Firsthand Technology Value Fund commenced a "modified Dutch auction" tender offer to buy up to $4 million of the company's common shares at a price of $6 to $8 each, in increments of 10 cents.
The tender offer will expire at 5 p.m. ET on Jan. 30, 2020.
The company and its board chairman and CEO, Kevin Landis, will buy the shares tendered for cash. If the tender offer is fully subscribed, the company and Landis will collectively buy between 500,000 shares and 666,666 shares, or between 6.97% and 9.29%, respectively, of the company's outstanding common shares.
Georgeson LLC is serving as the information agent for the tender offer.