Firsthand Technology Value Fund Discloses Top Portfolio Holdings
December 17 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 November 30, 2019, were Pivotal Systems, Revasum, IntraOp
Medical, Wrightspeed, and Hera Systems.
- Pivotal Systems Corp. (ASX:
PVS) provides monitoring and process control technologies
for the semiconductor manufacturing industry. As of November 30,
2019, the Fund’s investment in Pivotal consisted of 45,090,506
shares of restricted and unrestricted common stock and common stock
equivalents and represented approximately 26.7% of the Fund’s
estimated total investments.*
- Revasum, Inc. (ASX:
RVS) is a provider of chemical-mechanical planarization
(CMP) and grinding tools to the semiconductor industry. As of
November 30, 2019, the Fund’s investment in Revasum consisted of
46,834,340 shares of restricted and unrestricted common stock and
common stock equivalents and represented approximately 16.7% of the
Fund’s estimated total investments.*
- 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
November 30, 2019, the Fund’s investment in IntraOp consisted of
26,856,187 shares of preferred stock plus debt securities and
represented approximately 16.6% of the Fund’s estimated total
investments.*
- Wrightspeed, Inc. is
a supplier of electric drivetrains for medium-duty trucks. As of
November 30, 2019, the Fund’s investment in Wrightspeed consisted
of 44,914,297 shares of preferred and common stock plus debt
securities and warrants to purchase additional shares, and
represented approximately 14.0% of the Fund’s estimated total
investments.*
- Hera Systems, Inc. is
developing a constellation of micro-satellites that will deliver
high-revisit, high-resolution imagery. As of November 30, 2019, the
Fund’s investment in Hera consisted of 13,081,527 shares of
preferred stock plus debt securities and warrants to purchase
additional shares and represented approximately 10.4% of the Fund’s
estimated total investments.*
The Fund also announced that as of November 30, 2019, the
estimated total investments* of the Fund were approximately $127
million, or $17.75 per share, including cash and cash equivalents
of approximately $1.15 per share. As of that date, the Fund’s top
five holdings constituted 84.5% of the Fund’s estimated total
investments*. Complete financial statements and a detailed schedule
of investments as of December 31, 2019, will be available in the
Fund’s annual report filing on Form 10-K in March, 2020.
*Total investments are estimated as of November 30, 2019, and
represent the value of the Fund’s total investments as of September
30, 2019, plus the estimated net change in unrealized
appreciation/depreciation and actual realized gains/losses on
publicly traded and private securities since September 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 September 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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