepresentations identified by mCloud during due diligence. The proposed transaction is expected to close on June 19, 2020.

mCloud Technologies Corp. (TSXV:MCLD) cancelled the acquisition of BuildingIQ, Inc. (ASX:BIQ) on March 23, 2020. BuildingIQ received AUD 0.5 million under the working capital facility on February 18, 2020 but has not received any funds since then.