TORONTO, Oct. 29, 2021 /CNW Telbec/ - Ten Coves Capital today reported that certain of its funds (together, the "Ten Coves Group") acquired an aggregate of 375,000 common shares ("Common Shares") in the capital of Q4 Inc. ("Q4" at a price of $12.00 per share for an aggregate investment of $4.5 million. The Common Shares were acquired pursuant to the initial public offering ("IPO") of Q4 and represent approximately 1% of the issued and outstanding Common Shares of Q4, prior to giving effect to Q4's IPO. The Common Shares of Q4 are listed on the Toronto Stock Exchange under the ticker "QFOR".
Immediately prior to the completion of the Q4 IPO, the Ten Coves Group beneficially owned, or had control or direction over, an aggregate of 9,901,836 Common Shares, which represented approximately 31.6% of the Common Shares outstanding before giving effect to the Q4 IPO.
Immediately following the completion of the Q4 IPO, the Ten Coves Group beneficially owned, or had control or direction over, an aggregate of 10,276,836 Common Shares, which represented approximately 25.9% of the Common Shares outstanding.
The Common Shares held by the Ten Coves Group are held for investment purposes. The Ten Coves Group may or may not purchase or sell securities of Q4 in the future on the open market or in private transactions, depending on market conditions and other factors. The Ten Coves Group currently has no other plans or intentions that relate to its investment in Q4. Depending on market conditions, general economic and industry conditions, Q4's business and financial condition and/or other relevant factors, the Ten Coves Group may develop other plans or intentions in the future relating to one or more of the above items.
The address and head office of Q4 is located at Q4 Inc., 469-A King Street West, Toronto, Ontario, M5V 1K4.
About Ten Coves Capital
Ten Coves Capital invests in innovative, high growth FinTech companies where its capital, network and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments, the Ten Coves team has helped scale nearly 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.
A copy of the early warning report filed by the Ten Coves Group in connection with the investment will be available on Q4's profile on SEDAR at www.sedar.com.
SOURCE Ten Coves Capital
Tanu Suneja, Chief Financial Office and Chief Compliance Officer of Ten Coves Capital, 1019 Post Road, Darien, CT, 06820, USA, telephone: 203-434-2034.
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