Firsthand Technology Value Fund unveils its best portfolio

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SAN JOSE, Calif., May 27, 2022 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and technology companies. cleantech, today disclosed that its top five holdings as of April 30, 2022 were IntraOp Medical, Revasum, Wrightspeed, Hera Systems and Pivotal Systems.

1. IntraOp Medical Corp. is the manufacturer of Mobetron, a medical device used to deliver intraoperative radiation to cancer patients. As of April 30, 2022, the Fund’s investment in IntraOp consisted of 26,856,187 preferred shares plus debt securities and represented approximately 29.7% of the Fund’s estimated total investments.*
2. Revasum, Inc. (ASX:RVS) is a supplier of chemical-mechanical planarization (CMP) and grinding tools for the semiconductor industry. As of April 30, 2022, the Fund’s investment in Revasum consisted of 45,744,889 shares of common stock equivalent (CDI) and represented approximately 26.8% of the Fund’s estimated total investments.*
3. Wrightspeed, Inc. is a supplier of electric transmissions for heavy-duty vehicles. As of April 30, 2022, the Fund’s investment in Wrightspeed consisted of 60,802,795 preferred and common shares plus debt securities and warrants to purchase additional shares, and represented approximately 25.7% of the total estimated investments of the Funds.*
4. Hera Systems, Inc. develops microsatellites with imaging and communication capabilities for launch into low Earth orbit. As of April 30, 2022, the Fund’s investment in Hera consisted of 13,331,527 preferred shares plus debt securities and warrants to purchase additional shares and represented approximately 8.5% of the Fund’s estimated total investments.*
5. Pivotal Systems Corp. (ASX:PVS) provides process monitoring and control technologies for the semiconductor manufacturing industry. As of April 30, 2022, the Fund’s investment in Pivotal consisted of 13,788,824 shares of common stock equivalent (CDI) and represented approximately 4.8% of the Fund’s estimated total investments.*

The Fund also announced that as of April 30, 2022, the Fund’s estimated total investments* were approximately $72.3 million, or $10.50 per share, including cash and cash equivalents of approximately $0.01 per share. As of that date, the Fund’s top five holdings constituted 95.5% of the Fund’s estimated total investments.* Full financial statements and a detailed investment schedule as of June 30, 2022 will be available in the Fund’s Quarterly Report on Form 10 – Q in August 2022.

*Total investments are estimated as of April 30, 2022 and represent the value of the Fund’s total investments as of March 31, 2022, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities. since March 31, 2022. For the purpose of calculating the percentage of the estimated total investments represented by each investment, the value of each participation is determined by either: (1) the purchase price, (2) the market value of the public securities, less any discount taken due to share restrictions, or (3) the March 31, 2022 fair value of each security, as determined under procedures approved by our Board of Directors. The estimated total investment figure does not reflect the net asset value, as actual and estimated liabilities (such as estimated tax liabilities and performance fees, vendor service fees payable and other liabilities) do not 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 clean technology companies. Further information on the Fund and its holdings is available online at www.firsthandtvf.com.

The Fund is a non-diversified closed-end investment company which has elected to be treated as a business development company under the Investment Companies Act 1940. The Fund’s investment objective is to seek long-term capital growth. Under normal circumstances, the Fund will invest at least 80% of its total assets for investment purposes in technology and clean technology 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, depending on the composition of its assets. Please see the Fund’s public documents for more information on fees, expenses and risks. Past investment results provide no assurance of future results.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined by United States federal securities laws. Generally, the words “believe”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “will” and similar expressions identify forward-looking statements, which are not generally not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Fund’s historical experience and its current expectations or projections set forth 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 clean technology industry risk, valuation risk, non-diversification, interest rate risk, tax risk and other risks discussed in the SEC filings. 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 can be no assurance that the Fund’s investment objectives will be achieved. 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 ours.

Contact:

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
[email protected]

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