Firsthand Technology Value Fund Discloses Top Portfolio Holdings
November 23 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 top five holdings
as of October 31, 2021, were IntraOp Medical, Wrightspeed, Revasum,
Pivotal Systems, and Hera Systems.
1. |
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 October 31, 2021, the Fund’s
investment in IntraOp consisted of 26,856,187 shares of preferred
stock plus debt securities and represented approximately 29.6% of
the Fund’s estimated total investments.* |
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2. |
Wrightspeed, Inc. is a supplier of electric
drivetrains for heavy-duty commercial vehicles. As of October 31,
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 23.6% of the Fund’s estimated total
investments.* |
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3. |
Revasum, Inc. (ASX: RVS) is a provider of
chemical-mechanical planarization (CMP) and grinding tools to the
semiconductor industry. As of October 31, 2021, the Fund’s
investment in Revasum consisted of 46,834,340 shares of common
stock equivalents (CDI’s) and represented approximately 22.8% of
the Fund’s estimated total investments.* |
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4. |
Pivotal Systems Corp. (ASX: PVS) provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of October 31, 2021, the Fund’s
investment in Pivotal consisted of 14,589,506 shares of common
stock equivalents (CDI’s) and represented approximately 10.4% of
the Fund’s estimated total investments.* |
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5. |
Hera
Systems, Inc. is developing micro satellites with imaging
and communication capabilities for launch into low Earth orbit. As
of October 31, 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 5.6% of the Fund’s estimated total investments.* |
The Fund also announced that as of October 31,
2021, the estimated total investments* of the Fund were
approximately $105.1 million, or $15.25 per share, including cash
and cash equivalents of approximately $0.58 per share. As of that
date, the Fund’s top five holdings constituted 91.9% of the Fund’s
estimated total investments.* Complete financial statements and a
detailed schedule of investments as of December 31, 2021, will be
available in the Fund’s annual report filing on Form 10-K in March
2022.
*Total investments are estimated as of October 31,
2021, and represent the value of the Fund’s total investments as of
September 30, 2021, plus the estimated net change in unrealized
appreciation/depreciation and actual realized gains/losses on
publicly traded and private securities since September 30, 2021.
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 September 30, 2021, 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
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. 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 Mosakowski Firsthand Capital Management, Inc.
(408) 624-9526 vc@firsthandtvf.com
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