Firsthand Technology Value Fund Discloses Top Portfolio Holdings
February 15 2017 - 9:00AM
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, 2017, were IntraOp Medical, Pivotal Systems, QMAT,
Nutanix, and Wrightspeed.
- 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, 2017, the Fund’s investment in IntraOp consisted of 26,856,187
shares of preferred stock plus debt securities and represented
approximately 18.9% of the Fund’s estimated net assets.*
- Pivotal Systems, Inc. provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of January 31, 2017, the Fund’s
investment in Pivotal consisted of 33,508,691 shares of preferred
stock plus warrants to purchase additional shares and represented
approximately 16.4% of the Fund’s estimated net assets.*
- QMAT, Inc. is developing advanced
materials technologies for applications in the electronics
industry. As of January 31, 2017, the Fund’s investment in QMAT
consisted of 18,000,240 shares of preferred stock plus warrants to
purchase additional shares, and represented approximately 8.7% of
the Fund’s estimated net assets.*
- Nutanix, Inc. (NASDAQ:NTNX) is a
provider of hyperconverged data center equipment that merges
computing, storage, and networking capabilities in a single piece
of equipment. As of January 31, 2017, the Fund’s investment in
Nutanix consisted of 459,772 shares of common stock and represented
approximately 8.3% of the Fund’s estimated net assets.*
- Wrightspeed, Inc. is a supplier of
electric drivetrains for medium-duty trucks. As of January 31,
2017, the Fund’s investment in Wrightspeed consisted of 3,819,451
shares of preferred stock, and represented approximately 6.9% of
the Fund’s estimated net assets.*
The Fund also announced that, as of January 31, 2017, estimated
net assets of the Fund were approximately $151 million, or $20.27
per share, including cash of approximately $0.68 per share. As of
that date, the Fund’s top five holdings constituted 59.3% of the
Fund’s estimated net assets.* Complete financial statements and a
detailed schedule of investments as of December 31, 2016, will be
available in the Fund’s annual report filing on Form 10-K in
March.
*Estimated net assets as of January 31, 2017, represent net
assets of approximately $149 million as of December 31, 2016, plus
the net change in unrealized appreciation/depreciation and realized
gains/losses on publicly traded and private securities since
December 31, 2016. For the purposes of calculating the percentage
of net assets represented by each investment, the value of each
holding is determined by the most recent of: (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, 2016, fair value of each security, as determined under
procedures approved by our Board of Directors.
About Firsthand Technology Value FundFirsthand
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.
Contact:
Heather Hohlowski
Firsthand Capital Management, Inc.
(408) 624-9525
vc@firsthandtvf.com
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