Firsthand Technology Value Fund Discloses Preliminary NAV of $18.81 Per Share as of June 30, 2017
July 20 2017 - 4:01PM
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 June 30, 2017, were Pivotal Systems, IntraOp Medical, QMAT,
Wrightspeed, and Nutanix.
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1. |
Pivotal Systems, Inc. provides monitoring and
process control technologies for the semiconductor manufacturing
industry. As of June 30, 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 18.7% of
the Fund’s preliminary net assets. |
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2. |
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 June 30, 2017, the Fund’s
investment in IntraOp consisted of 26,856,187 shares of preferred
stock plus debt securities and represented approximately 16.5% of
the Fund’s preliminary net assets. |
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3. |
QMAT, Inc. is developing advanced materials
technologies for applications in the electronics industry. As of
June 30, 2017, the Fund’s investment in QMAT consisted of
18,000,240 shares of preferred stock, debt securities, and warrants
to purchase additional shares, and represented approximately 10.3%
of the Fund’s preliminary net assets. |
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4. |
Wrightspeed, Inc. is a supplier of electric
drivetrains for medium-duty trucks. As of June 30, 2017, the Fund’s
investment in Wrightspeed consisted of 3,819,451 shares of
preferred stock and represented approximately 7.5% of the Fund’s
preliminary net assets. |
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5. |
Nutanix, Inc. (NASDAQ:NTNX) is a provider of
hyperconverged data center equipment that merges computing,
storage, and networking capabilities into a single piece of
equipment. As of June 30, 2017, the Fund’s investment in Nutanix
consisted of 459,772 shares of common stock and represented
approximately 6.6% of the Fund’s preliminary net assets. |
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The Fund’s preliminary net assets as of June 30,
2017, include cash and cash equivalents of approximately $1.48 per
share. As of June 30, 2017, the Fund’s top five holdings
constituted 59.6% of the Fund’s preliminary net assets. 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 August 2017.
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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