Firsthand Technology Value Fund Discloses Top Portfolio Holdings
February 21 2019 - 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, 2019, were Revasum, Pivotal Systems, IntraOp
Medical, Phunware, and QMAT.
1. |
Revasum, Inc.
(ASX: RVS) is a provider of chemical-mechanical
planarization (CMP) and grinding tools to the semiconductor
industry. As of January 31, 2019, the Fund’s investment in Revasum
consisted of 53,834,340 shares of restricted common stock and
common stock equivalents, and represented approximately 31.1% of
the Fund’s estimated net assets.* |
2. |
Pivotal Systems
Corp. (ASX: PVS) provides monitoring and process control
technologies for the semiconductor manufacturing industry. As of
January 31, 2019, the Fund’s investment in Pivotal consisted of
53,758,441 shares of restricted common stock and represented
approximately 28.8% of the Fund’s estimated net assets.* |
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, 2019, 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 net assets.* |
4. |
Phunware,
Inc. (NASDAQ: PHUN) is a mobile app
developer and pioneer of Multiscreen as a Service (MaaS). As of
January 31, 2019, the Fund’s investment in Phunware consisted of
1,495,113 shares of restricted common stock and represented
approximately 9.6% of the Fund’s estimated net assets.* |
5. |
QMAT,
Inc. is developing advanced materials technologies for
applications in the electronics industry. As of January 31, 2019,
the Fund’s investment in QMAT consisted of 18,000,240 shares of
preferred stock plus debt securities and warrants to purchase
additional shares, and represented approximately 6.9% of the Fund’s
estimated net assets.* |
The Fund also announced that as of January 31, 2019, estimated
net assets of the Fund were approximately $199 million, or $27.72
per share, including cash and cash equivalents of approximately
$0.27 per share. As of that date, the Fund’s top five holdings
constituted 91.3% of the Fund’s estimated net assets* and 82.3% of
the Fund’s estimated gross assets.* Complete financial statements
and a detailed schedule of investments as of December 31, 2018,
will be available in the Fund’s annual report filing on Form 10-K
in March.
*Estimated net/gross assets as of January 31, 2019, represent
the preliminary net/gross assets as of December 31, 2018, plus the
net change in unrealized appreciation/depreciation and realized
gains/losses on publicly traded and private securities since
December 31, 2018. Due to the high volatility and thinly-traded
nature of Phunware (NASDAQ: PHUN) common stock, we continue to
treat Phunware stock as an illiquid security for valuation purposes
and have relied on the December 31, 2018 valuation for estimating
the net/gross assets of the Fund. For the purposes of calculating
the percentage of net assets represented by each investment, the
value of each holding is determined by the most recent of: (1) the
purchase price, (2) the market value for public securities, less
any discounts taken due to restrictions on the stock, or (3) the
December 31, 2018, fair value of each security, as determined under
procedures approved by our Board of Directors.
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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