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SAN JOSE, Calif., May 14, 2024 (GLOBE NEWSWIRE) -- 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 March 31, 2024.
As of March 31, 2024, the Fund’s net assets were approximately $0.2 million, or $0.02 per share, compared with net assets of approximately $1.3 million, or $0.18 per share as of December 31, 2023. As of March 31, 2024, the Fund’s portfolio included public and private securities valued at approximately $4.7 million, or $0.68 per share, which includes approximately $0.01 per share in cash and cash equivalents.
Portfolio Summary (as of 3/31/24)
| Investment | Fair Value1 |
| Fair Value | |
| Equity/Debt Investments | $4.65 million |
| $0.67 | |
| Cash/Cash Equivalents | $0.04 million |
| $0.01 | |
| Other Assets | $0.05 million |
| $0.01 | |
| Total Assets | $4.75 million |
| $0.69 | |
| Total Liabilities | $4.58 million |
| $0.66 | |
| Net Assets | $0.17 million |
| $0.02 | |
| 1 Numbers may not sum due to rounding. | ||||
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During the first quarter of 2024, the Valuation Committee, which was composed of two 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.
During the quarter, shares of Revasum, Inc. (ASX: RVS) were suspended from trading on the Australian Securities Exchange (ASX). As a result, the fair value of the Fund’s Revasum holdings determined at the end of the quarter represented a write down of nearly $3 million, which had a significant impact on the Fund’s quarter-end NAV.
Effective March 31, 2024, the Fund has entered into a fee waiver agreement with its investment adviser, Firsthand Capital Management, Inc. (“FCM”). Pursuant to the terms of this agreement, FCM has agreed to waive $3.0 million of base management fees that has been accrued but unpaid as of March 31, 2024, subject to recoupment to the extent permitted under the fee waiver agreement. This fee waiver is in addition to the $2.5 million fee waiver that was entered into on September 30, 2023.
For the quarter ended March 31, 2024, the Fund reported total investment income of approximately $32 thousand. After fees and expenses, including the aforementioned fee waiver, the Fund reported net investment income of approximately $2.8 million. The Fund reported net realized and unrealized losses on investments of approximately $3.9 million for the quarter.