- Activist shareholder Bulldog Investors issues a public letter to Firsthand Technology Value Fund (SVVC) asking some tough questions of the close-ended VC fund.
- 2 of several points of contention: 1) "Why has SVVC filed for a $150 million rights offering while it has more than $100 million in cash and its shares trade at a discount of more than 20%?" 2) "SVVC converted from an open-end fund to a closed-end fund in April 2011 when the stock price was $27. Since then, the market, and especially tech stocks, have risen significantly. Yet, SVVC's stock price has declined by over 10%. Why?"