Market Overview

Firsthand Technology Value Fund Announces Final Results of the Modified Dutch Auction Tender Offer to Purchase up to $4 Million of its Common Stock

Share:

SAN JOSE, Calif., Feb. 20, 2020 (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 the final results of its "modified Dutch auction" tender offer (the "Tender Offer"). The Fund's Tender Offer expired at 5:00 P.M., Eastern Standard Time, on February 14, 2020. The Tender Offer was made pursuant to an Offer to Purchase dated December 17, 2019 and the related Letter of Transmittal, by which up to $4 million of the Fund's common stock would be purchased at a price per share not less than $6.00 and not greater than $8.00 per share, in $0.10 increments. 

In accordance with the Fund's previously announced Tender Offer, and based on the final count by Computershare Trust Fund, N.A., the depositary for the Tender Offer, 571,428 shares will be purchased, representing 8.0% of the Fund's outstanding shares, for payment on or about February 21, 2020, at a price of $7.00 per share. The Fund has determined that the proration factor for the Tender Offer is approximately 69.5%. The purchase price of properly tendered shares represents 39.5% of net asset value ("NAV") per share based on the preliminary December 31, 2019 NAV of $17.70 per share.

Full details of the terms and conditions of the Tender Offer are included in the Fund's Offer to Purchase and in the Letter of Transmittal relating to the Tender Offer that have been previously distributed to shareholders and filed with the SEC. Georgeson LLC is serving as information agent for the Tender Offer. Shareholders with questions, or who would like to receive additional copies of the Tender Offer documents, may call Georgeson at (888) 219-8320.

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.

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

Primary Logo

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com