Firsthand Technology Value Fund Announces Second Quarter Financial Results, NAV of $0.15 Per Share
14 Agosto 2024 - 3:15PM
Firsthand Technology Value Fund, Inc. (OTCQB: SVVC) (the “Fund”), a
publicly traded venture capital fund that invests in technology and
cleantech companies, announced today its financial results for the
quarter ended June 30, 2024.
As of June 30, 2024, the Fund’s net assets were
approximately $1.0 million, or $0.15 per share, compared with net
assets of approximately $0.2 million, or $0.02 per share as of
March 31, 2024. As of June 30, 2024, the Fund’s portfolio included
public and private securities valued at approximately $5.7 million,
or $0.82 per share, which includes approximately $0.00 per share in
cash and cash equivalents.
Portfolio Summary (as of
6/30/24)
Investment |
Fair Value1, |
|
Fair Valueper
Share1,2 |
Equity/Debt
Investments |
$5.66
million |
|
$0.82 |
Cash/Cash
Equivalents |
$0.01
million |
|
$0.00 |
Other
Assets |
$0.25 million |
|
$0.00 |
Total Assets |
$5.70
million |
|
$0.83 |
Total Liabilities |
$4.68 million |
|
$0.68 |
Net
Assets |
$1.02 million |
|
$0.15 |
|
1Numbers may not sum due to rounding.2Total shares outstanding:
6,893,056. |
|
During the second quarter of 2024, the Valuation
Committee, which was composed of independent two 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 quarter ended June 30, 2024, the Fund
reported total investment income of approximately $30 thousand.
After fees and expenses, including the aforementioned fee waiver,
the Fund reported a net investment loss of approximately $0.2
million. The Fund reported net realized and unrealized gains on
investments of approximately $1.0 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
Firsthand Technology Value (NASDAQ:SVVC)
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