Pender Growth Fund Portfolio Company, D-Wave, Announces a Potential Go-Public SPAC Transaction

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Pender Growth Fund Inc. (the “Company” or “PTF”) is pleased to report that long time holding D-Wave Systems Inc. (“D-Wave”) has announced that it has entered into a definitive transaction agreement with DPCM Capital, Inc. (“DPCM Capital”) (NYSE: XPOA), a publicly traded special purpose acquisition company.

This is exciting news for D-Wave, the leader in quantum computing systems, software, and services, and the only provider building both annealing and gate-model quantum computers. The transaction will enable D-Wave to accelerate the adoption of quantum computing in key segments, including manufacturing, logistics, pharmaceuticals, finance, and government, further enhancing D-Wave’s leadership in commercial quantum computing.

D-Wave expects the transaction to close in the second quarter of 2022, subject to the satisfaction of customary closing conditions, including the approval of the shareholders of DPCM Capital. The transaction values D-Wave at an equity value of approximately US$1.2 billion. PTF holds shares of D-Wave directly and owns 97% of Pender Private Investments Inc. which also holds shares of D-Wave. If successfully completed at the current terms, the Reporting NAV of PTF would increase by approximately CAD$6.4 million. There are currently 7,610,629 shares of PTF issued and outstanding, and the increase would represent approximately CAD$0.85 per PTF share.

This transaction strengthens D-Wave’s impact as a center of Canadian quantum computing innovation and technology and is expected to accelerate its ability to expand quantum computing to innovative commercial quantum solutions for enterprises.

A news release issued by D-Wave provides further information and can be found at the following link:


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 Reporting NAV on its website, generally within five business days of each month end.

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About Pender Private Investments Inc.

Pender Private Investments Inc. is an investment entity with a portfolio of technology companies that was acquired by PTF through the acquisition of another venture capital fund.

For further information, please contact:

Tony Rautava
Corporate Secretary
Pender Growth Fund Inc.
(604) 653-9625
Toll Free: (866) 377-4743

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


Forward-Looking Information

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