Firsthand Technology Value Fund Announces Fiscal Year 2021 Financial Results, NAV of $13.75 per share
March 24 2022 - 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 its financial results for
the fiscal year ended December 31, 2021.
As of December 31, 2021, the Fund’s net assets
were approximately $94.8 million, or $13.75 per share, compared
with net assets of approximately $102.1 million, or $14.82 per
share as of December 31, 2020. As of December 31, 2021, the Fund’s
portfolio included public and private securities valued at
approximately $91.1 million, or $13.22 per share, which includes
approximately $0.09 per share in cash and cash equivalents.
Portfolio Summary (as of
12/31/21)
Investment |
Fair Value1, |
Fair Value per
Share1,2 |
Equity/Debt
Investments |
$90.50
million |
$13.13 |
Cash/Cash
Equivalents |
$0.62
million |
$0.09 |
Other
Assets |
$11.55
million |
$1.68 |
Total Assets |
$102.66
million |
$14.89 |
Total Liabilities |
$7.91
million |
$1.15 |
Net
Assets |
$94.75 million |
$13.75 |
1 Numbers may not sum due to rounding. |
2 Total shares outstanding: 6,893,056. |
During the fourth quarter of 2021, the Valuation
Committee, which was composed of four independent directors,
adjusted the fair values of the private companies in our portfolio.
In arriving at these determinations and consistent with the Fund’s
valuation procedures, and ASC 820, the Valuation Committee took
into account information from an independent valuation firm and
considered many factors, including the performance of the portfolio
companies, recent transactions in the companies’ securities, as
well as the impact of changes in market multiples within certain
sectors.
For the fiscal year ended December 31, 2021, the
Fund reported investment income of approximately $6.3 million. The
Fund reported net investment income of approximately $3.1 million.
The Fund reported net realized and unrealized losses on
investments, net of deferred taxes, of approximately $10.45 million
for the year.
Throughout the year, the Fund continued its
efforts to manage its portfolio prudently, including working with
its portfolio companies and their management teams to seek to
enhance performance and uncover potential exit opportunities.
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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