Firsthand Technology Value Fund Discloses Preliminary NAV of $11.58 Per Share as of March 31, 2020
April 28 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, disclosed today that its preliminary NAV,
as of March 31, 2020, was $11.58. The Fund further announced that
its top five holdings as of March 31, 2020, were Pivotal Systems,
IntraOp Medical, Wrightspeed, Revasum, and SVXR.
- Pivotal Systems Corp. (ASX: PVS) provides
monitoring and process control technologies for the semiconductor
manufacturing industry. As of March 31, 2020, the Fund’s investment
in Pivotal consisted of 45,090,506 shares of restricted and
unrestricted common stock and common stock equivalents and
represented approximately 31.1% of the Fund’s preliminary net
assets.
- 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 March 31, 2020,
the Fund’s investment in IntraOp consisted of 26,856,187 shares of
preferred stock plus debt securities and represented approximately
17.5% of the Fund’s preliminary net assets.
- Wrightspeed, Inc. is a supplier of electric
drivetrains for medium-duty trucks. As of March 31, 2020, the
Fund’s investment in Wrightspeed consisted of 57,719,173 shares of
preferred and common stock plus debt securities and warrants to
purchase additional shares and represented approximately 16.8% of
the Fund’s preliminary net assets.
- Revasum, Inc. (ASX: RVS) is a provider of
chemical-mechanical planarization (CMP) and grinding tools to the
semiconductor industry. As of March 31, 2020, the Fund’s investment
in Revasum consisted of 46,834,340 shares of restricted and
unrestricted common stock and common stock equivalents and
represented approximately 12.3% of the Fund’s preliminary net
assets.
- SVXR, Inc. is a manufacturer of automated
X-ray inspection tools for the semiconductor and microelectronics
industries. As of March 31, 2020, the Fund’s investment in SVXR
consisted of 8,219,454 shares of preferred stock and represented
approximately 6.8 % of the Fund’s preliminary net assets.
The Fund’s preliminary net assets as of March 31, 2020, include
cash and cash equivalents of approximately $0.05 per share.
Preliminary total investments as of March 31, 2020 were $78.2
million, or approximately $11.34 per share. As of March 31, 2020,
the Fund’s top five holdings constituted 84.4% of the Fund’s
preliminary net assets, and 86.1% of our preliminary total
investments. The Fund’s NAV for March 31, 2020, 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 May 2020.
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. 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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