SAN JOSÉ, California, August 29, 2022 (GLOBE NEWSWIRE) — Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in companies technology and clean technology. revealed today that its top five holdings as of July 31, 2022 were IntraOp Medical, Wrightspeed, Revasum, Hera Systems and EQX Capital.
- IntraOp Medical Corporation. is the manufacturer of Mobetron, a medical device used to deliver intraoperative radiation to cancer patients. As of July 31, 2022, the Fund’s investment in IntraOp consisted of preferred stock plus debt securities and represented approximately 32.6% of the Fund’s estimated total investments.*
- Wrightspeed, Inc. is a supplier of electric transmissions for heavy commercial vehicles. As of July 31, 2022, the Fund’s investment in Wrightspeed consisted of preferred stock plus debt securities and represented approximately 31.4% of the Fund’s estimated total investments.*
- Revasum, Inc. (ASX:RVS) is a provider of chemical mechanical planarization (CMP) and grinding tools for the semiconductor industry. As of July 31, 2022, the Fund’s investment in Revasum consisted of common stock equivalents (CDI) and represented approximately 15.8% of the Fund’s estimated total investments.*
- Hera Systems, Inc. is developing microsatellites with imaging and communication capabilities for launch into low Earth orbit. As of July 31, 2022, the Fund’s investment in Hera consisted of preferred shares plus debt securities and warrants to purchase additional shares and represented approximately 11.2% of the Fund’s estimated total investments.*
- EQX Capital, Inc. provides equipment financing solutions to technology companies and their customers. As of July 31, 2022, the Fund’s investment in EQX consisted of common and preferred shares and represented approximately 2.3% of the Fund’s estimated total investments.*
The Fund also announced that as of July 31, 2022, the estimated total investments* of the Fund were approximately $50.2 million, or $7.28 per share, including cash and cash equivalents of approximately $0.23 per share. As of that date, the Fund’s top five holdings constituted 93.2% of the Fund’s estimated total investments.* Full financial statements and a detailed schedule of investments as of September 30, 2022 will be available in the quarterly report filing. of the Fund on Form 10-Q in November 2022.
*Total investments are estimated as of July 31, 2022 and represent the value of the Fund’s total investments as of June 30, 2022, plus the estimated net change in unrealized appreciation/depreciation and actual realized gains/losses on securities. private and publicly traded as of June 30, 2022. For purposes of calculating the percentage of total estimated investments that each investment represents, the value of each holding is determined by either: (1) the purchase price, ( 2) the market value of public securities, less any discount taken due to stock restrictions, or (3) the June 30, 2022 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 the First Hand 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.primeramanotvf.com.
The Fund is a non-diversified closed-end investment company that has 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 capital growth. 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 Firm under federal tax laws, based on the composition of its assets. Please refer to the Fund’s public filings for more information on fees, expenses and risks. Past investment results do not provide any guarantee about future results.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe”, “expect”, “intend”, “estimate”, “anticipate”, “project”, “will” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Fund’s historical experience and its current expectations or projections set forth 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. 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 in this document. There is no guarantee that the Fund’s investment objectives will be achieved. 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 firms such as ourselves.
First Hand Capital Management, Inc.