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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Firsthand Technology Value Fund Inc | NASDAQ:SVVC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.235 | 0.2055 | 0.261 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) |
(Commission File Number) |
IRS Employer Identification Number) |
(Address of principal executive offices) |
(Zip Code) |
(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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter). |
[ ] | If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Item 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On October 6, 2023, Firsthand Technology Value Fund, Inc. (NASDAQ: SVVC) (the “Fund” or “Firsthand”), notified the Nasdaq Stock Market LLC (“Nasdaq”) of the Fund’s decision to voluntarily delist its common stock from the Nasdaq Global Market and its intent to file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on or about October 16, 2023. As a result, the Fund expects the delisting of its common stock to become effective on or about October 26, 2023.
As previously noted in the Fund’s Current Report on Form 8-K filed with the SEC on May 3, 2023, and on the Fund’s Current Report on Form 8-K filed with the SEC on July 28, 2023, the Fund had received written notices from Nasdaq that the Fund was not in compliance with the minimum bid price and minimum market value of publicly held shares requirements, respectively, for continued listing on the Nasdaq Global Market.
After careful evaluation of the options available to the Fund, the Fund’s board of directors (the “Board”) has determined that the voluntary delisting of the Fund’s common stock from the Nasdaq Global Market is in the best interests of the Fund and its stockholders. The Board’s decision was based on careful review of several factors, including the likely inability of the company to regain compliance with the relevant Nasdaq listing rules and the significant costs associated therewith. In addition, the Board believes a delisting provides the Fund and its stockholders lower operating costs and management time commitment for compliance activities.
The Fund anticipates that its common stock will be quoted on the OTCQB or other market operated by OTC Markets Group Inc. (the “OTC”), and it intends to take such actions to enable its common stock to be quoted on the OTCQB or on another OTC market so that a trading market may continue to exist for its common stock. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the common stock will continue on an OTC market or otherwise.
At this time, the Fund is not taking steps to deregister as a public company under the Securities Exchange Act of 1934.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit | Description |
99.1 | Press Release dated October 6, 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.
FIRSTHAND TECHNOLOGY VALUE FUND, INC. | |||
October 6, 2023 | |||
By: | /s/ KEVIN LANDIS | ||
Kevin Landis | |||
President |
News Release
Firsthand Technology Value Fund Announces Voluntary
Delisting from Nasdaq Global Market
San Jose, CA, October 6, 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 notified the Nasdaq Stock Market LLC (“Nasdaq”) of the Fund’s decision to voluntarily delist its common stock from the Nasdaq Global Market and its intent to file a Form 25 with the U.S. Securities and Exchange Commission (the “SEC”) on or about October 16, 2023. As a result, the Fund expects the delisting of its common stock to become effective on or about October 26, 2023.
As previously noted in the Fund’s Current Report on Form 8-K filed with the SEC on May 3, 2023, and on the Fund’s Current Report on Form 8-K filed with the SEC on July 28, 2023, the Fund had received written notices from Nasdaq that the Fund was not in compliance with the minimum bid price and minimum market value of publicly held shares requirements, respectively, for continued listing on the Nasdaq Global Market.
After careful evaluation of the options available to the Fund, the Fund’s board of directors (the “Board”) has determined that the voluntary delisting of the Fund’s common stock from the Nasdaq Global Market is in the best interests of the Fund and its stockholders. The Board’s decision was based on careful review of several factors, including the likely inability of the company to regain compliance with the relevant Nasdaq listing rules and the significant costs associated therewith. In addition, the Board believes a delisting provides the Fund and its stockholders lower operating costs and management time commitment for compliance activities.
The Fund anticipates that its common stock will be quoted on the OTCQB or other market operated by OTC Markets Group Inc. (the “OTC”), and it intends to take such actions to enable its common stock to be quoted on the OTCQB or on another OTC market so that a trading market may continue to exist for its common stock. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the common stock will continue on an OTC market or otherwise.
At this time, the Fund is not taking steps to deregister as a public company under the Securities Exchange Act of 1934.
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.
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
Cover |
Oct. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Oct. 06, 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 |
Entity Emerging Growth Company | false |
1 Year Firsthand Technology Value Chart |
1 Month Firsthand Technology Value Chart |
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