Pender Growth Fund Portfolio Company, D-Wave, Lists Publicly on NYSE
VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company” or “PTF”) is pleased to report that long time holding D-Wave Systems Inc. (“D-Wave”) has recently announced the completion of its previously announced intention to list publicly via a business combination with DPCM Capital, Inc. (“DPCM Capital”), a publicly traded special purpose acquisition company. On August 8, 2022, D-Wave began trading on the New York Stock Exchange under the symbol QBTS. PTF holds 199,411 shares of D-Wave directly and owns approximately 98% 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 center 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 CEO, 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 PTF 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.”
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 NAV on its website, generally within five business days of each month end.
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About Pender Private Investments Inc.
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