Firsthand Technology Value Fund Announces Extension of Tender Offer
January 24 2020 - 4:20PM
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 it has extended the
expiration date of its previously announced “modified Dutch
auction” tender offer (the “Tender Offer”) to purchase up to $4
million of its common stock at a price per share not less than
$6.00 and not greater than $8.00 per share, in $0.10 increments.
The Tender Offer was previously scheduled to expire at 5:00 P.M.
Eastern Standard Time on January 30, 2020, and will instead expire
at 5:00 P.M. Eastern Standard Time on February 14, 2020, or on such
later date to which the Tender Offer is further extended. The
Tender Offer is being extended to provide shareholders with
sufficient time to consider additional disclosures that were made
by the Fund today, and those that may be made by the Fund prior to
the expiration of the Tender Offer.
Computershare Trust Fund, N.A., the depositary for the Tender
Offer, has advised the Fund that, as of 5:00 P.M. Eastern Standard
Time on Thursday, January 23, 2020, an aggregate of 46,999 shares
of common stock were properly tendered and not properly withdrawn.
Shareholders who have previously validly tendered and not withdrawn
their shares do not need to re-tender their shares or take any
other action in response to the extension of the Tender Offer.
Other than this extension, the terms and conditions of the
Tender Offer have not changed. Full details of the terms and
conditions of the Tender Offer are included in the Fund’s Offer to
Purchase and in the Letter of Transmittal relating to the Tender
Offer that have been previously distributed to shareholders and
filed with the SEC. Georgeson LLC is serving as information agent
for the Tender Offer. Shareholders with questions, or who would
like to receive additional copies of the Tender Offer documents,
may call Georgeson at (888) 219-8320.
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.
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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