22:41:34 EDT Fri 30 Sep 2022
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Pender Growth Fund Inc
Symbol PTF
Shares Issued 7,582,021
Close 2022-08-11 C$ 9.75
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Pender Growth portfolio company D-Wave trades on NYSE

2022-08-12 19:42 ET - News Release

Mr. David Barr reports

PENDER GROWTH FUND PORTFOLIO COMPANY, D-WAVE, LISTS PUBLICLY ON NYSE

Pender Growth Fund Inc. long-time holding D-Wave Systems Inc. has completed its previously announced intention to list publicly via a business combination with DPCM Capital Inc., a publicly traded special-purpose acquisition company. On Aug. 8, 2022, D-Wave began trading on the New York Stock Exchange under the symbol QBTS. Pender Growth Fund holds 199,411 shares of D-Wave directly and owns approximately 98 per cent of Pender Private Investments Inc., which holds 548,427 shares of D-Wave.

The merger enables public investors to invest in a quantum computing company and enhances D-Wave's position as a centre of Canadian quantum computing innovation and technology.

D-Wave is a leader in quantum computing systems, software and services, and the only provider building both annealing and gate-model quantum computers. The company plans to use the proceeds raised to accelerate the adoption of innovative commercial quantum solutions for enterprises in key segments, including manufacturing, logistics, pharmaceuticals, finance and government.

D-Wave Quantum's chief executive officer, Alan Baratz, was quoted as saying: "Through this business combination, we are well positioned to accelerate our growth strategy, using capital raised through the business combination along with our new access to the public markets to advance the production of our quantum computing solutions and continue to unlock the power of quantum computing to benefit business and society. The era of commercial quantum computing is here."

David Barr, CEO of Pender Growth Fund, said: "This is a new chapter for D-Wave. We believe this transaction highlights the value of D-Wave's innovative technologies and eagerly anticipate the proposed acceleration in growth and commercialization of the company's pioneering quantum computing technologies."

About Pender Growth Fund Inc.

The company's objective is to achieve long-term capital appreciation for its investors. The company utilizes its small-capital base and long-term horizon to invest in unique situations, primarily small-cap, special situations, and illiquid public and private companies. The company trades on the TSX Venture Exchange under the symbol PTF. The company posts its net asset value on its website, generally within five business days of each month-end.

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