SAN JOSE, Calif., Sept. 28, 2017 (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 that Roku, a Fund holding since 2015, went public today through an initial public offering (“IPO”). The IPO was priced at $14.00 per share, resulting in proceeds to Roku of approximately $126 million. The shares, which now trade on the NASDAQ under the ticker symbol “ROKU”, opened their first day of trading at $15.78 and closed at $23.50.
The Fund currently holds 250,000 shares of Roku common stock (taking into account a 1-for-6 reverse stock split on September 15, 2017), at an approximate average cost of $9.24 per share. The Fund’s shares are subject to a customary 180-day lockup provision.
Roku is a provider of Internet streaming devices and software that enables consumers to access streaming content through their televisions. As of the end of June 2017, Roku OS powered TV streaming for more than 15 million monthly active accounts.
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, some of which are highlighted below. 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.
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.
Firsthand Capital Management, Inc.
Source: Firsthand Technology Value Fund, Inc.