Firsthand Technology Value Fund Discloses Top Portfolio Holdings

Rhea-AI Summary

Firsthand Technology Value Fund (NASDAQ: SVVC) announced its top five holdings as of May 31, 2020, comprising Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR. The total estimated investments reached approximately $94 million, equating to $13.70 per share, with the top five holdings representing 88.3% of this total. Notably, Pivotal Systems accounted for about 39.1%, while IntraOp Medical and Wrightspeed made up 15.1% and 14.2%, respectively. A detailed financial report will be released in August 2020.

Positive

• Top five holdings represent 88.3% of estimated total investments.
• Estimated total investments of approximately $94 million enhance fund stability.

Negative

• Dependence on top five holdings poses a risk if any underperform.
• Valuation risks are inherent, as the fund's investments and strategies are subject to market fluctuations.

SAN JOSE, Calif., June 12, 2020 (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 top five holdings as of May 31, 2020, were Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.

1. Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of May 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 39.1% of the Fund’s estimated total investments.*
   
   
2. 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 May 31, 2020, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 15.1% of the Fund’s estimated total investments.*
   
   
3. Wrightspeed, Inc. is a supplier of electric drivetrains for medium-duty trucks. As of May 31, 2020, the Fund’s investment in Wrightspeed consisted of 57,858,545 shares of preferred and common stock plus debt securities and warrants to purchase additional shares, and represented approximately 14.2% of the Fund’s estimated total investments.*
   
   
4. Revasum, Inc. (ASX: RVS) is a provider of chemical-mechanical planarization (CMP) and grinding tools to the semiconductor industry. As of May 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 14.2% of the Fund’s estimated total investments.*
   
   
5. SVXR, Inc. is a manufacturer of automated X-ray inspection tools for the semiconductor and microelectronics industries. As of May 31, 2020, the Fund’s investment in SVXR consisted of 8,219,454 shares of preferred stock and represented approximately 5.7% of the Fund’s estimated total investments.*

The Fund also announced that as of May 31, 2020, the estimated total investments* of the Fund were approximately $94 million, or $13.70 per share, including cash and cash equivalents of approximately $0.18 per share. As of that date, the Fund’s top five holdings constituted 88.3% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of June 30, 2020, will be available in the Fund’s quarterly report filing on Form 10-Q in August 2020.

_{*Total investments are estimated as of May 31, 2020, and represent the value of the Fund’s total investments as of March 31, 2020, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since March 31, 2020. For the purposes of calculating the percentage of estimated total investments represented by each investment, the value of each holding is determined by either: (1) the purchase price, (2) the market value for public securities, less any discounts taken due to restrictions on the stock, or (3) the March 31, 2020, fair value of each security, as determined under procedures approved by our Board of Directors. The estimated total investments figure does not reflect net asset value because actual and estimated liabilities (such as estimated tax liabilities and performance fees, accrued vendor service fees and other liabilities) 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 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 Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com

FAQ

What are the top holdings of SVVC as of May 31, 2020?

The top five holdings of SVVC are Pivotal Systems, IntraOp Medical, Wrightspeed, Revasum, and SVXR.

What was the estimated total investment of SVVC on May 31, 2020?

The estimated total investments of SVVC were approximately $94 million.

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

The top five holdings constitute 88.3% of SVVC's estimated total investments.

How much is SVVC estimated per share?

The estimated value per share of SVVC is $13.70.

When will SVVC's detailed financial statements be available?

SVVC's complete financial statements will be available in the quarterly report filing on Form 10-Q in August 2020.