Firsthand Technology Value Fund Announces Final Results of the Modified Dutch Auction Tender Offer to Purchase up to $4 Mill...
February 20 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, announced today the final results of its
“modified Dutch auction” tender offer (the “Tender Offer”). The
Fund’s Tender Offer expired at 5:00 P.M., Eastern Standard Time, on
February 14, 2020. The Tender Offer was made pursuant to an Offer
to Purchase dated December 17, 2019 and the
related Letter of Transmittal, by which up to $4 million of the
Fund’s common stock would be purchased at a price per share not
less than $6.00 and not greater than $8.00 per share, in $0.10
increments.
In accordance with the Fund’s previously announced Tender Offer,
and based on the final count by Computershare Trust Fund, N.A., the
depositary for the Tender Offer, 571,428 shares will be purchased,
representing 8.0% of the Fund’s outstanding shares, for payment on
or about February 21, 2020, at a price of $7.00 per share. The Fund
has determined that the proration factor for the Tender Offer is
approximately 69.5%. The purchase price of properly tendered shares
represents 39.5% of net asset value (“NAV”) per share based on the
preliminary December 31, 2019 NAV of $17.70 per share.
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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