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: