Firsthand Technology Value Fund Discloses Preliminary NAV of $20.94 Per Share as of September 30, 2016
October 14 2016 - 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 preliminary NAV as of
September 30, 2016 was $20.94 per share and its top five holdings
were IntraOp Medical, Pivotal Systems, Nutanix, Wrightspeed, and
Turn.
- 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,
2016, the Fund’s investment in IntraOp consisted of 26,856,187
shares of preferred stock plus debt securities and represented
approximately 17.4% of the Fund’s preliminary net assets.
- Pivotal Systems, Inc. provides monitoring and
process control technologies for the semiconductor manufacturing
industry. As of September 30, 2016, the Fund’s investment in
Pivotal consisted of 33,508,691 shares of preferred stock plus
warrants to purchase additional shares and represented
approximately 15.8% of the Fund’s preliminary 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 September 30, 2016, the Fund’s investment in
Nutanix consisted of 459,772 shares of common stock and represented
approximately 9.3% of the Fund’s preliminary net assets.
- Wrightspeed, Inc. is a supplier of electric
drivetrains for medium-duty trucks. As of September 30, 2016, the
Fund’s investment in Wrightspeed consisted of 3,819,451 shares of
preferred stock, and represented approximately 7.2% of the Fund’s
preliminary net assets.
- Turn Inc. is a leading provider of advertising
technology to Fortune 1000 marketers and their agencies. As of
September 30, 2016, the Fund’s investment in Turn consisted of
1,798,562 shares of preferred stock plus debt securities and
represented approximately 5.6% of the Fund’s preliminary net
assets.
On April 27, 2016, the Fund announced a plan to
repurchase up to $2 million worth of SVVC stock in the open market
by September 30, 2016. As of September 30, 2016, the Fund has
completed the repurchase plan, having repurchased and retired a
total of 272,008 shares of stock, at a total cost of approximately
$2 million. As of September 30, 2016, the Fund had 7,430,697 shares
outstanding.
The Fund’s preliminary net assets as of September
30, 2016, also include cash of approximately $1.30 per share. As of
that date, the Fund’s top five holdings constituted 55.4% 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 November 2016.
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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