Form 8-K - Current report
14 Noviembre 2024 - 3:03PM
Edgar (US Regulatory)
false
0001495584
0001495584
2024-11-14
2024-11-14
FORM 8-K
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report: November 14, 2024
(Date of earliest event reported)
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Firsthand Technology Value Fund, Inc.
(Exact name of registrant as specified in its charter)
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Maryland
(State or other jurisdiction
of incorporation)
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814-00830
(Commission File Number)
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27-3008946
(IRS Employer
Identification Number)
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150 Almaden Blvd., Suite 1250
San Jose, CA
(Address of principal executive offices)
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95113
(Zip Code)
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(800) 976-8776
(Registrant's telephone number, including area code)
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Not Applicable
(Former Name or Former Address, if changed since last report)
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Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common |
SVVC |
OTCQB |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☒ Emerging growth company
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 8.01. Other Events
On November 14, 2024 Firsthand Technology Value Fund, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended September 30, 2024. The Company's press release issued November 14, 2024, is attached as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(a) Financial statements:
None
(b) Pro forma financial information:
None
(c) Shell company transactions:
None
(d) Exhibits
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Dated: November 14, 2024
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FIRSTHAND TECHNOLOGY VALUE FUND, INC.
By: /s/ Kevin Landis
Kevin Landis
President
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Exhibit Index
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Exhibit No.
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Description
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Exhibit 99.1
Firsthand Technology Value Fund Announces Third Quarter Financial Results, NAV of $0.22 Per Share
San Jose, CA, November 14, 2024 – 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 September 30, 2024.
As of September 30, 2024, the Fund’s net assets were approximately $1.5 million, or $0.22 per share, compared with net assets of approximately $1.0 million, or $0.15 per share as of June 30, 2024. As of September 30, 2024, the Fund’s portfolio included public and private securities valued at approximately $1.4 million, or $0.21 per share, which includes approximately $0.15 per share in cash and cash equivalents.
Portfolio Summary (as of 9/30/24)
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Investment
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Fair Value1,
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Fair Value
per Share1,2
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Equity/Debt Investments
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$0.43 million
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$0.06
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Cash/Cash Equivalents
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$1.00 million
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$0.15
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Other Assets
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$0.78 million
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$0.11
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Total Assets
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$2.21 million
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$0.32
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Total Liabilities
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$0.67 million
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$0.10
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Net Assets
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$1.54 million
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$0.22
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1 Numbers may not sum due to rounding.
2 Total shares outstanding: 6,893,056.
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During the third quarter of 2024, the Valuation Committee, which was composed of two 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 quarter ended September 30, 2024, the Fund reported total investment income of approximately $36 thousand. After fees and expenses, the Fund reported a net investment loss of approximately $0.4 million. The Fund reported net realized and unrealized gains on investments of approximately $0.9 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
v3.24.3
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Nov. 14, 2024 |
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|
| Entity, Registrant Name |
Firsthand Technology Value Fund, Inc.
|
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8-K
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| Document, Period End Date |
Nov. 14, 2024
|
| Entity, Incorporation, State or Country Code |
MD
|
| Entity, File Number |
814-00830
|
| Entity, Tax Identification Number |
27-3008946
|
| Entity, Address, Address Line One |
150 Almaden Blvd., Suite 1250
|
| Entity, Address, City or Town |
San Jose
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| Entity, Address, State or Province |
CA
|
| Entity, Address, Postal Zip Code |
95113
|
| City Area Code |
800
|
| Local Phone Number |
976-8776
|
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Common
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| Trading Symbol |
SVVC
|
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Firsthand Technology Value (QB) (USOTC:SVVC)
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Firsthand Technology Value (QB) (USOTC:SVVC)
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