Firsthand Technology Value Fund Announces First Quarter Financial Results, NAV of $0.02 Per Share

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 per Share1,2
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. 2 Total shares outstanding: 6,893,056.

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.