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Item 5.07. Submission of Matters to a Vote of Security Holders
On June 9, 2023, Firsthand Technology Value Fund, Inc. (the “Fund”) was scheduled to hold its adjourned annual meeting of stockholders, which was adjourned from the original annual meeting date of May 26, 2023 in order to allow additional time for the submission of proxies in order to constitute a quorum for the conduct of business at the annual meeting.
The presence, in person or by proxy, of holders of shares entitled to cast a majority of the votes entitled to be cast at the annual meeting constitutes a quorum for purposes of the annual meeting. No business may be conducted at the annual meeting if a quorum is not present.
As of the record date, 6,893,056 shares of common stock were outstanding, which means that 3,446,529 shares of common stock were required to be present in order to constitute a quorum. According to the independent Inspector of Election for the annual meeting, 2,586,109 shares of common stock were present for the annual meeting, fewer than required for a quorum.
Therefore, no business was conducted and none of the nominees for the two director positions designated as Class III directors were elected. The two incumbent directors currently designated as Class III directors, Kevin Landis and Kimun Lee, will continue to serve until the next annual meeting of stockholders, and until their successors are elected and qualify.
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.
| June 13, 2023 | FIRSTHAND TECHNOLOGY VALUE FUND, INC. | ||
| By: | /s/ Kevin Landis | ||
| Kevin Landis | |||
| President | |||