Firsthand Technology Value Fund Announces First Quarter Financial Results, NAV of $3.75 Per Share
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the quarter ended March 31, 2023. As of March 31, 2023, the Fund’s net assets were approximately $25.9 million, or $3.75 per share, compared with net assets of approximately $30.6 million, or $4.44 per share as of December 31, 2022. As of March 31, 2023, the Fund’s portfolio included public and private securities valued at approximately $35.4 million, or $5.13 per share, which includes approximately $0.12 per share in cash and cash equivalents. Portfolio Summary (as of 3/31/23) Investment Fair Value1, Fair Value per Share1,2 Equity/Debt Investments $34.51 million $5.01 Cash/Cash Equivalents $0.85 million $0.12 Other Assets $0.26 million $0.04 Total Assets $35.62 million $5.17 Total Liabilities $9.75 million $1.41 Net Assets $25.87 million $3.75 1 Numbers may not sum due to rounding. 2 Total shares outstanding: 6,893,056. During the first quarter of 2023, the Valuation Committee, which was composed of four directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors. For the quarter ended March 31, 2023, the Fund reported a total investment income of approximately $0.2 million. After fees and expenses, the Fund reported a net investment loss of approximately $0.2 million. The Fund reported net realized and unrealized losses on investments of approximately $4.5 million for the quarter. Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 05/15/2023
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Firsthand Technology Value Fund Discloses Revised Preliminary NAV of $3.75 Per Share as of March 31, 2023
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its revised preliminary NAV, as of March 31, 2023, was $3.75. The Fund further announced that its top five holdings as of March 31, 2023, were IntraOp Medical, Hera Systems, Revasum, Wrightspeed, and EQX Capital. 1. IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver electron-based radiation to cancer patients. As of March 31, 2023, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 55.3% of the Fund’s preliminary net assets. 2. Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of March 31, 2023, the Fund’s investment in Hera consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 34.7% of the Fund’s preliminary net assets. 3. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of March 31, 2023, the Fund’s investment in Revasum consisted of common stock equivalents (CDI’s) and represented approximately 24.7% of the Fund’s preliminary net assets. 4. Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty trucks. As of March 31, 2023, the Fund’s investment in Wrightspeed consisted of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 15.6% of the Fund’s preliminary net assets. 5. EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of March 31, 2023, the Fund’s investment in EQX consisted of preferred and common stock and represented approximately 1.9% of the Fund’s preliminary net assets. The Fund’s preliminary net assets as of March 31, 2023, include cash and cash equivalents of approximately $0.12 per share. Preliminary total investments as of March 31, 2023, were $35.4 million, or approximately $5.13 per share. As of March 31, 2023, the Fund’s top five holdings constituted 132.2% of the Fund’s preliminary net assets, and 96.7% of our preliminary total investments. The Fund’s NAV for March 31, 2023, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s quarterly report filing on Form 10-Q in May 2023. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 05/10/2023
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Firsthand Technology Value Fund Discloses Preliminary NAV of $4.10 Per Share as of March 31, 2023
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its preliminary NAV, as of March 31, 2023, was $4.10. The Fund further announced that its top five holdings as of March 31, 2023, were IntraOp Medical, Hera Systems, Revasum, Wrightspeed, and EQX Capital. 1. IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver electron-based radiation to cancer patients. As of March 31, 2023, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 50.7% of the Fund’s preliminary net assets. 2. Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of March 31, 2023, the Fund’s investment in Hera consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 31.8% of the Fund’s preliminary net assets. 3. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of March 31, 2023, the Fund’s investment in Revasum consisted of common stock equivalents (CDIs) and represented approximately 22.6% of the Fund’s preliminary net assets. 4. Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty trucks. As of March 31, 2023, the Fund’s investment in Wrightspeed consisted of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 14.3% of the Fund’s preliminary net assets. 5. EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of March 31, 2023, the Fund’s investment in EQX consisted of preferred and common stock and represented approximately 1.7% of the Fund’s preliminary net assets. The Fund’s preliminary net assets as of March 31, 2023, include cash and cash equivalents of approximately $0.12 per share. Preliminary total investments as of March 31, 2023, were $35.4 million, or approximately $5.13 per share. As of March 31, 2023, the Fund’s top five holdings constituted 121.1% of the Fund’s preliminary net assets, and 96.7% of our preliminary total investments. The Fund’s NAV for March 31, 2023, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s quarterly report filing on Form 10-Q in May 2023. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 05/05/2023
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Firsthand Technology Value Fund Receives Nasdaq Notification Regarding Minimum Bid Price Deficiency
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund” or “Firsthand”), a publicly-traded venture capital fund that invests in technology and cleantech companies, announced today that it received a written notice (the “Notification Letter”) from the NASDAQ Stock Market LLC (“Nasdaq”) on April 27, 2023 indicating that the Fund is not in compliance with the $1.00 closing bid price requirement under Nasdaq Listing Rule 5550(a)(2). The Notification Letter does not result in the immediate delisting of the Fund’s common stock and, at least until the expiration of the compliance period discussed below, Firsthand’s common stock will continue to trade uninterrupted on the Nasdaq Global Market under the symbol “SVVC.” Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum closing bid price of $1.00 per share, and Nasdaq Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price required exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Fund’s common stock for the 30 consecutive business days from March 15, 2023, through April 26, 2023, the Fund no longer met the minimum bid price requirement. The Notification Letter does not impact the Fund’s listing on the Nasdaq Global Market at this time. In accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Fund has been provided 180 calendar days, or until October 24, 2023, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the Fund’s common stock must have a closing bid price of at least $1.00 for a minimum of 10 consecutive business days. In the event that the Fund does not regain compliance by October 24, 2023, the Fund may be eligible for additional time to regain compliance. The Fund’s business operations are not affected by the receipt of the Notification Letter. The Fund intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options, including, but not limited to, implementing a reverse share split of its outstanding common stock, to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. The Fund cannot at this time give any assurances about whether or how it will be able to address this requirement. The Fund will issue a further announcement with respect to any change in status or proposed action. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly-traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 05/02/2023
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of February 28, 2023, were IntraOp Medical, Wrightspeed, Hera Systems, Revasum, and EQX Capital. 1. IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver intra-operative radiation to cancer patients. As of February 28, 2023, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 39.3% of the Fund’s estimated total investments.* 2. Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty commercial vehicles. As of February 28, 2023, the Fund’s investment in Wrightspeed consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 20.6% of the Fund’s estimated total investments.* 3. Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of February 28, 2023, the Fund’s investment in Hera consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 18.1% of the Fund’s estimated total investments.* 4. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of February 28, 2023, the Fund’s investment in Revasum consisted of common stock equivalents (CDIs) and represented approximately 16.6% of the Fund’s estimated total investments.* 5. EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of February 28, 2023, the Fund’s investment in EQX consisted of preferred and common stock and represented approximately 2.0% of the Fund’s estimated total investments.* The Fund also announced that as of February 28, 2023, the estimated total investments* of the Fund were approximately $42.5 million, or $6.32 per share, including cash and cash equivalents of approximately $0.15 per share. As of that date, the Fund’s top five holdings constituted 96.6% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of March 31, 2023, will be available in the Fund’s quarterly report filing on Form 10-Q in May 2023. *Total investments are estimated as of February 28, 2023, and represent the value of the Fund’s total investments as of December 31, 2022, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since December 31, 2022. For the purposes of calculating the percentage of estimated total investments represented by each investment, the value of each holding is determined by either: (1) the purchase price, (2) the market value for public securities, less any discounts taken due to restrictions on the stock, or (3) the December 31, 2022, fair value of each security, as determined under procedures approved by our Board of Directors. The estimated total investments figure does not reflect net asset value because actual and estimated liabilities (such as estimated tax liabilities and performance fees, accrued vendor service fees and other liabilities) are not deducted. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Unlike most business development companies, the Fund is taxed as a corporation rather than a Regulated Investment Company under federal tax laws, based on the composition of its assets. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 04/06/2023
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Firsthand Technology Value Fund Announces Fiscal Year Financial Results, NAV of $4.44 Per Share
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the fiscal year ended December 31, 2022. As of December 31, 2022, the Fund’s net assets were approximately $30.6 million, or $4.44 per share, compared with net assets of approximately $94.8 million, or $13.75 per share as of December 31, 2021. As of December 31, 2022, the Fund’s portfolio included public and private securities valued at approximately $40.1 million, or $5.82 per share, which includes approximately $0.10 per share in cash and cash equivalents. Portfolio Summary (as of 12/31/22) Investment Fair Value1, Fair Value per Share1,2 Equity/Debt Investments $39.45 million $5.72 Cash/Cash Equivalents $0.67 million $0.10 Other Assets $0.08 million $0.01 Total Assets $40.20 million $5.83 Total Liabilities $9.59 million $1.39 Net Assets $30.61 million $4.44 1 Numbers may not sum due to rounding. 2 Total shares outstanding: 6,893,056. During the fourth quarter of 2022, the Valuation Committee, which was composed of four independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors. For the fiscal year ended December 31, 2022, the Fund reported a total investment loss of approximately $10.0 million. After fees and expenses, the Fund reported a net investment loss of approximately $12.4 million. The Fund reported net realized and unrealized losses on investments of approximately $51.7 million for the year. Throughout the year, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 03/31/2023
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of January 31, 2023, were IntraOp Medical, Wrightspeed, Hera Systems, Revasum, and EQX Capital. 1. IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver intra-operative radiation to cancer patients. As of January 31, 2023, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 42.0% of the Fund’s estimated total investments.* 2. Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty commercial vehicles. As of January 31, 2023, the Fund’s investment in Wrightspeed consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 22.0% of the Fund’s estimated total investments.* 3. Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of January 31, 2023, the Fund’s investment in Hera consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 19.4% of the Fund’s estimated total investments.* 4. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of January 31, 2023, the Fund’s investment in Revasum consisted of common stock equivalents (CDI’s) and represented approximately 10.7% of the Fund’s estimated total investments.* 5. EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of January 31, 2023, the Fund’s investment in EQX consisted of preferred and common stock and represented approximately 2.2% of the Fund’s estimated total investments.* The Fund also announced that as of January 31, 2023, the estimated total investments* of the Fund were approximately $40.7 million, or $5.91 per share, including cash and cash equivalents of approximately $0.16 per share. As of that date, the Fund’s top five holdings constituted 96.2% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of March 31, 2023, will be available in the Fund’s quarterly report filing on Form 10-Q in May 2023. *Total investments are estimated as of January 31, 2023, and represent the value of the Fund’s total investments as of December 31, 2022, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since December 31, 2022. For the purposes of calculating the percentage of estimated total investments represented by each investment, the value of each holding is determined by either: (1) the purchase price, (2) the market value for public securities, less any discounts taken due to restrictions on the stock, or (3) the December 31, 2022, fair value of each security, as determined under procedures approved by our Board of Directors. The estimated total investments figure does not reflect net asset value because actual and estimated liabilities (such as estimated tax liabilities and performance fees, accrued vendor service fees and other liabilities) are not deducted. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Unlike most business development companies, the Fund is taxed as a corporation rather than a Regulated Investment Company under federal tax laws, based on the composition of its assets. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 03/07/2023
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Firsthand Technology Value Fund Discloses Preliminary NAV of $4.44 Per Share as of December 31, 2022
- SAN JOSE, Calif.--(BUSINESS WIRE)--Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its preliminary NAV, as of December 31, 2022, was $4.44. The Fund further announced that its top five holdings as of December 31, 2022, were IntraOp Medical, Wrightspeed, Hera Systems, Revasum, and EQX Capital. 1. IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver electron-based radiation to cancer patients. As of December 31, 2022, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 55.9% of the Fund’s preliminary net assets. 2. Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty trucks. As of December 31, 2022, the Fund’s investment in Wrightspeed consisted of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 29.0% of the Fund’s preliminary net assets. 3. Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of December 31, 2022, the Fund’s investment in Hera consisted of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 25.8% of the Fund’s preliminary net assets. 4. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of December 31, 2022, the Fund’s investment in Revasum consisted of common stock equivalents (CDI’s) and represented approximately 11.5% of the Fund’s preliminary net assets. 5. EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of December 31, 2022, the Fund’s investment in EQX consisted of preferred and common stock and represented approximately 2.9% of the Fund’s preliminary net assets. The Fund’s preliminary net assets as of December 31, 2022, include cash and cash equivalents of approximately $0.10 per share. Preliminary total investments as of December 31, 2022, were $40.1 million, or approximately $5.82 per share. As of December 31, 2022, the Fund’s top five holdings constituted 125.0% of the Fund’s preliminary net assets, and 95.4% of our preliminary total investments. The Fund’s NAV for December 31, 2022, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s annual report filing on Form 10-K in March 2023. About Firsthand Technology Value Fund Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. More information about the Fund and its holdings can be found online at www.firsthandtvf.com. The Fund is a non-diversified, closed-end investment company that elected to be treated as a business development company under the Investment Company Act of 1940. The Fund’s investment objective is to seek long-term growth of capital. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and cleantech companies. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any assurances about future results. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will," and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to materially differ from the Fund’s historical experience and its present expectations or projections indicated in any forward-looking statement. These risks include, but are not limited to, changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risk, valuation risk, non-diversification risk, interest rate risk, tax risk, and other risks discussed in the Fund’s filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Fund undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Fund’s investment objectives will be attained. We acknowledge that, notwithstanding the foregoing, the safe harbor for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies such as us.
- 02/03/2023
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3 'Special Situation' Stocks To Buy For 2022
- 3 'Special Situation' Stocks To Buy For 2022
- 01/21/2022
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., Sept. 22, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of August 31, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems.
- 09/22/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Aug. 24, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of July 31, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems.
- 08/24/2021
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Firsthand Technology Value Fund Announces Second Quarter Financial Results, NAV of $15.57 per share
- SAN JOSE, Calif., Aug. 16, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the second quarter ended June 30, 2021.
- 08/16/2021
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Firsthand Technology Value Fund Discloses Preliminary NAV of $15.57 Per Share as of June 30, 2021
- Top Holdings Include IntraOp Medical, Pivotal Systems, Wrightspeed, Revasum, and Hera Systems Top Holdings Include IntraOp Medical, Pivotal Systems, Wrightspeed, Revasum, and Hera Systems
- 07/27/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calf., June 17, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of May 31, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems.
- 06/17/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., May 21, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of April 30, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems.
- 05/21/2021
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Firsthand Technology Value Fund Announces First Quarter Financial Results, NAV of $16.31 per share
- SAN JOSE, Calif., May 14, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the first quarter ended March 31, 2021.
- 05/14/2021
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Call To Activism: Firsthand Technology Value Fund
- SVVC is a fund that trades at a massive discount to NAV. This is, at least partially, due to outrageously high fees.
- 05/09/2021
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Firsthand Technology Value Fund Announces Fiscal Year 2020 Financial Results, NAV of $14.82 per share
- SAN JOSE, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the fiscal year ended December 31, 2020.
- 03/30/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., March 19, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of February 28, 2021, were IntraOp Medical, Pivotal Systems, Wrightspeed, Revasum, and SVXR.
- 03/19/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., Feb. 18, 2021 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of January 31, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR.
- 02/18/2021
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Firsthand Technology Value Fund Discloses Preliminary NAV of $14.82 Per Share as of December 31, 2020
- Top Holdings Include IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR Top Holdings Include IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR
- 01/25/2021
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., Dec. 10, 2020 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of November 30, 2020, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.
- 12/10/2020
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Firsthand Technology Value Fund Discloses Top Portfolio Holdings
- SAN JOSE, Calif., Nov. 17, 2020 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, disclosed today that its top five holdings as of October 31, 2020, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.
- 11/17/2020
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Firsthand Technology Value Fund Announces Third Quarter Financial Results, NAV of $13.81 per share
- SAN JOSE, Calif., Nov. 13, 2020 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the third quarter ended September 30, 2020.
- 11/13/2020
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