Core Viewpoint - Rosen Law Firm is reminding purchasers of common stock of Firsthand Technology Value Fund, Inc. about the lead plaintiff deadline for a class action lawsuit related to significant shareholder value destruction and misleading statements made by the fund's management [1][5]. Group 1: Class Action Details - The class action pertains to common stock purchases of Firsthand Technology between January 1, 2021, and November 14, 2023, with a lead plaintiff deadline set for May 20, 2025 [1][2]. - Investors who purchased shares during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2][3]. - A class action lawsuit has already been filed, and interested parties can join by contacting Rosen Law Firm [3][6]. Group 2: Allegations Against Firsthand Technology - The lawsuit alleges that the management and service providers of Firsthand Technology destroyed over $200 million in shareholder value [5]. - It is claimed that the defendants inflated the value of the fund's remaining investments using implausible valuation methodologies, which were then integrated into the fund's publicly stated net asset value (NAV) [5]. - As a result of these fraudulent valuations, purchasers of the fund's shares experienced significant inflation in market price, leading to damages [5]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time [4]. - The firm has been ranked No. 1 for the number of securities class action settlements in 2017 and has consistently ranked in the top 4 since 2013, recovering hundreds of millions of dollars for investors [4]. - In 2019, the firm secured over $438 million for investors, showcasing its capability and success in representing investor rights [4].

Core Viewpoint - A class action lawsuit has been filed against Firsthand Technology Value Fund, Inc. for alleged violations of securities laws, claiming that the company misled investors and caused significant shareholder value destruction [1][4]. Group 1: Lawsuit Details - The lawsuit is based on violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 [1]. - Investors who purchased securities between January 1, 2021, and November 14, 2023, are encouraged to participate in the lawsuit [2]. - The class has not yet been certified, meaning potential participants are not yet represented by an attorney [3]. Group 2: Allegations Against the Company - The complaint alleges that the company made false and misleading statements, leading to the destruction of over $200 million in shareholder value [4]. - The company is accused of using accounting tricks to inflate the Fund's net asset value (NAV) and hide failing investments [4]. - Investors relied on the fraudulent NAV for their investment decisions, resulting in damages when the truth was revealed [4].

Investment Performance - Investment income for the three months ended March 31, 2025, was $5,965, a decrease from $32,045 in the same period of 2024, primarily due to a decline in accrued interest[139]. - Net investment loss before taxes for the three months ended March 31, 2025, was $(113,218), a significant decrease from a net investment income of $2,815,472 in the same period of 2024[142]. - The fair value of the investment portfolio decreased to approximately $0.7 million as of March 31, 2025, down from approximately $1.1 million as of December 31, 2024[135]. - Net unrealized depreciation on total investments decreased by $110,240 during the three months ended March 31, 2025[145]. - The net decrease in net assets resulting from operations for the three months ended March 31, 2025, was $(223,458), compared to $(1,092,451) for the same period in 2024[147]. Operating Expenses - Operating expenses for the three months ended March 31, 2025, totaled approximately $119,183, compared to $(2,783,427) in the same period of 2024, with significant components including management fees of $7,378 and professional fees of $54,330[140]. - The company may experience losses if management fees and other operating expenses exceed interest income on cash holdings[167]. Investment Strategy - The portfolio composition as of March 31, 2025, included 54.1% in Exchange-Traded/Money Market Funds and 24.9% in Advanced Materials[137]. - The company invests at least 80% of its net assets in technology companies, defined as those deriving at least 50% of revenues from the information technology or cleantech sectors[133]. - The company is required to invest at least 70% of total assets in qualifying assets, including securities of private or micro-cap public U.S. companies[132]. - The company invests in small companies, and its investments in these companies are considered speculative in nature, subject to legal or contractual restrictions on resale[166]. Financial Obligations and Reserves - The company has no contractual obligations or off-balance sheet arrangements that require disclosure[150][151]. - As of March 31, 2025, a portion of the company's assets was invested in cash and/or cash equivalents, which are expected to earn low yields[167]. - The company holds cash reserves to avoid dilution in future financings and to invest additional capital into existing portfolio companies[168]. Accounting and Valuation - The company measures realized gains or losses by the difference between the net proceeds from the repayment or sale and the cost basis of the investment[156]. - The values assigned to the company's assets are based on available information and may differ significantly from amounts ultimately realized[165]. - The company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its financial statements upon effectiveness[157]. Market Conditions - Changes in valuation of investments in privately-held companies may be volatile, with potential for significant fluctuations in value[163]. - Inflation has not had a significant effect on the company's results of operations in the reporting periods presented[158]. - The company is required to distribute substantially all of its net realized gains to stockholders on an annual basis[169].

SAN JOSE, Calif., May 15, 2025 (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, 2025. As of March 31, 2025, the Fund’s net assets were approximately $0.8 million, or $0.12 per share, compared with net assets of approximately $1.1 million, or $0.15 per share as of December 31, 2024. As of March 31, 2025, the Fund’ ...

Core Viewpoint - Rosen Law Firm is reminding purchasers of common stock of Firsthand Technology Value Fund, Inc. about the lead plaintiff deadline for a class action lawsuit related to significant shareholder value destruction and fraudulent valuations during the Class Period from January 1, 2021, to November 14, 2023 [1][5]. Group 1: Class Action Details - Investors who purchased Firsthand Technology common stock during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - A class action lawsuit has already been filed, and interested parties must move the Court to serve as lead plaintiff by May 20, 2025 [3]. - The lawsuit alleges that the Fund's managers destroyed over $200 million in shareholder value and inflated the value of remaining investments using implausible valuation methodologies [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]. - Founding partner Laurence Rosen was recognized as a Titan of Plaintiffs' Bar by Law360 in 2020, and many attorneys at the firm have received accolades from Lawdragon and Super Lawyers [4].

Financial Performance - For the year ended December 31, 2024, the investment income was $109,836, a decrease from $122,631 in 2023, primarily due to interest accrued on Hera[183]. - Operating expenses for the year ended December 31, 2024 totaled approximately $1,322,901, down from $1,583,768 in 2023, mainly due to a decrease in total net assets[186]. - The net investment income for the year ended December 31, 2024 was $1,875,422, an increase from $1,081,579 in 2023, primarily due to a waiver of investment advisory fees[190]. - The net decrease in net assets resulting from operations for the year ended December 31, 2024 was $199,692, significantly lower than the $29,349,220 decrease in 2023[200]. - The total cash reserves and liquid securities decreased approximately 80% in 2024, primarily due to the sale of portfolio securities and operating expenses[206]. - Realized losses for the year ended December 31, 2024 were approximately $11,686,668, higher than the $7,864,982 losses in 2023, primarily due to the sale of investments[193]. - The net unrealized depreciation on total investments decreased by $9,611,554 in 2024, attributed to the liquidation of the investment in Hera Systems[195]. Asset Valuation - As of December 31, 2024, net assets totaled approximately $1.1 million, with a NAV per share of $0.15[209]. - The fair value of the investment portfolio as of December 31, 2024 showed a significant increase in Exchange-Traded/Money Market Funds to 70.3% from 5.8% in 2023[181]. - As of December 31, 2024, the investment in EQX Capital, Inc. had an aggregate fair value of approximately $29 thousand, consisting of 1,930,000 shares of Series A preferred stock and 100,000 shares of common stock[211]. - The investment in IntraOp Medical Corporation included 26,856,187 shares of Series C preferred stock and various convertible notes, with a combined aggregate fair value of approximately $25 thousand[213]. - The investment in UCT Coatings, Inc. consisted of 1,500,000 shares of common stock with a combined fair value of approximately $260 thousand[217]. - The investment in Wrightspeed, Inc. included 60,733,693 shares of Series AA preferred stock and multiple convertible notes, with a combined fair value of approximately $0[219]. - The investment in Fidelity Investments Money Market Treasury Portfolio had a market value of approximately $745 thousand, consisting of 745,224 shares[223]. Capital Management - The company expects to raise additional capital through future equity offerings to support growth, which may lead to dilution for existing investors if offered below NAV[209]. - The company intends to distribute at least 90% of its ordinary income and realized net short-term capital gains annually to qualify as a RIC and avoid corporate-level tax[224]. - The Company is required to distribute substantially all net realized gains to shareholders annually, holding proceeds of liquidated investments in cash pending distribution[246]. Legal and Compliance - The company does not have any contractual obligations or off-balance sheet arrangements that require disclosure[225][226]. - The company has evaluated subsequent events and intends to vigorously defend against allegations in ongoing legal complaints[234][236]. - The company believes that the impact of recently issued accounting standards will not have a material impact on its financial statements[231]. Financial Reporting - The consolidated financial statements present fairly the financial position of the Company as of December 31, 2024 and 2023, in conformity with generally accepted accounting principles[247]. - The Company announced approval to withdraw its BDC election and pursue liquidation[252]. Risk Management - As of December 31, 2024, a significant portion of the Fund's assets is held in cash and/or cash equivalents, which are expected to earn low yields[244]. - The Fund may experience losses if management fees and operating expenses exceed interest income from cash holdings[244]. - The company measures realized gains or losses based on the difference between net proceeds from the sale and the cost basis of the investment[230].

Investment Income and Losses - Investment income for the three months ended September 30, 2024, was $35,792, compared to an investment loss of $(234,126) for the same period in 2023, indicating a significant recovery [150]. - For the nine months ended September 30, 2024, investment income was $97,793, up from $88,812 in the same period of 2023, attributed to increased accrued interest [164]. - Net investment income before taxes for the nine months ended September 30, 2024, was $2,280,700, compared to $1,360,195 for the same period in 2023, primarily due to the management fee waiver [169]. - Net investment loss before taxes for the three months ended September 30, 2024, was $(355,961), compared to a net investment gain of $1,865,387 for the same period in 2023, reflecting a decline in management fees [156]. - The company recognized net realized losses of approximately $(11,686,668) for the nine months ended September 30, 2024, compared to $(7,864,982) for the same period in 2023 [172][173]. Operating Expenses - Operating expenses for the three months ended September 30, 2024, totaled approximately $391,753, a decrease from $(2,099,513) in the same period of 2023, primarily due to a management fee waiver in 2023 [152][154]. - Operating expenses for the nine months ended September 30, 2024, were approximately $(2,182,907), compared to $(1,271,383) in 2023, with a significant management fee waiver of $(3,079,128) in 2024 [166][168]. Net Assets and Operations - The net increase in net assets resulting from operations for the three months ended September 30, 2024, was $526,227, while the net decrease for the same period in 2023 was $(10,418,360) [162][163]. - For the nine months ended September 30, 2024, the net increase in net assets resulting from operations totaled $283,776, with a basic and fully diluted net change in net assets per share of $0.04 [173]. - In contrast, for the nine months ended September 30, 2023, the net decrease in net assets resulting from operations was $(29,928,895), with a basic and fully diluted net change in net assets per share of $(4.34) [174]. Portfolio Valuation and Composition - The fair value of the investment portfolio decreased to approximately $1.4 million as of September 30, 2024, from approximately $8.7 million as of December 31, 2023 [144]. - The portfolio composition as of September 30, 2024, included 64.6% in Exchange-Traded/Money Market Funds, a significant increase from 5.8% as of December 31, 2023 [146]. - The valuation of portfolio investments is determined in good faith by the Board of Directors, with assistance from a Valuation Committee and independent valuation firms when necessary [180][189]. Unrealized Depreciation - Net unrealized depreciation on portfolio investments as of September 30, 2024, was $(115,544,196), compared to $(126,091,989) as of September 30, 2023, indicating a reduction in unrealized losses [158][160]. - As of September 30, 2024, the gross unrealized depreciation on portfolio investments was $(115,544,196), a slight improvement from $(126,091,989) as of September 30, 2023 [170][171]. - During the same period, net unrealized depreciation on total investments decreased by $9,689,744, primarily due to an increase in the fair value of portfolio companies, notably Hera [171]. Cash and Obligations - The company holds a portion of its assets in cash and cash equivalents, which may lead to losses if management fees exceed interest income due to the low yield environment [194]. - The company is required to distribute substantially all of its net realized gains to stockholders on an annual basis, impacting cash reserves from liquidated investments [196]. - The company does not have any contractual obligations or off-balance sheet arrangements that require disclosure [177][178]. Impact of Inflation - Inflation has not significantly affected the company's results of operations, although portfolio companies may experience its impacts [185].

Investment Performance - Investment income for the three months ended June 30, 2024, was $29,956, a decrease of 77.3% compared to $131,676 for the same period in 2023[150][151] - For the six months ended June 30, 2024, investment income was $62,001, a decline of 80.8% from $322,938 in the same period of 2023[163][164] - Net investment loss before taxes for the three months ended June 30, 2024, was $(171,811), an improvement from $(307,103) for the same period in 2023[154] - Net investment income for the six months ended June 30, 2024, was $2,636,661, a significant turnaround from a net investment loss of $(505,192) in the same period of 2023[168] Operating Expenses - Operating expenses for the three months ended June 30, 2024, totaled approximately $208,767, down 52.5% from $438,779 in the same period of 2023[152] - Operating expenses for the six months ended June 30, 2024, were approximately $(2,574,660), compared to $828,130 for the same period in 2023[166] Portfolio Valuation - The fair value of the investment portfolio decreased to approximately $5.7 million as of June 30, 2024, from approximately $8.8 million as of December 31, 2023[144] - Net unrealized depreciation on portfolio investments as of June 30, 2024, was $(128,112,931), compared to $(113,808,360) as of June 30, 2023[156] - As of June 30, 2024, the gross unrealized depreciation on portfolio investments was $(128,112,931), with no gross unrealized appreciation[169] - The valuation of portfolio investments is determined in good faith by the Board of Directors, with assistance from a Valuation Committee and potentially an independent valuation firm[177][187] Net Assets and Changes - For the six months ended June 30, 2024, the net decrease in net assets resulting from operations was $(242,451), with a basic and fully diluted net change in net assets per share of $(0.04)[171] - For the six months ended June 30, 2023, the net decrease in net assets resulting from operations was $(19,510,535), with a basic and fully diluted net change in net assets per share of $(2.83)[172] - The company recognized net realized losses of approximately $(7,864,997) from the sale of investments during the six months ended June 30, 2023[170] Strategic Focus - The company expects to create a pipeline of potential exit opportunities through IPOs or acquisitions as portfolio companies mature[147] - The investment strategy focuses on technology and cleantech companies, with at least 80% of net assets allocated to these sectors[142] Other Considerations - The company does not have any contractual obligations or off-balance sheet arrangements that require disclosure[174][175] - The company holds a portion of its assets in cash and cash equivalents, which may lead to losses if management fees exceed interest income[192] - There have been no material events related to the portfolio of investments subsequent to June 30, 2024[184] - Inflation has not significantly affected the company's results of operations, although portfolio companies may experience its impacts[183]

Financial Performance - Investment income for Q1 2024 was $32,045, a decrease from $191,262 in Q1 2023, primarily due to a decline in accrued interest on current notes [150][151]. - Operating expenses for Q1 2024 totaled approximately $(2,783,427), significantly higher than $389,351 in Q1 2023, mainly due to a management fee expense waiver of $(3,000,000) [152][153]. - Net investment income for Q1 2024 was $2,815,472, compared to a loss of $(198,089) in Q1 2023, attributed to the management fee waiver [154][161]. - The net decrease in net assets resulting from operations for Q1 2024 was $(1,092,451), an improvement from $(4,742,224) in Q1 2023 [160][161]. Investment Portfolio - The fair value of the investment portfolio decreased to approximately $4.7 million as of March 31, 2024, down from approximately $8.7 million as of December 31, 2023 [144]. - The net unrealized depreciation on portfolio investments as of March 31, 2024, was $(129,141,664), compared to $(99,347,163) as of March 31, 2023 [156][158]. - The portfolio composition as of March 31, 2024, included 74.7% in Medical Devices and 1880.9% in Aerospace, reflecting significant sector shifts [146]. - The company invests at least 80% of net assets in technology companies, with a focus on those deriving at least 50% of revenues from the information technology or cleantech sectors [142]. - The company invests in small companies, which are considered speculative and may be subject to legal or contractual restrictions on resale [180]. - Valuation of investments in privately-held companies is determined in good faith by the Board of Directors, potentially differing from market values due to lack of public market [176]. - Changes in valuation of investments in privately-held companies may be volatile, with potential for significant value loss or gain [178]. - There have been no material events related to the company's portfolio of investments since the close of the fiscal quarter on March 31, 2024 [173]. Cash and Distributions - As of March 31, 2024, a portion of the company's assets was invested in cash and/or cash equivalents, which are expected to earn low yields [181]. - The company is required to distribute substantially all of its net realized gains to stockholders on an annual basis, holding proceeds of liquidated investments in cash pending distribution [183]. - The board of directors will determine the timing and amount of distributions, with no minimum distribution requirements [162]. Internal Controls and Procedures - The company evaluates its disclosure controls and procedures, concluding they are effective in ensuring timely and accurate reporting [185]. - No changes in internal control over financial reporting occurred during the fiscal quarter that materially affected the company's reporting [185]. Economic Factors - Inflation has not significantly affected the company's results of operations, although portfolio companies may experience its impacts [172]. Other Information - The company has no contractual obligations or off-balance sheet arrangements that require disclosure [163][164]. - The company holds cash reserves to avoid dilution in future financings and to support additional investments in portfolio companies [182].

Financial Performance - For the year ended December 31, 2023, the investment income was $122,631, a significant recovery from a loss of $(10,008,422) in 2022[192]. - The net investment gain before taxes for 2023 was $1,081,579, a recovery from a loss of $(12,447,467) in 2022[198]. - The net decrease in net assets resulting from operations for 2023 was $29,349,220, compared to a decrease of $64,145,033 in 2022[209]. - Realized losses for 2023 amounted to $(7,864,982), higher than the $(3,129,665) realized in 2022, primarily due to the sale of investments[201]. - The net unrealized depreciation on total investments increased by $22,565,817 in 2023, driven by declines in the value of key investments like IntraOp Medical and Wrightspeed[203]. Operating Expenses - Operating expenses decreased to approximately $1,583,768 in 2023 from $2,439,045 in 2022, primarily due to a decrease in total net assets[195]. - For the year ended December 31, 2023, operating expenses were $1,583,768, a decrease from $2,439,045 in 2022 and $3,255,258 in 2021[215]. Investment Strategy - The company invests at least 80% of its net assets in technology companies, with a focus on those deriving at least 50% of revenues from the information technology or cleantech sectors[179]. - The company has a strategy to invest at least 70% of total assets in privately held companies and public companies with market capitalizations of less than $250 million[179]. Cash and Liquid Assets - As of December 31, 2023, total cash reserves and liquid securities decreased approximately 88% due to the purchase of portfolio securities[216]. - Cash and cash equivalents decreased to $73,502 at the end of 2022 from $616,064 at the beginning of the year[217]. - The company primarily invests cash on hand in money market treasury portfolios[218]. Investments - Investments in public and private securities totaled approximately $8.7 million as of December 31, 2023[218]. - The investment in Hera Systems, Inc. had an aggregate fair value of approximately $4.2 million as of December 31, 2023[223]. - The investment in Revasum, Inc. consisted of 39,774,889 shares with an aggregate fair value of approximately $3.9 million[233]. - As of December 31, 2023, level 3 investments were valued at $4,797,872, representing 381% of the Company's net assets[261]. Tax and Distribution Policies - The company is subject to corporate taxes due to a change in tax status, impacting its financial reporting and deferred tax liabilities[208]. - The board of directors intends to pay distributions on an annual basis, distributing at least 90% of ordinary income and realized net short-term capital gains[235]. - The Company is required to distribute substantially all of its net realized gains to shareholders on an annual basis[254]. Risks and Valuation - Investments in privately held, immature companies are inherently more volatile and can lose much or all of their value suddenly[249]. - The values assigned to the Company's assets may differ materially from amounts ultimately realized upon liquidation[250]. - The Company may hold a substantial portion of its assets in cash and/or cash equivalents, which are expected to earn low yields, potentially leading to losses if management fees exceed interest income[252]. - The valuation of level 3 investments involves significant judgment by management, including the use of unobservable inputs, which requires a high degree of auditor judgment[262]. - The Fund's investments in small companies are considered speculative and may be subject to legal or contractual restrictions on resale, affecting liquidity[251]. Corporate Actions - The Company issued a press release announcing approval to withdraw its BDC election and pursue liquidation[264]. - The Company typically reserves cash in an amount at least equal to its initial investment for follow-on opportunities in primary transactions[253]. - The Company has two unconsolidated significant subsidiaries for which audited financial statements as of December 31, 2023 were not available, leading to summarized financial information being presented[265].