Firsthand Technology Value Fund Announces Third Quarter Financial Results, NAV of $13.81 per share

SAN JOSE, Calif., Nov. 13, 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 its financial results for the third quarter ended September 30, 2020.

As of September 30, 2020, the Fund’s net assets were approximately $95.2 million, or $13.81 per share, compared with net assets of approximately $101.3 million, or $14.70 per share as of June 30, 2020. As September 30, 2020, the Fund’s portfolio included public and private securities valued at approximately $93.2 million, or $13.52 per share, and approximately $0.34 per share in cash and cash equivalents.

Portfolio Summary (as of 9/30/20)

Investment	Fair Value1,		Fair Value per Share1,2
Equity/Debt Investments	$93.17 million		$13.52
Cash/Cash Equivalents	$2.32 million		$0.34
Other Assets	$4.97 million		$0.72
Total Assets	$100.46 million		$14.57
Total Liabilities	$5.25 million		$0.76
Net Assets	$95.21 million		$13.81
1 Numbers may not sum due to rounding. 2 Total shares outstanding: 6,893,056.

During the third quarter of 2020, the Valuation Committee, which was composed of four independent 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 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.

For the three months ended September 30, 2020, the Fund reported investment income of approximately $1.1 million. The Fund reported net investment income, net of deferred taxes, of approximately $262 thousand. The Fund reported net realized and unrealized losses on investments, net of deferred taxes, of approximately $6.4 million for the quarter.