Firsthand Technology Value Fund, Inc.

Firsthand Technology Value Fund, Inc. is a business development company that specializes in venture capital investments. The fund targets start-up, early stage, middle stage, late stage, early development stage companies, and PIPEs (Private Investment in Public Equity). It focuses on pre-IPO companies, including those with unprofitable or marginally profitable operating histories, negative net worth, or those involved in bankruptcy or reorganization proceedings. The fund also invests in connection with company or division acquisitions or divestitures. Investment methods include direct investments in private companies, negotiations with selling shareholders, and organized secondary marketplaces for private securities. The fund may also invest in micro-cap publicly traded companies and other public company securities. Its primary focus is on private technology, information technology, and cleantech sectors, as well as companies possessing patents and other defensible intellectual property rights. Specific technology areas include Internet, consumer electronics, computer hardware, computer software, social networking, computer peripherals, solar photovoltaic, energy efficiency, solid-state lighting, water purification, wind-generated electricity, fuel cells, bio-fuels, electronic components, semiconductors, telecommunications, and advanced materials. Cleantech companies are defined as those selling goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce natural resource use. The fund primarily invests in equity securities of private companies within the United States, but also invests in securities of public companies located outside the United States. It aims to invest between $1 million and $10 million in each investee company. Equity investments are structured as preferred stock, common stock, warrants, limited partnership interests, options, other beneficial ownership interests, convertible debt, short term debt investments, high-yield bonds, and distressed debt. The fund prefers to control, have representation on, or observer rights on the board of directors of its portfolio companies. Exit strategies include strategic acquisition by other industry participants, initial public offerings of common stock, or other capital market transactions.