Firsthand Technology Value Fund Discloses Top Portfolio Holdings and Certain Company Updates
February 06 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 top five holdings
as of January 31, 2020, 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 January 31, 2020, 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 35.1% 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
January 31, 2020, 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 18.0% 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 January 31, 2020, the Fund’s investment in IntraOp
consisted of 26,856,187 shares of preferred stock plus debt
securities and represented approximately 14.8% of the Fund’s
estimated total investments.* |
|
|
4. |
Wrightspeed,
Inc. is a supplier of electric drivetrains for medium-duty
trucks. As of January 31, 2020, the Fund’s investment in
Wrightspeed consisted of 51,360,289 shares of preferred and common
stock plus debt securities and warrants to purchase additional
shares, and represented approximately 12.9% 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
January 31, 2020, 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 6.2% of the Fund’s estimated total
investments.* |
The Fund also announced that as of January 31, 2020, the
estimated total investments* of the Fund were approximately $128.49
million, or $17.90 per share, including cash and cash equivalents
of approximately $0.71 per share. As of that date, the Fund’s top
five holdings constituted 86.9% 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.
The Fund also disclosed that certain material current events may
impact the value of its assets in the future. In one case, one of
the Fund’s current portfolio companies is negotiating a new round
of equity financing that we believe, if consummated, could result
in an increase in the value of the Fund’s total investments of
approximately $1.75 - $2.00 per share. Currently the Fund cannot
determine the likelihood or the timing of the proposed transaction
closing, or whether the material terms of the proposed transaction
will change. If the transaction is not completed, we believe the
value of the Fund’s holdings might be negatively impacted if the
company is unable to secure additional financing on similar
terms.
In another case, a current portfolio company has suffered a
significant setback in deploying its technology. The company’s
business may or may not be able to recover from the setback, and
the Fund may be forced to write down the value of its position in
that company. In the worst-case scenario, we believe this event
could have a downside impact on the Fund’s total investments of
approximately $1.10 per share.
*Total investments are estimated as of January 31, 2020, and
represent the value of the Fund’s preliminary total investments as
of December 31, 2019, plus the estimated net change in unrealized
appreciation/depreciation and actual realized gains/losses on
publicly traded and private securities since December 31, 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 most recently calculated 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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