Tue, Nov. 15, 9:35 AM
Mon, Nov. 14, 10:33 AM
- Noting what's now a five-year stretch of declines in the share price, NAV, and the ability to get any interest from the market, Harris & Harris (TINY +5.7%) says it's time for a change.
- Management and the board have been working on a plan to address business-model issues - structural public market changes, the BDC structure, and regulatory burdens - and early in January plans to discuss with shareholders.
- Meanwhile, Q3's earnings call is set for tomorrow morning at 10 ET.
- TINY +4.1%
Tue, Aug. 9, 2:53 PM
Tue, May 31, 7:58 PM
- Patricia N. Egan is resigning and Harris & Harris' (NASDAQ:TINY) CFO and chief compliance officer, effective June 30. President/COO Daniel B. Wolfe is replacing Egan as CFO and compliance chief; Wolfe was previously CFO from 2008-2013. (8-K filing)
- The company also says it's eliminating the title of COO, as well as that of managing director. Wolfe and chairman/CEO Doug Jamison have held the title of managing director.
Tue, May 10, 12:02 AM
- Harris&Harris (NASDAQ:TINY): Q1 EPS of -$0.20
- Total investment income of $0.3M (+114.3% Y/Y)
Wed, Mar. 16, 6:10 AM
- Harris&Harris (NASDAQ:TINY): Q4 EPS of $0.07.
- Total investment income of $0.24M (+71.4% Y/Y).
Wed, Feb. 3, 12:41 PM
- Harris & Harris' (TINY +6.3%) Magic Leap raises $793.5M in a new funding round led by Alibaba Group.
- Another portfolio company - Mersana Therapeutics - enters a partnership with Takeda Pharmaceuticals giving Takeda the rights to market Mersana's XMT-1522 outside the U.S. and Canada. Mersana will receive an upfront payment of $40M and another $20M upon clearance of the investigational new drug application by the FDA. Milestone payments could go above $750M, as well as royalties.
Mon, Jan. 25, 3:16 PM
- Modest declines in the major averages are masking the continued liquidation in a number of financial sectors.
- Hotel REITs: Pebblebrook Hotel (PEB -2.4%), LaSalle Hotel (LHO -2.2%), FelCor Lodging (FCH -2.9%), DiamondRock Hospitality (DRH -3.3%)
- Nonbank servicing: Ocwen Financial (OCN -6.9%), Walter Investment (WAC -10.5%), Nationstar Mortgage (NSM -6.7%), Altisource Portfolio (ASPS -4.6%), New Residential (NRZ -3.2%)
- Mortgage REITs: Two Harbors (TWO -3.8%), Invesco (IVR -4.3%), American Capital Mortgage (MTGE -3.4%), Western Asset (WMC -3.7%), Apollo Residential (AMTG -3.8%), AG Mortgage (MITT -3.9%)
- BDCs: Prospect Capital (PSEC -4%), Apollo Investment (AINV -2.2%), Medley Capital (MCC -4.1%), Gladstone Capital (GLAD -4.4%). A few in this sector are managing gains though: Main Street (MAIN +1%), TICC Capital (TICC +1.9%), Harris & Harris (TINY +1.8%)
Dec. 28, 2015, 12:41 PM
- Venture capital outfit Harris & Harris (TINY -0.5%) receives $2.1M from the achievement of an undisclosed milestone associated with Amgen's acquisition of BioVex Group in March 2011. The payment increases its total gross proceeds from the sale to ~$12.8M, more that triple its original investment of ~$4M. Its return could increase by another $5.4M upon the achievement of additional undisclosed milestones.
Nov. 16, 2015, 10:57 AM
- Harris & Harris Group's (TINY +1.4%) portfolio company, D-Wave Systems, has entered into a multi-year agreement with Lockheed Martin (LMT +2.4%) to upgrade the firm's 512-qubit D-Wave Two quantum computer to the new D-Wave 2X system with 1,000+ qubits.
- This represents the second system upgrade since Lockheed Martin became D-Wave's first customer in 2011 with the purchase of a 128-qubit D-Wave One system.
Nov. 10, 2015, 7:51 AM
- Frustrated by the "paradox" of company investments performing well, but said performance not being translated into a stronger NAV or share price, Harris & Harris (NASDAQ:TINY) announces four steps to be taken immediately:
- 1) Cut net operating losses by 25-30% next year by slashing some $4M in expenses;
- 2) Return a higher portion of future realized gains to owners in the form of dividends and buybacks. The company launched a $2.5M six-month buyback plan in Q3, and to date has repurchased 418.2K shares;
- 3) Focus new investments on companies with the potential to generate near-term income;
- 4) Seek to build certain current/future portfolio companies addressing the precision health and medicine markets as majority-owned subsidiaries or controlled partner companies.
- NAV per share of $2.80 as of Sept. 30 fell from $3.34 one quarter earlier. Last night's close was $2.11.
Oct. 27, 2015, 12:36 PM
- After pricing its 5M-share IPO at $5 (well below an initial range of $10-$12), Adesto Technologies (NASDAQ:IOTS) opened at $5.60 and is currently at $5.89, up 17.9%.
- Adesto, which makes low-power memory for wireless and embedded/IoT devices, is valued at a modest $87M, or 2.1x 2014 sales. Harris & Harris (TINY -0.5%) has a 1.57M-share (10.6%) post-IPO stake currently worth $9.2M.
- Prospectus, IPO analysis
- Previously: Low-power memory maker Adesto files for IPO
Oct. 11, 2015, 7:19 PM
- "Since landing in San Francisco on Wednesday, I’ve met with an assortment of senior venture capitalists, bankers, entrepreneurs and crossover investors," writes Fortune's Dan Primack in a recent column. "All of them have, in one way or another, been involved with so-called ‘unicorn’ companies. As in the past, they are nearly unanimous in sentiment. The difference now is that their sentiment is fear."
- With the Nasdaq having swooned in recent months (companies with steep multiples and/or heavy cash burn have been especially hard-hit) and several prominent tech IPOs trading below their offering prices, many of the investors who who poured money into dozens of private tech companies at $1B+ valuations are becoming more cautious.
- An unnamed tech banker: "This shift is only five or six weeks old, so most companies haven’t felt it yet. But I know of many companies who raised money at $1 billion valuations last year that are now being told that, to raise money now, they need to take around $700 million or $800 million."
- The ranks of private tech companies sporting $1B+ valuations (the proverbial unicorns) has exploded over the last three years, with much of their funding coming from non-traditional sources. UBER ($51B valuation), Airbnb (AIRB - $25.5B), Palantir ($20B), Snapchat ($16B), Flipkart (FPKT - $15B) are among the most high-profile unicorns.
- Publicly-traded investors in private tech companies: GSVC, SVVC, TINY
- 8 months ago: VC Gurley argues fear of missing out leading startup valuations to soar
Oct. 2, 2015, 10:13 AM
- Canon bought the former portfolio company of Harris & Harris (TINY -1.4%) in April 2014. Following the achievement of certain targets by Molecular, TINY received a check for $800K from Canon, bringing total gross proceeds from the sale of $7.8M.
- Harris & Harris could receive another $900K upon achievement of an additional milestone. Its original investment in Molecular was $4.5M.
Sep. 29, 2015, 3:24 PM
- It's not just about energy anymore, according to a BAML report. "The malaise is spreading." High-yield, says the team, "[is] a slow-moving train wreck that just seems to be accelerating."
- Equity-type proxies for the high-yield market, business development companies are under major selling pressure again today, with already large discounts to NAVs growing even wider.
- Previously: Ares Capital greenlighted for $100M in buybacks (Sept. 28)
- Prospect Capital (PSEC -3.6%), Ares Capital (ARCC -2.7%), Apollo Investment (AINV -4%), TCP Capital (TCPC -5.4%), Monroe Capital (MRCC -4.5%), Oxford Lane Capital (OXLC -5.4%), PennantPark Investment (PNNT -1.8%), American Capital (ACAS -2.5%), Medley Capital (MCC -4.1%), Harris & Harris (TINY -5.4%)
- ETFs: BDCL, BDCS, BIZD, FGB
Sep. 15, 2015, 12:04 PM
- Adesto Technologies, a company declaring itself to provide "the world’s lowest power memory solutions," has filed for an IPO under the symbol IOTS. Needham, Oppenheimer, and Roth are underwriting. (prospectus)
- Adesto's chips rely on a type of resistive RAM (ReRAM) called CBRAM, which (per Adesto) delivers lower power consumption and superior write speeds relative to rival non-volatile memories, and are well-suited for wireless and embedded/IoT devices. The company also sells serial flash ICs, and licenses its CBRAM IP to 3rd-party SoC developers.
- Rivals include Micron, Atmel, Cypress, and STMicroelectronics. Though Adesto's design wins have grown to 88 in 1H15 from just 32 in 2013, top-line growth has been hard to come by in recent quarters. The company had 1H15 revenue of $20.3M (-4% Y/Y), and a net loss of $4M. 2014 revenue totaled $41.5M (-16% Y/Y), and net loss $8.9M.
- VC firm Harris & Harris (TINY +1.7%) owns a 16.2% pre-IPO stake.