Firsthand Technology Value Fund Discloses Top Portfolio Holdings

Rhea-AI Summary

The Firsthand Technology Value Fund (NASDAQ: SVVC) disclosed its top five holdings as of October 31, 2020, representing 87.2% of its estimated total investments of approximately $88 million or $12.75 per share. Key investments include Pivotal Systems (25.6%), IntraOp Medical (25.2%), and Wrightspeed (22.7%). Cash and cash equivalents stand at about $0.15 per share. Detailed financial statements will be available in the annual report in March 2021. The Fund primarily invests in technology and cleantech sectors and aims for long-term capital growth.

Positive

• Total investments estimated at approximately $88 million, or $12.75 per share.
• Top five holdings constitute 87.2% of total investments, indicating strong concentration in key positions.
• Significant investments in technology and cleantech companies align with long-term growth strategy.

Negative

• No diversification in the top holdings may increase risk exposure for investors.

SAN JOSE, Calif., Nov. 17, 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 October 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 October 31, 2020, the Fund’s investment in Pivotal consisted of 38,090,506 shares of common stock equivalents (CDI’s) and represented approximately 25.6% 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 October 31, 2020, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 25.2% of the Fund’s estimated total investments.*
3.	Wrightspeed, Inc. is a supplier of electric drivetrains for medium-duty trucks. As of October 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 22.7% 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 October 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 7.6% 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 October 31, 2020, the Fund’s investment in SVXR consisted of 8,219,454 shares of preferred stock and represented approximately 6.1% of the Fund’s estimated total investments.*

The Fund also announced that as of October 31, 2020, the estimated total investments* of the Fund were approximately $88 million, or $12.75 per share, including cash and cash equivalents of approximately $0.15 per share. As of that date, the Fund’s top five holdings constituted 87.2% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of December 31, 2020, will be available in the Fund’s annual report filing on Form 10-K in March 2021.

*Total investments are estimated as of October 31, 2020, and represent the value of the Fund’s total investments as of September 30, 2020, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since September 30, 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 September 30, 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. F

FAQ

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

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

What is the estimated total investments of SVVC?

As of October 31, 2020, the estimated total investments of SVVC are approximately $88 million.

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

The top five holdings represent 87.2% of SVVC's estimated total investments.

When will SVVC's detailed financial statements be available?

The detailed financial statements will be available in the annual report filing on Form 10-K in March 2021.

What is the investment strategy of SVVC?

SVVC primarily invests in technology and cleantech companies aiming for long-term capital growth.