Credit: scharfsinn86/Adobe Stock New Suit Alleges Tech Company Diverted Development Loan to Pay Own Executives
Investment firm Emissions Reduction Corp. alleges mCloud Technologies used a $15 million promissory note meant to scale the company to instead pay off loans and compensate executives.
November 28, 2023 at 03:03 PM
2 minute read
Contracts
Investment firm Emissions Reduction Corp. is suing software company mCloud Technologies, alleging mCloud used the firm's $15 million loan—earmarked for projects such as electric charging stations—to instead pay off debt and the tech company's own executives.
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