Firsthand Technology Value Fund Discloses Preliminary NAV of $17.70 Per Share as of December 31, 2019
January 24 2020 - 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 preliminary NAV,
as of December 31, 2019, was $17.70. The Fund further announced
that its top five holdings as of December 31, 2019, were Pivotal
Systems, Revasum, IntraOp Medical, Wrightspeed, and Hera Systems.
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1. |
Pivotal Systems Corp.
(ASX: PVS) provides monitoring and process control
technologies for the semiconductor manufacturing industry. As of
December 31, 2019, the Fund’s investment in Pivotal consisted of
45,090,506 shares of restricted common stock and common stock
equivalents and represented approximately 32.8% of the Fund’s
preliminary net assets. |
2. |
Revasum, Inc. (ASX:
RVS) is a provider of chemical-mechanical planarization
(CMP) and grinding tools to the semiconductor industry. As of
December 31, 2019, the Fund’s investment in Revasum consisted of
46,834,340 shares of restricted common stock and common stock
equivalents and represented approximately 15.1% of the Fund’s
preliminary 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 December 31, 2019, the Fund’s investment in IntraOp
consisted of 26,856,187 shares of preferred stock plus debt
securities and represented approximately 14.9% of the Fund’s
preliminary net assets. |
4. |
Wrightspeed,
Inc. is a supplier of electric drivetrains for medium-duty
trucks. As of December 31, 2019, the Fund’s investment in
Wrightspeed consisted of 47,353,321 shares of preferred and common
stock plus debt securities and warrants to purchase additional
shares and represented approximately 12.3% of the Fund’s
preliminary net assets. |
5. |
Hera Systems,
Inc. is developing a constellation of micro-satellites
that will deliver high-revisit, high-resolution imagery. As of
December 31, 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 6.3% of the Fund’s preliminary net assets. |
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The Fund’s preliminary net assets as of December 31, 2019,
include cash and cash equivalents of approximately $0.72 per share.
Preliminary total investments as of December 31, 2019 were $120.6
million, or approximately $16.79 per share. As of December 31,
2019, the Fund’s top five holdings constituted 81.4% of the Fund’s
preliminary net assets, and 85.8% of our preliminary total
investments. The Fund’s NAV for December 31, 2019, as well as
complete financial statements and a detailed schedule of
investments, will be made available with the Fund’s annual report
filing on Form 10-K in March 2020.
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:
Phil MosakowskiFirsthand Capital Management, Inc. (408)
624-9526vc@firsthandtvf.com
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