Firsthand Technology Value Fund Discloses Top Portfolio Holdings
November 14 2018 - 04:15PM
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 October 31, 2018, were Pivotal Systems, Revasum, IntraOp
Medical, QMAT, and Roku.
1. |
|
Pivotal Systems
Corp. (ASX: PVS) provides monitoring and process control
technologies for the semiconductor manufacturing industry. As of
October 31, 2018, the Fund’s investment in Pivotal consisted of
53,758,441 shares of restricted common stock and represented
approximately 42.1% of the Fund’s estimated net assets.* |
2. |
|
Revasum,
Inc. is a provider of chemical-mechanical planarization
(CMP) and grinding tools to the semiconductor industry. As of
October 31, 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 19.0% of the Fund’s estimated net
assets.* |
3. |
|
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 October 31, 2018, the Fund’s investment in IntraOp
consisted of 26,856,187 shares of preferred stock plus debt
securities and represented approximately 16.4% of the Fund’s
estimated net assets.* |
4. |
|
QMAT,
Inc. is developing advanced materials technologies for
applications in the electronics industry. As of October 31, 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 7.9% of the Fund’s
estimated net assets.* |
5. |
|
Roku,
Inc. (NASDAQ: ROKU) is a streaming media device provider.
As of October 31, 2018, the Fund’s investment in Roku consisted of
250,000 shares of common stock and represented approximately 7.5%
of the Fund’s estimated net assets.* |
The Fund also announced that as of October 31, 2018, estimated
net assets of the Fund were approximately $186 million, or $25.93
per share, including cash and cash equivalents of approximately
$0.01 per share. As of that date, the Fund’s top five holdings
constituted 92.8% of the Fund’s estimated net assets* and 78.3% of
the Fund’s estimated gross assets.* Complete financial statements
and a detailed schedule of investments as of September 30, 2018,
are available in the Fund’s quarterly report filing on Form
10-Q.
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. The Fund completed this open market repurchase plan on
October 24, 2018. Through that date, the Fund repurchased 123,376
shares at an average price of $16.21 per share, for total
consideration of $2.0 million. As of October 31, 2018, the Fund had
7,178,770 shares outstanding.
*Estimated net/gross assets as of October 31, 2018, represent
net/gross assets as reported in the Fund’s Form 10-Q filing as of
September 30, 2018, plus the net change in unrealized
appreciation/depreciation and realized gains/losses on publicly
traded and private securities since September 30, 2018. 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 September 30, 2018, 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. 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.
Contact:Phil MosakowskiFirsthand Capital Management, Inc. (408)
624-9526vc@firsthandtvf.com
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