InterCloud Systems, Inc. (ICLD)

InterCloud Systems provided cloud networking, managed services and IT infrastructure work to telecommunications carriers and enterprises. Its offerings ranged from network design and engineering to professional staffing, specialty contracting and cloud-based application services. The company was based in Shrewsbury, New Jersey. It assembled much of its business by acquiring small engineering and IT service firms.

InterCloud moved its stock to the NASDAQ Capital Market in 2013 in connection with a public offering, trading under the symbol ICLD. Its roll-up strategy produced fast revenue growth but also heavy debt, frequent dilutive financings and recurring losses. The stock declined sharply over the following years. Investor concerns also arose over the company's past promotional activities.

By 2016 the share price had fallen well below $1, and the company no longer met NASDAQ's minimum bid price and stockholders' equity standards. NASDAQ staff notified the company of its determination on August 22, 2016, and InterCloud did not appeal to a hearings panel. The common stock and warrants were removed from listing at the opening of trading on October 6, 2016, and quotations moved to the OTC market.

After leaving NASDAQ, InterCloud continued to sell off business units to pay down debt and shrank considerably. Its stock traded on the OTC market at very low prices with continued dilution. The company no longer has a listing on any major U.S. exchange.