Firsthand Technology Value Fund Discloses Top Portfolio Holdings
August 11 2017 - 4:15PM
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, 2017, were Pivotal Systems, IntraOp Medical,
QMAT, Wrightspeed, and Nutanix.
- Pivotal Systems Corp. provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of July 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 18.8% of the Fund’s estimated net assets.*
- 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 July 31, 2017,
the Fund’s investment in IntraOp consisted of 26,856,187 shares of
preferred stock plus debt securities and represented approximately
17.3% of the Fund’s estimated net assets.*
- QMAT, Inc. is developing advanced materials
technologies for applications in the electronics industry. As of
July 31, 2017, the Fund’s investment in QMAT consisted of
18,000,240 shares of preferred stock plus debt securities and
warrants to purchase additional shares, and represented
approximately 10.4% of the Fund’s estimated net assets.*
- Wrightspeed, Inc. is a supplier of electric
drivetrains for medium-duty trucks. As of July 31, 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
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 July 31, 2017, the Fund’s investment in Nutanix
consisted of 459,772 shares of common stock and represented
approximately 7.0% of the Fund’s estimated net assets.*
The Fund also announced that, as of July 31, 2017, estimated net
assets of the Fund were approximately $139 million, or $18.73 per
share, including cash of approximately $1.30 per share. As of that
date, the Fund’s top five holdings constituted 61.0% of the Fund’s
estimated net assets.* Complete financial statements and a detailed
schedule of investments as of June 30, 2017, are available in the
Fund’s quarterly report filing on Form 10-Q.
*Estimated net assets as of July 31, 2017, represent net assets
of approximately $140 million as of June 30, 2017, plus the net
change in unrealized appreciation/depreciation and realized
gains/losses on publicly traded and private securities since June
30, 2017. 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 June 30, 2017, fair value of
each security, as determined under procedures approved by our Board
of Directors.
On July 13, 2017, we received a Notice of Assignment for the
Benefit of Creditors from Aliphcom (dba Jawbone). The notice
explains that Jawbone’s assets are being liquidated and the company
is being wound down. Accordingly, the estimated net assets as of
July 31, 2017, reflect the fact that the book value of the Fund’s
Jawbone securities have been written down to $0 as of July 31,
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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