SAN JOSE, Calif., Aug. 16, 2021 (GLOBE NEWSWIRE) – Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly traded venture capital fund that invests in technology and cleantech companies, announced today announced its financial results for the second quarter ended June 30, 2021.
As of June 30, 2021, the fund’s net assets were approximately $ 107.3 million. USD 15.57 per share, compared to net assets of approximately USD 112.4 million or USD 16.31 per share as of March 31, 2021. As of June 30, 2021, the fund’s portfolio was public and included private securities valued at approximately $ 102.5 million or $ 14.87 per share and approximately $ 0.50 per share in cash and cash equivalents.
Portfolio summary (as of 06/30/21)
|Fair value |
|Equity / debt investments||$ 102.47 million||$ 14.87|
|Cash / cash equivalents||$ 3.43 million||$ 0.50|
|Other assets||$ 8.26 million||$ 1.20|
|Total assets||$ 114.16 million||$ 16.56|
|Total liabilities||$ 6.81 million||$ 0.99|
|Net worth||$ 107.34 million||$15.57|
|1 The numbers may not add up due to rounding.|
|2 Total number of shares outstanding: 6,893,056.|
In the second quarter of 2021, the valuation committee, made up of four independent directors, adjusted the market values of the private companies in our portfolio. In making these determinations, and in accordance with the valuation procedures of the Fund and ASC 820, the Valuation Committee considered information from an independent valuation firm and considered many factors including the performance of the portfolio companies, recent transactions in the companies’ securities, and the impact of changes in market multiples within certain sectors .
For the three months ended June 30, 2021, the fund reported investment income of approximately $ 1.4 million. The fund posted net investment income of approximately $ 554 thousand. The Fund had realized and unrealized net losses, net of deferred taxes, of approximately $ 5.6 million for the quarter.
Throughout the quarter, the fund continued its efforts to prudently manage its portfolio, including working with its portfolio companies and their management teams to improve performance and identify potential exit opportunities.
About the Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly traded venture capital fund that invests in technology and cleantech companies. Further information on the fund and its holdings can be found online at www.firsthandtvf.com.
The Fund is a non-diversified, closed-ended investment company that has chosen to be treated as a business development company under the Investment Company Act of 1940. The investment objective of the Fund is to seek long-term capital growth. Under normal circumstances, the Fund will invest at least 80% of its total assets in technology and cleantech companies for investment purposes. There are significant risks associated with investing in the Fund, some of which are highlighted below. Further information on fees, expenses and risks can be found in the fund’s public filings. Past investment results are no guarantee of future results.
CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS: This press release contains “forward-looking statements” within the meaning of the United States securities laws. In general, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements that 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 historical experience of the Fund and its current expectations or projections contained in any forward-looking statements. These risks include but are not limited to changes in economic and political conditions, regulatory and legal changes, technology and cleantech industry risks, valuation risk, non-diversification risk, interest rate risk, tax risk and other risks identified in filings with the SEC. You should not place undue reliance on any forward-looking statements that speak only as of the date of their publication. The Fund assumes no obligation to publicly update or revise any forward-looking statements made herein. There is no guarantee that the Fund’s investment objectives will be achieved. We recognize that notwithstanding the foregoing, the safe haven for forward-looking statements under the Private Securities Litigation Reform Act of 1995 does not apply to investment companies like us.
First Hand Capital Management, Inc.