Firsthand Technology Value Fund Discloses Preliminary NAV of $29.18 Per Share as of September 30, 2018
October 19 2018 - 6:23PM
Top Holdings Include Pivotal Systems,
Revasum, IntraOp Medical, Roku, and
QMAT
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 September 30, 2018, was $29.18. The Fund further announced
that its top five holdings as of September 30, 2018, were Pivotal
Systems, Revasum, IntraOp Medical, Roku, and QMAT.
- Pivotal Systems, Inc. (ASX: PVS) provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of September 30, 2018, the Fund’s
investment in Pivotal consisted of 53,758,441 shares of restricted
common stock and represented approximately 45.8% of the Fund’s
preliminary net assets.
- Revasum, Inc. is a provider of
chemical-mechanical planarization (CMP) and grinding tools to the
semiconductor industry. As of September 30, 2018, the Fund’s
investment in Revasum consisted of 2,965,717 shares of preferred
stock and common stock plus debt securities and warrants to
purchase additional shares and represented approximately 16.7% of
the Fund’s preliminary 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 September 30,
2018, the Fund’s investment in IntraOp consisted of 26,856,187
shares of preferred stock plus debt securities and represented
approximately 14.3% of the Fund’s preliminary net assets.
- Roku, Inc. (NASDAQ: ROKU) is a streaming media
device provider. As of September 30, 2018, the Fund’s investment in
Roku consisted of 250,000 shares of common stock and represented
approximately 8.6% of the Fund’s preliminary net assets.
- QMAT, Inc. is developing advanced materials
technologies for applications in the electronics industry. As of
September 30, 2018, 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 7.0% of the Fund’s preliminary net assets.
The Fund’s preliminary net assets as of September 30, 2018,
include cash and cash equivalents of approximately $0.01 per share.
The preliminary net assets figure reflects increases in deferred
tax liability and incentive fees accrued since June 30, 2018, owing
primarily to the dramatic appreciation in the Fund’s holdings in
Pivotal Systems. As of September 30, 2018, the Fund’s top five
holdings constituted 92.4% of the Fund’s preliminary net assets,
and 79.4% of our preliminary gross 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
November 2018.
Share Repurchase Plan On August 31, 2018,
the Fund announced a plan to repurchase up to $2 million worth of
SVVC stock in the open market by March 31, 2019. Through the end of
September, we had repurchased and retired 26,110 shares of stock at
a total cost of approximately $420,000. As of September 30, 2018,
the Fund had 7,276,036 shares outstanding.
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:
Phil MosakowskiFirsthand Capital Management, Inc. (408)
624-9526vc@firsthandtvf.com
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