Hercules Capital Announces the Acquisition of Portfolio Company JumpStart Games, Inc. by NetDragon Websoft Holdings Limited
14 July 2017 - 8:00PM
Business Wire
Hercules Capital, Inc. (NYSE:HTGC) (“Hercules” or the
“Company”), the leading specialty finance company to innovative,
venture growth, pre-IPO and M&A stage companies backed by
leading venture capital firms, today announced a portfolio company
liquidity event with the acquisition of JumpStart Games, Inc. by
NetDragon Websoft Holdings Limited (HKSE: 0777), a global leader in
building online communities, especially in the areas of gaming and
education. NetDragon is located in Fuzhou, Fujian, China.
Hercules had committed $14.6 million in venture debt financing
to JumpStart initially in March 2014. As of March 31, 2017, the
JumpStart senior secured debt investment was on non-accrual status,
with a value of $3.1 million. The acquisition was completed by
NetDragon in Hong Kong on July 4, 2017. Hercules is scheduled to
receive quarterly interest payments through June 30, 2018; and the
potential to receive principal repayment of a portion of its
outstanding obligation at maturity on June 30, 2018, subject to
adjustments of JumpStart.
In addition, the transaction also includes the potential for
additional principal and interest recovery from JumpStart
“performance-based earnouts” which are expected to be payable on
June 30, 2019, subject to the achievement of certain performance
milestones by JumpStart.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE:HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $6.7
billion to over 375 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
under the ticker symbol "HTGC."
In addition, Hercules has one outstanding bond issuance of 6.25%
Unsecured Notes due July 2024 (NYSE: HTGX).
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
The information disclosed in this press release is made as of
the date hereof and reflects Hercules most current assessment of
its historical financial performance. Actual financial results
filed with the SEC may differ from those contained herein due to
timing delays between the date of this release and confirmation of
final audit results. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties
and other factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including
the uncertainties surrounding the current market volatility, and
other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this release are made as of the date
hereof, and Hercules assumes no obligation to update the
forward-looking statements for subsequent events.
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version on businesswire.com: http://www.businesswire.com/news/home/20170714005091/en/
Hercules Capital, Inc.Michael Hara, 650-433-5578 HT-HNInvestor
Relations and Corporate Communicationsmhara@htgc.com
Hercules Capital (NYSE:HTGC)
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