Firsthand Technology Value Fund Discloses Preliminary NAV of $14.33 Per Share as of September 30, 2021
October 26 2021 - 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 September 30, 2021, was $14.33. The Fund further announced
that its top five holdings as of September 30, 2021, were IntraOp
Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems.
1. |
IntraOp Medical Corp. is the manufacturer of the
Mobetron, a medical device that is used to deliver electron-based
radiation to cancer patients. As of September 30, 2021, the Fund’s
investment in IntraOp consisted of 26,856,187 shares of preferred
stock plus debt securities and represented approximately 29.9% of
the Fund’s preliminary net assets. |
2. |
Wrightspeed, Inc. is a supplier of electric
drivetrains for heavy-duty trucks. As of September 30, 2021, the
Fund’s investment in Wrightspeed consisted of 60,802,795 shares of
preferred and common stock plus debt securities and warrants to
purchase additional shares and represented approximately 23.3% of
the Fund’s preliminary net assets. |
3. |
Pivotal Systems Corp. (ASX: PVS) provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of September 30, 2021, the Fund’s
investment in Pivotal consisted of 23,089,506 shares of common
stock equivalents (CDI’s) and represented approximately 19.4% of
the Fund’s preliminary net assets. |
4. |
Revasum, Inc. (ASX: RVS) is a provider of
chemical-mechanical planarization (CMP) and grinding tools to the
semiconductor industry. As of September 30, 2021, the Fund’s
investment in Revasum consisted of 46,834,340 shares of common
stock equivalents (CDI’s) and represented approximately 14.6% of
the Fund’s preliminary net assets. |
5. |
Hera
Systems, Inc. is developing micro satellites with imaging
and communication capabilities for launch into low Earth orbit. As
of September 30, 2021, the Fund’s investment in Hera consisted of
13,331,527 shares of preferred stock plus debt securities and
warrants to purchase additional shares and represented
approximately 5.7% of the Fund’s preliminary net assets. |
The Fund’s preliminary net assets as of September
30, 2021, include cash and cash equivalents of approximately $0.03
per share. Preliminary total investments as of September 30, 2021,
were $96.5 million, or approximately $14.00 per share. As of
September 30, 2021, the Fund’s top five holdings constituted 93.0%
of the Fund’s preliminary net assets, and 95.2% of our preliminary
total investments. The Fund’s NAV for September 30, 2021, as well
as complete financial statements and a detailed schedule of
investments, will be made available with the Fund’s quarterly
report filing on Form 10-Q in November 2021.
About Firsthand Technology Value
Fund Firsthand 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 Mosakowski Firsthand Capital Management, Inc.
(408) 624-9526 vc@firsthandtvf.com
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