# EDGAR Filing Document

**Accession Number:** 0001495584
**File Stem:** 0001398344-23-006862
**Filing Date:** 2023-3
**Character Count:** 8695
**Document Hash:** edfcd92050b725464bf328b1a9b8bf89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-006862.hdr.sgml**: 20230331

**ACCESSION NUMBER**: 0001398344-23-006862

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230331

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230331

**DATE AS OF CHANGE**: 20230331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Firsthand Technology Value Fund, Inc.
- **CENTRAL INDEX KEY:** 0001495584
- **IRS NUMBER:** 273008946
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 814-00830
- **FILM NUMBER:** 23789371

**BUSINESS ADDRESS:**
- **STREET 1:** 150 ALMADEN BLVD.
- **STREET 2:** SUITE 1250
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95113
- **BUSINESS PHONE:** 408-886-7096

**MAIL ADDRESS:**
- **STREET 1:** 150 ALMADEN BLVD.
- **STREET 2:** SUITE 1250
- **CITY:** SAN JOSE
- **STATE:** CA
- **ZIP:** 95113

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report: March 31, 2023**

(Date of earliest event reported)

**Firsthand Technology Value Fund, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland**<br> (State or other jurisdiction of<br> incorporation) | **814-00830**<br> (Commission File<br> Number) | **27-3008946**<br> (IRS Employer<br> Identification Number) |
| **150 Almaden Blvd.,** **Suite 1250<br> San Jose, CA**<br> (Address of principal executive offices) |  | <br> **95113**<br> (Zip Code) |

---

(800) 976-8776

(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))

**Item 8.01. Other Events**

On March 31, 2023 Firsthand Technology Value Fund, Inc. (the "Company") issued a press release announcing its financial results for the fiscal year ended December 31, 2022. The Company's press release issued March 31, 2023 is attached as Exhibit 99.1.

**Item 9.01. Financial Statements and Exhibits**

**(a)** **Financial statements:** 

None

**(b)** **Pro forma financial information:** 

None

**(c)** **Shell company transactions:** 

None

**(d)** **Exhibits** 

99.1 Press Release dated March 31, 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.

---

| | | |
|:---|:---|:---|
| Dated: March 31, 2023 | **FIRSTHAND TECHNOLOGY VALUE FUND, INC.** | **FIRSTHAND TECHNOLOGY VALUE FUND, INC.** |
|  | By: | /s/ Kevin Landis |
|  |  | Kevin Landis |
|  |  | *President* |

---

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [99.1](fp0082942-1_ex991.htm) | [Press release dated March 31, 2023](fp0082942-1_ex991.htm) |

---

## Exhibit 99.1

News Release

**Firsthand Technology Value Fund Announces Fiscal Year**

**Financial Results, NAV of $4.44 Per Share**

San Jose, CA, March 31, 2023 – 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 fiscal year ended December 31, 2022.

As of December 31, 2022, the Fund's net assets were approximately $30.6 million, or $4.44 per share, compared with net assets of approximately $94.8 million, or $13.75 per share as of December 31, 2021. As of December 31, 2022, the Fund's portfolio included public and private securities valued at approximately $40.1 million, or $5.82 per share, which includes approximately $0.10 per share in cash and cash equivalents.

**Portfolio Summary (as of 12/31/22)**

---

| | | |
|:---|:---|:---|
| **Investment** | **Fair Value<sup>1,</sup>** | **Fair Value**<br> **per Share<sup>1,2</sup>** |
| Equity/Debt Investments | $39.45 million | $5.72 |
| Cash/Cash Equivalents | $0.67 million | $0.10 |
| Other Assets | $0.08 million | $0.01 |
| &nbsp;&nbsp;&nbsp;Total Assets | $40.20 million | $5.83 |
| &nbsp;&nbsp;&nbsp;Total Liabilities | $9.59 million | $1.39 |
| **Net Assets** | **$30.61 million** | $**4.44** |

---

<sup>1</sup> Numbers may not sum due to rounding.

<sup>2</sup> Total shares outstanding: 6,893,056.

News Release

During the fourth quarter of 2022, 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 information from an independent valuation firm and considered 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 fiscal year ended December 31, 2022, the Fund reported a total investment loss of approximately $10.0 million. After fees and expenses, the Fund reported a net investment loss of approximately $12.4 million. The Fund reported net realized and unrealized losses on investments of approximately $51.7 million for the year.

Throughout the year, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

**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.* 

News Release

*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