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Asset/Investment Management
180degreecapital.com

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Investments

202

Portfolio Exits

31

About 180 Degree Capital

180 Degree Capital (NASDAQ: TURN) is an internally managed investment company with an investment portfolio that includes publicly traded companies.

180 Degree Capital Headquarter Location

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Latest 180 Degree Capital News

180 Degree Capital Corp. Reports $8.35 Net Asset Value Per Share as of June 30, 2022, a 14.9% Decline from the Prior Quarter. 180 Also Notes the Public Listing of D-Wave Quantum, Inc., and Significant Rebound in its holdings in Q3 2022 Quarter to Date Resulting in Materially Higher Cash and Securities of Public and Related Companies Versus its $62.7 Million, or $6.04 per Share, as of June 30, 2022

Aug 8, 2022

Montclair, New Jersey, UNITED STATES MONTCLAIR, N.J., Aug. 08, 2022 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported its financial results as of June 30, 2022, and additional developments from the third quarter of 2022. The Company also published a letter to shareholders that can be viewed at https://ir.180degreecapital.com/financial-results . “These six months have been challenging to say the least with a very confusing backdrop of economic data and concerning geopolitical events,” said Kevin M. Rendino, Chief Executive Officer of 180. “We ended the quarter with our NAV declining 14.9% and a gross total return in our public and related portfolio of -19.0%. Last quarter we believed some of our holdings were down and deserved to be down based on specific company events (e.g., QMCO). This quarter, many of our holdings reported positive developments, but still declined materially in value given the bearish backdrop of the overall market. The continued positive execution by many of our holdings amidst macro uncertainties and challenges has given us real optimism that we can invest in individual companies that we believe have the potential to generate a return of 100% over a three-year cycle. Please see our shareholder letter for our specific analysis of each of our holdings. While challenges will be with us for some time, we think the market has overshot too much to the downside. We have used this environment as an opportunity to add to our positions, and we are undeterred in our vision for growing 180’s assets to at least $200 million over time.” “Q2 2022 continued our effort to remake our balance sheet into one comprised primarily of cash and public and related securities,” said Daniel B. Wolfe, President of 180. “We completed the sale of our potential future milestone payments from the acquisition of Petra Pharma Corporation by Eli Lilly and Company for $12.3 million and the acquisition of TARA Biosystems, Inc., by Valo Health, LLC closed. Subsequent to the end of the quarter, the shareholders of DPCM Capital, Inc., (“XPOA”), approved its merger with our legacy private portfolio company, D-Wave Systems, Inc., to form D-Wave Quantum, Inc. (QBTS). QBTS began trading today, and 180 holds approximately 900,000 shares of common stock of the merged company. With this public listing, 180’s remaining legacy private portfolio has only one material position, AgBiome, LLC. 180’s NAV, on a pro forma basis including QBTS, is comprised of 79% cash and public and related securities1. The advance in value of our positions in Q3 2022 increases the percentage of our assets in cash and public and related holdings, and this percentage continues to trend closer to our goal of 100%2.” The table below summarizes 180’s performance over periods of time through the end of Q2 20223:

180 Degree Capital Investments

202 Investments

180 Degree Capital has made 202 investments. Their latest investment was in theMaven Network as part of their Corporate Minority - P2P on September 9, 2020.

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180 Degree Capital Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

9/9/2020

Corporate Minority - P2P

theMaven Network

$3M

Yes

1

8/13/2018

Series A

Magnolia Neurosciences

$31M

Yes

3

7/11/2018

Series B - II

ORIG3N

$14.4M

No

3

10/30/2017

Series A

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$99M

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10

8/15/2017

Series A

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$99M

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10

Date

9/9/2020

8/13/2018

7/11/2018

10/30/2017

8/15/2017

Round

Corporate Minority - P2P

Series A

Series B - II

Series A

Series A

Company

theMaven Network

Magnolia Neurosciences

ORIG3N

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Amount

$3M

$31M

$14.4M

$99M

$99M

New?

Yes

Yes

No

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Co-Investors

Sources

1

3

3

10

10

180 Degree Capital Portfolio Exits

31 Portfolio Exits

180 Degree Capital has 31 portfolio exits. Their latest portfolio exit was D-Wave Systems on August 05, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

8/5/2022

Reverse Merger

$99M

52

4/5/2022

Acquired

$99M

3

5/28/2021

Acquired

$99M

2

5/9/2020

Divestiture

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$99M

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10

6/28/2017

IPO

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$99M

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10

Date

8/5/2022

4/5/2022

5/28/2021

5/9/2020

6/28/2017

Exit

Reverse Merger

Acquired

Acquired

Divestiture

IPO

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

52

3

2

10

10

180 Degree Capital Team

7 Team Members

180 Degree Capital has 7 team members, including current President, Chief Financial Officer, Daniel B. Wolfe.

Name

Work History

Title

Status

Daniel B. Wolfe

President, Chief Financial Officer

Current

Robert Burns

Senior Vice President

Current

Douglas W. Jamison

Managing Director

Current

Sandra Matrick Forman

Chief Compliance Officer

Former

Daniel Leff

Luminari Capital, Globespan Capital Partners, Sevin Rosen Funds, Redpoint Ventures, and Intel

Executive Vice President, Managing Director

Former

Name

Daniel B. Wolfe

Robert Burns

Douglas W. Jamison

Sandra Matrick Forman

Daniel Leff

Work History

Luminari Capital, Globespan Capital Partners, Sevin Rosen Funds, Redpoint Ventures, and Intel

Title

President, Chief Financial Officer

Senior Vice President

Managing Director

Chief Compliance Officer

Executive Vice President, Managing Director

Status

Current

Current

Current

Former

Former

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