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Firsthand Technology Value Fund, Inc. (SVVC)
Chart Events
Performance Outlook
| Previous Close | 5.74 |
| Open | 5.74 |
| Bid | 0.00 x 1000 |
| Ask | 0.00 x 3000 |
| Day's Range | 5.65 - 5.74 |
| 52 Week Range | 2.98 - 7.37 |
| Volume | 31,144 |
| Avg. Volume | 29,706 |
| Market Cap | 39.153M |
| Beta (5Y Monthly) | N/A |
| PE Ratio (TTM) | N/A |
| EPS (TTM) | -3.31 |
| Earnings Date | Nov 13, 2020 |
| Forward Dividend & Yield | N/A (N/A) |
| Ex-Dividend Date | Dec 12, 2018 |
| 1y Target Est | N/A |
- GlobeNewswire
Firsthand Technology Value Fund Discloses Top Portfolio Holdings
SAN JOSE, Calif., May 21, 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 top five holdings as of April 30, 2021, were IntraOp Medical, Wrightspeed, Pivotal Systems, Revasum, and Hera Systems. 1.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 April 30, 2021, the Fund’s investment in IntraOp consisted of 26,856,187 shares of preferred stock plus debt securities and represented approximately 25.3% of the Fund’s estimated total investments.* 2.Wrightspeed, Inc. is a supplier of electric drivetrains for heavy-duty commercial vehicles. As of April 30, 2021, 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 23.4% of the Fund’s estimated total investments.* 3.Pivotal Systems Corp. (ASX: PVS) provides monitoring and process control technologies for the semiconductor manufacturing industry. As of April 30, 2021, the Fund’s investment in Pivotal consisted of 23,089,506 shares of common stock equivalents (CDI’s) and represented approximately 23.1% 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 April 30, 2021, the Fund’s investment in Revasum consisted of 46,834,340 shares of common stock equivalents (CDI’s) and represented approximately 12.0% of the Fund’s estimated total investments.* 5.Hera Systems, Inc. is developing micro satellites with imaging and communication capabilities for launch into low Earth orbit. As of April 30, 2021, the Fund’s investment in Hera consisted of 13,331,527 shares of preferred stock plus debt securities and warrants to purchase additional shares and represented approximately 3.3% of the Fund’s estimated total investments.* The Fund also announced that as of April 30, 2021, the estimated total investments* of the Fund were approximately $118 million, or $17.15 per share, including cash and cash equivalents of approximately $0.95 per share. As of that date, the Fund’s top five holdings constituted 87.0% of the Fund’s estimated total investments.* Complete financial statements and a detailed schedule of investments as of June 30, 2021, will be available in the Fund’s quarterly report filing on Form 10-Q in August 2021. *Total investments are estimated as of April 30, 2021, and represent the value of the Fund’s total investments as of March 31, 2021, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on publicly traded and private securities since March 31, 2021. 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, 2021, 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
- GlobeNewswire
3.7% SVVC Shareholder Rawleigh Ralls Issues Statement to Firsthand Technology Value Fund Directors Kimun Lee, Greg Burglin, Nicholas Petredis and Rodney Yee, Whom Mr. Ralls Believes Have for Years RUBBER STAMPED EXCESSIVE FEES AND DISMAL INVESTMENT PERFORMANCE
Mr. Ralls Urges "Independent" Directors to TERMINATE FAILING FUND MANAGEMENT BEFORE REMAINING ASSETS ARE SQUANDERED OR SIPHONED-OFF AS FEES BOULDER, Colo. and SAN JOSE, Calif., May 20, 2021 (GLOBE NEWSWIRE) -- The following is a statement from Firsthand Technology Fund (Nasdaq: SVVC) 3.7% shareholder Rawleigh Ralls regarding his views on the Fund's independent board members, Kimun Lee, Greg Burglin, Nicholas Petredis and Rodney Yee and the Fund's performance. Mr. Ralls believes have each sat on the Board of SVVC for most or all of the Fund’s life. Mr. Ralls believes these Directors have presided over an "epic failure of fund management performance in seemingly unblinking fashion." For the nearly 10 years that these individuals have served as directors, SVVC’s share price declined 78% through year-end 2020. Despite this performance, the Board has repeatedly renewed the contract with the Fund’s advisor, Firsthand Capital Management, led by Kevin Landis.Mr. Ralls believes these Board members also "rubber stamped unconscionable fund management fees" totaling $33.8M over nearly ten years, yet SVVC’s market cap has shriveled to just $42M.For this work, over most of the last 3 years, SVVC directors have been paid $50,000 per year, up 150% from $20,000 per year in 2016, "despite SVVC’s death spiral destruction of shareholder value," added Mr. Ralls.SVVC’s Code of Ethics states that directors “owe a fiduciary duty to fund shareholders. This means a duty of loyalty, fairness and good faith toward the shareholders, and a corresponding duty not to do anything prejudicial to or in conflict with the interests of the shareholders.” Looking beyond the technical definition of “independence” used for the SVVC board, each of these purported “independent directors” has collected or is collecting additional fees at other Firsthand entities: Lee has been a trustee of 2 other Firsthand Funds since 2013.Yee was a trustee for 2 Firsthand Funds from 2010-2013.Burglin has been a trustee of 2 other Firsthand Funds since 2008.Prior to joining SVVC’s board, Petredis served as Chief Compliance Officer for Firsthand Funds from 2008 to 2013 and Chief Compliance Officer of SVVC. Unfortunately, while shareholders have for years spoken and asked for change, the board has not listened. Last year shareholders voted significantly in favor (more than 2 to 1) of a non-binding proposal that the board seek any and all measures to enhance shareholder value, including: (1) orderly termination of the fund, (2) orderly liquidation of SVVC assets with distribution of available cash to shareholders, (3) tender offers for SVVC shares using available cash from any and all investment exits, (4) merger of the fund into an entity offering shareholder exits near net asset value (NAV), or (5) other measures likely to allow shareholders to exit SVVC near its NAV. One year later and nothing has happened. This year there is a similar but Binding Proposal to terminate Firsthand’s contract as the Advisor to the Fund (which would eliminate $2M+ in annual fees earned while failing their shareholders). Two-thirds (2/3’s) of voting shareholders must cast their vote in favor of this proposal for it to pass, and it is believed that that Mr. Landis is allowed to vote his nearly 10% share holding in opposition to this proposal, despite his obvious conflict of interest. But the vote should not even matter! A truly independent and sentient Board has ample reason to replace Firsthand Capital Management and Mr. Landis, given: "The dismal share price performance since inception,""The market’s disdain for SVVC, its management and portfolio" – as the fund currently trades at a 60% discount to stated NAV, andFirsthand continues to employ “sell winners early” and “throw good money after bad” strategies "to prop up failing portfolio company valuations and support higher management fees." Replacing Firsthand Would be Neither Difficult Nor Costly It will not be difficult transitioning to a new fund advisor.There are plentiful options to replace Firsthand with those with better qualifications, performance and lower fees.A new advisor would bring desperately needed fresh perspective and assistance with portfolio company analysis, investment strategy and fundraising – that has been sorely needed for many years.SVVC shareholder Rawleigh Ralls has volunteered to help in an advisor transition – free of charge. Rawleigh Ralls is a successful and experienced board member and investor and a significant SVVC shareholder. He has multiple options for constructive changes for the board to consider. He implores the Board to be accountable to their shareholders, to eliminate any conflicts of interest and to uphold their fiduciary duty by acting immediately to bring needed change to the leadership of Firsthand Technology Value Fund. IMPORTANT INFORMATION CONCERNING THIS COMMUNICATIONThis press release is being issued pursuant to Rule 14a-2(b)(1) promulgated under the Securities Exchange Act of 1934. This is not a solicitation of authority to vote your proxy. I am not asking for your proxy card and will not accept proxy cards if sent. The cost of this communication is being borne entirely by Rawleigh Ralls. Contact:Rawleigh Rallsrallsrawleigh@gmail.com
- GlobeNewswire
Firsthand Technology Value Fund Announces First Quarter Financial Results, NAV of $16.31 per share
SAN JOSE, Calif., May 14, 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, announced today its financial results for the first quarter ended March 31, 2021. As of March 31, 2021, the Fund’s net assets were approximately $112.4 million, or $16.31 per share, compared with net assets of approximately $102.1 million, or $14.82 per share as of December 31, 2020. As March 31, 2021, the Fund’s portfolio included public and private securities valued at approximately $111.2 million, or $16.14 per share, and approximately $0.07 per share in cash and cash equivalents. Portfolio Summary (as of 3/31/21) InvestmentFair Value1, Fair Value per Share1,2Equity/Debt Investments$111.23 million $16.14Cash/Cash Equivalents$0.50 million $0.07Other Assets$6.98 million $1.01Total Assets$118.71 million $17.22Total Liabilities$6.28 million $0.91Net Assets$112.43 million $16.31 1 Numbers may not sum due to rounding2 Total shares outstanding: 6,893,056. During the first quarter of 2021, the Valuation Committee, which was composed of four independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund’s valuation procedures, and ASC 820, the Valuation Committee took into account information from an independent valuation firm and considered many factors, including the performance of the portfolio companies, recent transactions in the companies’ securities, as well as the impact of changes in market multiples within certain sectors. For the three months ended March 31, 2021, the Fund reported investment income of approximately $1.3 million. The Fund reported net investment income of approximately $508 thousand. The Fund reported net realized and unrealized gains on investments, net of deferred taxes, of approximately $9.8 million for the quarter. Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities. 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
