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Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company headquartered in Farmington, Connecticut. The company is dedicated to providing capital in the form of structured debt products to venture capital-backed companies across the technology, life sciences, healthcare information and services, and sustainability industries. Since its inception in 2004, Horizon has successfully originated and invested more than $1.2 billion in venture loans to over 200 burgeoning companies.
Horizon operates with the primary objective of maximizing its investment portfolio's total return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. The company's experienced team of investment professionals brings a wealth of industry knowledge, ensuring reliable and forward-looking capital solutions to its portfolio companies. Horizon's strong relationships within the venture capital community enable it to support its clients in bridging financial gaps and overcoming growth challenges.
Recent achievements highlight Horizon's robust financial performance. For the fourth quarter of 2023, Horizon reported a 21.8% increase in total investment income, reaching $28.2 million. The company's dollar-weighted annualized yield on average debt investments was 16.8%, reflecting its strategic focus on high-yield opportunities. Horizon's portfolio at the end of 2023 consisted of 56 secured loans, amounting to a fair value of $670.2 million, and total warrant, equity, and other investments in 102 companies valued at $38.9 million.
Horizon continues to actively manage its investments, prudently growing its portfolio and maximizing net asset value (NAV). Despite market challenges, including some unrealized depreciation on investments, the company remains committed to supporting its borrowers and maximizing capital recovery. As of December 31, 2023, Horizon's net assets stood at $324.0 million, or $9.71 per share.
In addition to its financial achievements, Horizon announced a significant acquisition through its affiliate HIMV LLC. Horizon facilitated the acquisition of a comprehensive portfolio of discovery, preclinical, and clinical stage assets from IMV Inc., aiding BioVaxys Technology Corp. in integrating these assets and expanding its clinical-stage programs.
Looking ahead, Horizon is set to release its financial results for the fourth quarter of 2023 on February 27, 2024, and will host a conference call to discuss these results. The company's board of directors has also declared monthly distributions of $0.11 per share for April, May, and June 2024, and a special distribution of $0.05 per share in April 2024.
Horizon Technology Finance Corporation remains a pivotal player in the venture lending landscape, offering substantial value and unwavering support to its portfolio companies. To learn more, visit horizontechfinance.com.
Horizon Technology Finance Corporation (NASDAQ: HRZN) reported a record-setting second quarter for 2022, originating $192 million in new loans, with $137 million designated for HRZN. The committed backlog reached a record $267 million, including $221 million for HRZN. Notably, HRZN received $57 million in loan prepayments, validating its pricing strategy. The company's focus remains on meeting the ongoing demand for venture debt, positioning HRZN for continued growth and value creation for shareholders.
Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN) have provided an additional $20 million venture loan to Nexii Building Solutions Inc., a green construction company. This follows previous loans totaling $40 million. The latest funding includes $10 million from Horizon and $5 million from a private investment vehicle managed by Horizon, alongside $5 million from Trinity. Nexii plans to utilize the funds for growth and working capital, including the construction of a U.S. manufacturing facility.
Green construction company Nexii Building Solutions has announced a C$45 million (US$35 million) funding round, led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and Trinity Capital Inc. (NASDAQ: TRIN). This investment will boost Nexii's growth and manufacturing capabilities to fulfill rising demand for sustainable construction. With this funding, Nexii's valuation exceeds C$2.05 billion. The company's innovative materials and solutions significantly reduce waste and carbon emissions in construction, positioning it as a leader in the industry.
Horizon Technology Finance Corporation (NASDAQ: HRZN) closed a $45 million venture loan facility to Swift Health Systems, Inc. (InBrace) on July 11, 2022. Horizon funded $7 million of the initial $10 million draw. InBrace's Smartwire® technology offers a hidden teeth straightening solution that improves patient experience, eliminating monthly adjustments. The company aims to disrupt the $40 billion orthodontic market and plans to use the loan for growth and working capital. Horizon's objective is to maximize returns through secured loans to venture-backed firms.
Divergent Technologies Inc. announced the closing of a $60 million venture loan facility led by Horizon Technology Finance Corporation (NASDAQ: HRZN) and a $20 million revolving line of credit from Bridge Bank (NYSE: WAL). These new funding sources follow a successful $160 million Series C funding earlier this year. The venture loan will provide additional funding based on milestones, while the line of credit will aid in growth and working capital. Divergent focuses on revolutionizing automotive manufacturing through its innovative Divergent Adaptive Production System (DAPS).
IMV Inc. has successfully accessed the remaining
Horizon Technology Finance Corporation (Nasdaq: HRZN) announced the pricing of a public offering of $50 million in notes due June 2027, resulting in net proceeds of approximately $48.25 million. The notes will bear an interest rate of 6.250% per year with the first payment on September 30, 2022, and will be redeemable after June 15, 2024. The offering is set to close on June 15, 2022, with proceeds earmarked for reducing borrowings from KeyBank and general corporate purposes. The company has also provided underwriters an option to purchase an additional $7.5 million in notes.
Soli Organic has launched its USDA-certified organic 'Indolce' basil in over 2,000 stores across the Mid-Atlantic region, including major retailers like Walmart and Whole Foods. The new line promises to be priced nearly a dollar less per ounce than field-grown organic produce. Bolstering its operations, the company secured $50 million in venture debt financing from Horizon Technology Finance and Bridge Bank to enhance its production capacity. This follows a previous $120 million financing arrangement, aiming for 15 indoor farms nationwide to meet rising demand for organic produce.
Horizon Technology Finance Management has announced the addition of six professionals to its operations, legal, and investment teams to support growth driven by over $650 million in assets under management (AUM). This expansion aligns with Horizon's commitment to enhancing service for its portfolio companies and improving returns for investors. The new team members bring extensive experience from various financial and legal backgrounds, positioned across Horizon's offices in Farmington, Connecticut, and Pleasanton, California.
Horizon Technology Finance Corporation (NASDAQ: HRZN) announced monthly cash distributions of $0.10 per share for July, August, and September 2022, totaling $0.30 per share. The company has paid $182 million in distributions since its IPO in 2010. The Ex-Dividend Dates for the upcoming distributions are June 16, July 18, and August 17, 2022. Horizon also offers a Dividend Reinvestment Plan (DRIP) for shareholders who prefer automatic reinvestment of their distributions into additional shares.
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