SVVC Firsthand Technology Value Fund Inc

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report: October 13, 2023
(Date of earliest event reported)

 

Firsthand Technology Value Fund, Inc.
(Exact name of registrant as specified in its charter)

 

Maryland	814-00830	27-3008946
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)
150 Almaden Blvd., Suite 1250 San Jose, CA		95113
(Address of principal executive offices)		(Zip Code)

 

(800) 976-8776
(Registrant’s telephone number, including area code)

 

Not Applicable
(Former Name or Former Address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

	[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

8.01 Other Items

 

On October 13, 2023 Firsthand Technology Value Fund, Inc. (the “Company”) issued a press release announcing its Board of Directors (the “Board”) has approved a plan to seek stockholder approval to withdraw the Company's election to be regulated as a business development company under the Investment Company Act of 1940, as amended. The Board will also be seeking stockholder approval on a plan of liquidation of the Company. The Company also announced it has suffered material setbacks on two of its largest holdings. The Company’s press release issued October 13, 2023, is attached as Exhibit 99.1.

 

Item 9.01. Financial Statements and Exhibits

 

(a) Financial statements:
            None
(b) Pro forma financial information:
            None
(c) Shell company transactions:
            None
(d) Exhibits

 

99.1      Press Release dated October 13, 2023.

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: October 13, 2023	FIRSTHAND TECHNOLOGY VALUE FUND, INC.
	By:	/s/ Kevin Landis
		Kevin Landis
		President

Exhibit Index
Exhibit No.	Description
99.1	Press release dated October 13, 2023

News Release

 

 

 

Firsthand Technology Value Fund Announces

Plan to Seek Stockholder Approval to Withdraw

BDC Election and Pursue Liquidation

 

San Jose, CA, October 13, 2023 – Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund” or “Firsthand”), a publicly-traded venture capital fund that invests in technology and cleantech companies, today announced that its Board of Directors (the “Board”) has approved a plan to seek stockholder approval to withdraw the Fund’s election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended. The Board will also be seeking stockholder approval on a plan of liquidation of the Fund.

 

The Fund also announced today that it has suffered material setbacks on two of its largest holdings. The resulting valuation write-downs could reduce the asset value of the Fund to a level below the amount of the Fund’s accrued liabilities, most of which are fees payable to the Fund’s investment adviser, Firsthand Capital Management, Inc. (“FCM”). The Board and FCM have agreed to take actions necessary to ensure that the Fund maintains a positive net asset value (“NAV”) per share, which may include FCM waiving certain accrued investment management fees.

 

Additional information will be available in the Fund’s forthcoming quarterly report on Form 10-Q in November 2023.

 

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.

 

# # #

News Release

 

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

v3.23.3

Cover	Oct. 13, 2023
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 13, 2023
Entity File Number	814-00830
Entity Registrant Name	Firsthand Technology Value Fund, Inc.
Entity Central Index Key	0001495584
Entity Tax Identification Number	27-3008946
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	150 Almaden Blvd.
Entity Address, Address Line Two	Suite 1250
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95113
City Area Code	(800)
Local Phone Number	976-8776
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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