Abbott Laboratories Ordered to Pay $53 Million in Premature Infant Formula Lawsuit 
Disney Plans to Cut 1,000 Jobs Amid Ongoing Restructuring Efforts 
Ford Issues Major Recall on Over 422,000 Vehicles Due to Windshield Wiper Defect 
SpaceX IPO: Retail Investors to Play Historic Role in Record-Breaking Public Offering 
Goldman Sachs, ANZ Cut Oil Forecasts Amid U.S.-Iran Ceasefire Hopes 
Foreign Investors Pour $18.65 Billion into Japanese Stocks Amid Market Stabilization 
Anthropic Fights Pentagon Blacklisting in Dual Federal Court Battles 
Samsung Electronics Posts Eightfold Profit Surge Driven by AI Chip Demand 
Bendigo and Adelaide Bank Posts Strong Q3 Earnings, Announces AI-Driven Job Cuts 
Kia Cuts EV Sales Target for 2030 Amid Slowing Demand and U.S. Policy Shifts 
Pershing Square Bids €30.40 Per Share to Acquire Universal Music Group in $9.4B Deal 
Pony.ai, Uber, and Verne Launch Europe's First Commercial Robotaxi Service in Zagreb 
Pilots Fear Retaliation for Refusing Middle East Flights Amid Ongoing Conflict 
TSMC Posts Strong Q1 2025 Revenue, Riding AI Chip Demand Wave 
Deere & Company Agrees to $99 Million Settlement Over Right-to-Repair Dispute 
Apple's Foldable iPhone Faces Engineering Setbacks, Mass Production Timeline at Risk 
FedEx Pilots and Union Reach Tentative Agreement on 40% Pay Increase 
SAN JOSE, Calif., Aug. 09, 2017 -- 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 second quarter ended June 30, 2017.
As of June 30, 2017, the Fund’s net assets were approximately $139.7 million, or $18.81 per share, compared with net assets of approximately $148.8 million, or $20.03 per share as of March 31, 2017. As of June 30, 2017, the Fund’s portfolio included public and private securities valued at approximately $132.7 million, or $17.86 per share, and approximately $6.8 million or $0.92 per share, in cash.
Portfolio Summary (as of 6/30/17)
| Investment | Fair Value1 | Fair Value per Share1,2 | ||
| Equity/Debt Investments | $132.71 million | $17.86 | ||
| Cash | $6.82 million | $0.92 | ||
| Other Assets | $1.19 million | $0.16 | ||
| Total Assets | $140.73 million | $18.94 | ||
| Total Liabilities | $0.98 million | $0.13 | ||
| Net Assets | $139.75 million | $18.81 | ||
| 1Numbers may not sum due to rounding 2Total shares outstanding: 7,430,697 | ||||
During the second quarter of 2017, the Valuation Committee, which is 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 (formerly FAS 157), the Valuation Committee took into account 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.
In the second quarter of 2017, the Fund earned approximately $0.35 million in investment income. The Fund reported a net investment loss of approximately $0.67 million. The Fund reported net realized and unrealized losses on investments of approximately $8.41 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: Heather Hohlowski Firsthand Capital Management, Inc. (408) 624-9525 [email protected]
