Firsthand Technology Value Fund Portfolio Company Roku Completes IPO
September 28 2017 - 5:11PM
Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) (the “Fund”), a
publicly traded venture capital fund that invests in technology and
cleantech companies, announced today that Roku, a Fund holding
since 2015, went public today through an initial public offering
(“IPO”). The IPO was priced at $14.00 per share, resulting in
proceeds to Roku of approximately $126 million. The shares, which
now trade on the NASDAQ under the ticker symbol “ROKU”, opened
their first day of trading at $15.78 and closed at $23.50.
The Fund currently holds 250,000 shares of Roku common stock
(taking into account a 1-for-6 reverse stock split on September 15,
2017), at an approximate average cost of $9.24 per share. The
Fund’s shares are subject to a customary 180-day lockup
provision.
Roku is a provider of Internet streaming devices and software
that enables consumers to access streaming content through their
televisions. As of the end of June 2017, Roku OS powered TV
streaming for more than 15 million monthly active accounts.
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 HohlowskiFirsthand Capital Management, Inc. (408)
624-9525vc@firsthandtvf.com
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