SCHEDULE: Star Equity Group Amends Firsthand Technology Value Fund Stake

Star Equity Fund and its affiliates, including Hudson Global and Jeffrey E. Eberwein, have filed an Amendment No. 13 to their Schedule 13D, reaffirming their beneficial ownership of 29.4% of Firsthand Technology Value Fund, Inc. common stock.

Summary

• Star Equity Fund, LP, along with its affiliates Star Equity Fund GP, LLC, Star Investment Management, LLC, Star Operating Companies, Inc., Hudson Global, Inc., Star Value, LLC, and Jeffrey E. Eberwein, collectively reported beneficial ownership of 2,029,829 shares of Firsthand Technology Value Fund, Inc. common stock.
• This ownership represents approximately 29.4% of the Issuer's outstanding shares, based on 6,893,056 shares outstanding as of June 30, 2025, as reported in the Issuer's Form 10-Q filed on August 14, 2025.
• The filing is Amendment No. 13 to the original Schedule 13D filed on November 25, 2022.
• All reporting persons have sole voting and dispositive power over the 2,029,829 shares.
• No transactions in the Issuer's shares were entered into by any Reporting Person during the past 60 days.
• A Joint Filing Agreement was entered into by the Reporting Persons on August 22, 2025, to facilitate the joint filing of Schedule 13D statements.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership and group formation. It does not contain information that would inherently be positive or negative for the company or its stock price, but rather confirms an existing significant stake.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the disclosure of current beneficial ownership and the intent to file jointly.

Industry Context

This filing is a routine disclosure of a significant ownership stake by an investment group, common in the investment fund and activist investing landscape. It indicates a continued, substantial interest in Firsthand Technology Value Fund, Inc. by Star Equity Fund and its associated entities, including Hudson Global, which is a diversified holding company.

Corporate Governance

Stakeholder Impact

• Shareholders: The filing confirms a significant, stable ownership stake by a group of affiliated entities, which could be seen as a vote of confidence or a potential precursor to future activist actions, depending on the group's historical behavior. The 29.4% stake gives the group substantial influence.

Key Dates

Recommendation

This filing is an amendment to a Schedule 13D, primarily updating the reporting group's structure and reaffirming an existing significant ownership stake. It does not disclose new material information that would fundamentally alter the investment thesis for Firsthand Technology Value Fund, Inc. No new transactions were reported, suggesting a stable, rather than actively changing, position. Therefore, a 'hold' recommendation is appropriate as there's no immediate catalyst for a 'buy' or 'sell' based solely on this disclosure.

Keywords

Firsthand Technology Value Fund, Star Equity Fund, Hudson Global, Jeffrey E. Eberwein, Schedule 13D, Beneficial Ownership, Investment Management, Activist Investor, Equity Stake