As of September 30, 2004, TINY had a NAV of $4.44 per share:
biz.yahoo.com
Harris & Harris Group Reports Balance Sheet for Nine Months Ended September 30, 2004
Wednesday October 27, 4:16 pm ET
NEW YORK--(BUSINESS WIRE)--Oct. 27, 2004--Harris & Harris Group, Inc., announced today that its unaudited gross assets and net assets were $80,757,636 and $76,505,012, respectively. Net asset value per share was $4.44.
Gross assets, net assets and net asset value per share increased during the quarter, reflecting both a successful follow-on offering of the Company's shares and a successful initial public offering (IPO) of one of the Company's portfolio companies, NeuroMetrix, Inc. (Nasdaq: NURO - News).
In the Company's oversubscribed follow-on offering, underwritten by ThinkEquity Partners and Punk, Ziegel & Company, the Company sold 3,450,000 of its shares at $11.25 per share, for net proceeds after underwriting discount and expenses of $36,127,675, resulting in an increase in net asset value of $1.52 per share. In NeuroMetrix's oversubscribed IPO, underwritten by Punk, Ziegel & Company and WR Hambrecht + Co., NeuroMetrix sold 3,450,000 of its shares at $8.00 per share.
At September 30, 2004, Harris & Harris Group valued its 1,137,570 shares of NeuroMetrix at $8.79, a 12.11 percent discount to its closing price on NASDAQ on that day. This discount reflects a lock-up of the Company's shares that expires on January 18, 2005. Prior to NeuroMetrix's IPO, Harris & Harris Group had valued its shares at $6.00 per share.
SUMMARY OF FINANCIAL RESULTS
September 30, June 30, September 30,
2004 2004 2003
(Unaudited) (Unaudited) (Unaudited)
Total Assets $80,757,636 $42,342,430 $34,392,032
Net Assets $76,505,012 $39,266,216 $24,225,912
Total Net Income Tax
Liability $1,306,047 $661,294 $585,749
Net Asset Value per Share $4.44 $2.85 $2.11
Shares Outstanding 17,248,845 13,798,845 11,498,845
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