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Firsthand Technology Value Fund, Inc. (NASDAQ:SVVC) (the "Fund" or "Firsthand"), a publicly-traded venture capital fund that invests in technology and cleantech companies, today notified the Nasdaq Stock Market LLC ("Nasdaq") of the Fund's decision to voluntarily delist its common stock from the Nasdaq Global Market and its intent to file a Form 25 with the U.S. Securities and Exchange Commission (the "SEC") on or about October 16, 2023. As a result, the Fund expects the delisting of its common stock to become effective on or about October 26, 2023.
As previously noted in the Fund's Current Report on Form 8-K filed with the SEC on May 3, 2023, and on the Fund's Current Report on Form 8-K filed with the SEC on July 28, 2023, the Fund had received written notices from Nasdaq that the Fund was not in compliance with the minimum bid price and minimum market value of publicly held shares requirements, respectively, for continued listing on the Nasdaq Global Market.
After careful evaluation of the options available to the Fund, the Fund's board of directors (the "Board") has determined that the voluntary delisting of the Fund's common stock from the Nasdaq Global Market is in the best interests of the Fund and its stockholders. The Board's decision was based on careful review of several factors, including the likely inability of the company to regain compliance with the relevant Nasdaq listing rules and the significant costs associated therewith. In addition, the Board believes a delisting provides the Fund and its stockholders lower operating costs and management time commitment for compliance activities.
The Fund anticipates that its common stock will be quoted on the OTCQB or other market operated by OTC Markets Group Inc. (the "OTC"), and it intends to take such actions to enable its common stock to be quoted on the OTCQB or on another OTC market so that a trading market may continue to exist for its common stock. There is no guarantee, however, that a broker will continue to make a market in the common stock and that trading of the common stock will continue on an OTC market or otherwise.
At this time, the Fund is not taking steps to deregister as a public company under the Securities Exchange Act of 1934.
Posted In: SVVC
