Firsthand Technology Value Fund, Inc 8-K, filed Sep 25, 2023
Firsthand Technology Value Fund, Inc. (SVVC)
About this 8-K
Firsthand Technology Value Fund, Inc filed this 8-K on September 25, 2023, reporting on events of September 22, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
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SECURITIES AND EXCHANGE COMMISSION
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Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
On September 22, 2023, Rodney Yee resigned as a member of the Board of Directors of Firsthand Technology Value Fund, Inc. (the “Fund”) in order for the Fund’s Board of Directors to continue to comply with Section 56 of Investment Company Act of 1940 (the “Company Act”), which requires that the Fund have a majority of its directors who are not “interested” persons of the Fund within the meaning of the Company Act. The resignation of Mr. Nicholas Petredis as a Director in August 2023 for health reasons means that the Board would not otherwise meet that requirement under Section 56.
In addition, effective on September 22, 2023, Mr. Kimun Lee has moved from being a Class III Director (with a term that had a specified expiration at the annual meeting of stockholders in 2023, but who has continued to serve as Class III Director as a result of the inability to obtain a quorum to hold that annual meeting) to being a Class II Director (with a term expiring at the annual meeting of stockholders in 2025), through his resignation as a Class III Director and his election by the Board of Directors as a Class II Director. This change occurred in order to provide each class with one director.
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.
| September 25, 2023 | FIRSTHAND TECHNOLOGY VALUE FUND, INC. | ||
| By: | /s/ KEVIN LANDIS | ||
| Kevin Landis | |||
| President | |||