Firsthand Technology Value Fund Announces Voluntary Delisting from Nasdaq
Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC), a venture capital fund specializing in technology and cleantech investments, has made the decision to voluntarily delist its common stock from the Nasdaq Global Market. The company has notified the Nasdaq Stock Market LLC of its intent to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) on or about October 16, 2023, with the delisting expected to become effective on or about October 26, 2023.
The Fund had previously received written notices from Nasdaq regarding non-compliance with the minimum bid price and minimum market value of publicly held shares requirements for continued listing on the Nasdaq Global Market. After careful evaluation, the Fund’s board of directors has determined that voluntary delisting is in the best interests of the Fund and its stockholders. The decision takes into account factors such as the inability to regain compliance with Nasdaq listing rules and the associated costs, as well as the potential for lower operating costs and management time commitment with a delisting.
Following the delisting, the Fund anticipates that its common stock will be quoted on the OTCQB or another market operated by OTC Markets Group Inc. However, there is no guarantee that a trading market will continue to exist for the common stock. The Fund is not currently taking steps to deregister as a public company under the Securities Exchange Act of 1934.
Firsthand Technology Value Fund, Inc. is a non-diversified, closed-end investment company that focuses on investing in technology and cleantech companies. The Fund’s investment objective is to seek long-term growth of capital, with at least 80% of its total assets allocated to technology and cleantech investments.
For more information about Firsthand Technology Value Fund, Inc. and its holdings, please visit www.firsthandtvf.com.
Please note that this press release contains forward-looking statements, and readers should refer to the original source for a comprehensive understanding of the risks and uncertainties associated with these statements.
Source: [Business Wire](https://www.businesswire.com/news/home/20231006684383/en/)