Firsthand Technology Value Fund Discloses Preliminary NAV of $14.82 Per Share as of December 31, 2020

Rhea-AI Summary

Firsthand Technology Value Fund (NASDAQ: SVVC) announced its preliminary net asset value (NAV) of $14.82 per share as of December 31, 2020. The Fund's top five holdings include IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR, which together account for 88.7% of the Fund's total investments. Notably, IntraOp Medical represents 25.8% of the Fund's assets, the largest share. Total investments reached $99.7 million, or approximately $14.46 per share. The annual report will be filed by March 2021.

Positive

• Preliminary NAV of $14.82 per share indicates strong asset valuation.
• Top five holdings constitute 88.7% of total investments, signifying concentrated investment strategy.
• Major investment in IntraOp Medical (25.8% of assets) suggests potential growth in the medical device sector.

Negative

• None.

Top Holdings Include IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR

SAN JOSE, Calif., Jan. 25, 2021 (GLOBE NEWSWIRE) -- 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 December 31, 2020, was $14.82. The Fund further announced that its top five holdings as of December 31, 2020, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and SVXR.

1.	IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver electron-based radiation to cancer patients. As of December 31, 2020, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 25.8% of the Fund’s preliminary net assets.
2.	Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty trucks. As of December 31, 2020, the Fund’s investment in Wrightspeed consisted of 60,802,795 shares of preferred and common stock plus debt securities and warrants to purchase additional shares and represented approximately 23.1% of the Fund’s preliminary net assets.
3.	Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of December 31, 2020, the Fund’s investment in Pivotal consisted of 31,089,506 shares of common stock equivalents (CDI’s) and represented approximately 22.1% of the Fund’s preliminary net assets.
4.	Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of December 31, 2020, the Fund’s investment in Revasum consisted of 46,834,340 shares of common stock equivalents (CDI’s) and represented approximately 12.4% of the Fund’s preliminary net assets.
5.	SVXR, Inc. is a manufacturer of automated X-ray inspection tools for the semiconductor and microelectronics industries. As of December 31, 2020, the Fund’s investment in SVXR consisted of 8,219,454 shares of preferred stock and represented approximately 5.3% of the Fund’s preliminary net assets.

The Fund’s preliminary net assets as of December 31, 2020, include cash and cash equivalents of approximately $0.34 per share. Preliminary total investments as of December 31, 2020 were $99.7 million, or approximately $14.46 per share. As of December 31, 2020, the Fund’s top five holdings constituted 88.7% of the Fund’s preliminary net assets, and 88.7% of our preliminary total investments. The Fund’s NAV for December 31, 2020, as well as complete financial statements and a detailed schedule of investments, will be made available with the Fund’s annual report filing on Form 10-K in March 2021.

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

FAQ

What is the preliminary NAV of SVVC as of December 31, 2020?

The preliminary NAV of SVVC as of December 31, 2020, is $14.82 per share.

How much did SVVC invest in IntraOp Medical?

SVVC's investment in IntraOp Medical consisted of 26,856,187 shares of preferred stock, representing approximately 25.8% of its preliminary net assets.

What percentage of SVVC's total investments do the top five holdings represent?

The top five holdings of SVVC constitute 88.7% of the Fund's total investments.

What were the total investments of SVVC as of December 31, 2020?

SVVC's total investments as of December 31, 2020, were $99.7 million, or approximately $14.46 per share.