General Discussion, page-120

I've been looking at this company for a couple of years now, but have yet to jump in. Thought I might take the plunge over the last week or so given the macro trends, the better cost control in the last quarterly, and the Chips act about to see funding flow to the sector.

The thing that has kept me out has been the issue (raised in this thread) on the status of the holding of the major holder (Firsthand), who have now put in the promissory note coverage.

From what I can gather from RVS releases (Feb 2022 annual report):

• Firsthand Tech Opportunities fund held 15 413 753 of the non-CDI shares - this doesn't look to have changed from the most recent release of this fund.
• Firsthand Venture Investors, which owns Firsthand Tech Value Fund, held 54 218 136 CDIs - this has changed from the funds documentation (see below)

Firsthand tech Value Fund quarterlies:

• On 31/12/2018 held 53 834 340 shares at cost base of 0.344 cents
• By 30/9/2019, 6M shares sold at a small profit (about $1.4M) leaving 46 834 340 shares at cost base of 0.288 cents (see their Q3 2019 report)
• By 30/9/2022, about 7M shares sold in the preceding months at a loss (about $1.1M) leaving 39 774 889 shares in the fund (see their Q3 2022 report)

From their own documentation there has been selling (both for a profit and for a loss). Of course there may have been selling to some other subsidiary of Firsthand Venture Investors (not the opportunity fund that is certain) so that the overall holding by Firsthand has remained the same. Or perhaps I have misread their reports.

Both firsthand funds haven't performed well over the last few years, and so together with some uncertainty over how many shares are held, I'm cautious given Firsthand seems in control of the debt funding to RVS.

Any further thoughts on this issue?