Firsthand Technology Value Fund Discloses Top Portfolio Holdings
September 19 2019 - 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 August 31, 2019, were Pivotal Systems, Revasum, IntraOp
Medical, Wrightspeed, and Hera Systems.
1. |
Pivotal Systems Corp.
(ASX: PVS) provides monitoring and process control
technologies for the semiconductor manufacturing industry. As of
August 31, 2019, the Fund’s investment in Pivotal consisted of
50,734,900 shares of restricted and unrestricted common stock and
common stock equivalents and represented approximately 29.2% of the
Fund’s estimated total investments.* |
|
|
2. |
Revasum, Inc. (ASX:
RVS) is a provider of chemical-mechanical planarization
(CMP) and grinding tools to the semiconductor industry. As of
August 31, 2019, the Fund’s investment in Revasum consisted of
53,834,340 shares of restricted and unrestricted common stock and
common stock equivalents and represented approximately 29.0% of the
Fund’s estimated total investments.* |
|
|
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 August 31, 2019, the Fund’s investment in IntraOp
consisted of 26,856,187 shares of preferred stock plus debt
securities and represented approximately 14.0% of the Fund’s
estimated total investments.* |
|
|
4. |
Wrightspeed,
Inc. is a supplier of electric drivetrains for medium-duty
trucks. As of August 31, 2019, the Fund’s investment in Wrightspeed
consisted of 37,771,441 shares of preferred and common stock plus
debt securities and warrants to purchase additional shares, and
represented approximately 9.6% of the Fund’s estimated total
investments.* |
|
|
5. |
Hera Systems,
Inc. is developing a constellation of micro-satellites
that will deliver high-revisit, high-resolution imagery. As of
August 31, 2019, the Fund’s investment in Hera consisted of
11,681,527 shares of preferred stock plus debt securities and
warrants to purchase additional shares and represented
approximately 5.6% of the Fund’s estimated total investments.* |
The Fund also announced that as of August 31, 2019, total
investments* of the Fund were approximately $165 million, or $23.05
per share, including cash and cash equivalents of approximately
$0.02 per share. As of that date, the Fund’s top five holdings
constituted 87.3% of the Fund’s estimated total investments*.
Complete financial statements and a detailed schedule of
investments as of September 30, 2019, will be available in the
Fund’s quarterly report filing on Form 10-Q in October.
*Total investments are estimated as of August 31, 2019, and
represent the value of the Fund’s total investments as of June 30,
2019, plus the estimated net change in unrealized
appreciation/depreciation and actual realized gains/losses on
publicly traded and private securities since June 30, 2019. For the
purposes of calculating the percentage of estimated total
investments represented by each investment, the value of each
holding is determined by either: (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, 2019, fair value of
each security, as determined under procedures approved by our Board
of Directors. The estimated total investments figure does not
reflect net asset value because actual and estimated liabilities
(such as estimated tax liabilities and performance fees, accrued
vendor service fees and other liabilities) are not deducted.
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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