GlobeNewswire 11-Aug-2017 4:15 PM
SAN JOSE, Calif., Aug. 11, 2017 (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 July 31, 2017, were Pivotal Systems, IntraOp Medical, QMAT, Wrightspeed, and Nutanix.
The Fund also announced that, as of July 31, 2017, estimated net assets of the Fund were approximately $139 million, or $18.73 per share, including cash of approximately $1.30 per share. As of that date, the Funds top five holdings constituted 61.0% of the Funds estimated net assets.* Complete financial statements and a detailed schedule of investments as of June 30, 2017, are available in the Funds quarterly report filing on Form 10-Q.
*Estimated net assets as of July 31, 2017, represent net assets of approximately $140 million as of June 30, 2017, plus the net change in unrealized appreciation/depreciation and realized gains/losses on publicly traded and private securities since June 30, 2017. For the purposes of calculating the percentage of net assets represented by each investment, the value of each holding is determined by the most recent of: (1) the purchase price, (2) the market value for public securities, less any discounts taken due to restrictions on the stock, or (3) the June 30, 2017, fair value of each security, as determined under procedures approved by our Board of Directors.
On July 13, 2017, we received a Notice of Assignment for the Benefit of Creditors from Aliphcom (dba Jawbone). The notice explains that Jawbones assets are being liquidated and the company is being wound down. Accordingly, the estimated net assets as of July 31, 2017, reflect the fact that the book value of the Funds Jawbone securities have been written down to $0 as of July 31, 2017.
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 Funds 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 Funds 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 Funds 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 Funds 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 Funds 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: Heather HohlowskiFirsthand Capital Management, Inc. (408) 624-9525 email@example.com