Firsthand Technology Value Fund Announces Postponement of Annual Stockholder Meeting

Rhea-AI Summary

Firsthand Technology Value Fund (NASDAQ: SVVC) has postponed its 2020 Annual Meeting of Stockholders, originally set for May 13, to July 2 due to local COVID-19 restrictions. The meeting will take place at the San Jose Marriott at 2:00 p.m. PT. The Fund may switch to a completely remote format for the meeting, depending on health guidelines, with details to be announced in advance. The Fund primarily invests in technology and cleantech companies, aiming for long-term capital growth while facing inherent investment risks.

Positive

• Postponement enables adherence to local COVID-19 regulations.
• Fund maintains focus on long-term capital growth through investments in technology and cleantech sectors.

Negative

• Postponement could lead to uncertainty among investors regarding fund governance.
• Potential conversion to remote meeting may limit shareholder participation.

News Market Reaction – SVVC

-3.03%

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-3.03% News Effect

On the day this news was published, SVVC declined 3.03%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SAN JOSE, Calif., May 06, 2020 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund”), a publicly-traded venture capital fund, announced today that it has postponed its 2020 Annual Meeting of Stockholders (the “Annual Meeting”), which was scheduled to be held at 2:00 p.m., Pacific Time, on Wednesday, May 13, 2020.

Santa Clara County, California, in conjunction with other local counties, recently extended its COVID-19-related shelter-in-place order, which restricts non-essential business operations, through May 31, 2020. The rescheduled Annual Meeting will be held on Thursday, July 2, at 2:00 p.m., Pacific Time, at the San Jose Marriott hotel, 301 S. Market Street, San Jose, CA 95113.

As part of the Fund’s precautions regarding COVID-19, the Fund reserves the right to convert the Annual Meeting from an in-person meeting to one that is held solely by means of remote communication.  If the Fund takes this step, the Fund will announce the decision to do so in advance, and details on how to participate will be set forth in a press release issued by the Fund and available at www.firsthandtvf.com.

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.  An investment in the Fund involves substantial risks.  Please see the Fund’s public filings for more information about fees, expenses and risk.  Past investment results do not provide any assurances about future results.

Contact:

Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com

FAQ

What is the new date for the Annual Meeting of Firsthand Technology Value Fund (SVVC)?

The Annual Meeting has been rescheduled to July 2, 2020.

Why was the Annual Meeting of SVVC postponed?

The meeting was postponed due to local COVID-19-related shelter-in-place orders.

Where will the Annual Meeting of Firsthand Technology Value Fund be held?

The meeting will be held at the San Jose Marriott, 301 S. Market Street, San Jose, CA.

Will the Annual Meeting of SVVC be held in person?

The Fund reserves the right to convert the meeting to a remote format based on COVID-19 guidelines.

How can I find more information about Firsthand Technology Value Fund (SVVC)?

More information can be found on the Fund's official website at www.firsthandtvf.com.