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Section 1: 8-K (FORM 8-K)

herc20190507_8k.htm

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 


 

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):

May 7, 2019 

 

Hercules Capital, Inc.
(Exact name of registrant as specified in its charter)

 

 

Maryland 

814-00702 

74-3113410 

(State or other jurisdiction

of incorporation)

(Commission File No.)

(I.R.S. Employer

Identification No.)

 

400 Hamilton Ave., Suite 310

Palo Alto, CA

 

94301

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (650) 289-3060

 

Not Applicable

(Former name or address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)

 

                                             Emerging growth company          ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

HTGC

New York Stock Exchange

5.25% Notes due 2025

HCXZ

New York Stock Exchange

6.25% Notes due 2033

HCXY

New York Stock Exchange

 

 

 

 

Item 8.01 Other Events 

 

On May 7, 2019, Hercules Capital, Inc. issued a press release announcing that it promoted R. Bryan Jadot to Head of Life Sciences Venture Lending and Steve Kuo to Head of Technology Venture Lending. The text of the press release is included as an exhibit to this Form 8-K.

 

Item 9.01 Financial Statements and Exhibits 

 

(d)

Exhibits

   

99.1

Press Release dated May 7, 2019

 

 

 

 

SIGNATURES 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 
    HERCULES CAPITAL, INC.  
         

May 7, 2019

 

By:

/s/ Melanie Grace

 
     

Melanie Grace

General Counsel and Secretary

 
         

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

ex_143474.htm

Exhibit 99.1

 

 

 

Hercules Capital Appoints Two Senior Investment

Professionals in New Leadership Roles

 

R. Bryan Jadot to Lead Life Sciences Venture Lending and Steve Kuo to Head Technology Venture Lending

 

 

PALO ALTO, Calif., May 7, 2019 Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the “Company”), the largest specialty financing provider to innovative venture growth stage companies backed by leading venture capital and private equity firms, today announced the promotions of R. Bryan Jadot to Head of Life Sciences Venture Lending and Steve Kuo to Head of Technology Venture Lending. Jadot and Kuo each served long-term tenures of more than 13 years at Hercules, respectively, and have made significant contributions to the growth of the Company’s debt and equity investment portfolio which stands at more than $2.1 billion today. Both will continue to report to Scott Bluestein, interim chief executive officer and chief investment officer of Hercules.

 

“Both Bryan and Steve have made significant contributions to the firm, each demonstrating their industry insights and value to the expansion and success of our industry-leading venture lending platform,” stated Scott Bluestein. “Based on their proven track record and experience growing our two largest investment groups, we are proud to recognize them for their accomplishments and we look forward to their continued leadership of our venture life sciences and venture technology groups. I have worked closely with Bryan and Steve since 2010 and I am confident that these promotions will position us best for continued success and platform expansion. Moving forward, we will continue to opportunistically and strategically make investments in our organization that helps achieve our growth objectives for the year and supports our vision of becoming a broader provider of specialty debt financing solutions.”

 

R. Bryan Jadot is the Head of Venture Lending for the Life Sciences Group and brings nearly 20 years of financial and credit structuring experience to Hercules. Prior to joining Hercules in 2005, Mr. Jadot served as vice president of the Life Sciences Group at Silicon Valley Bank in Newton, MA where he co-managed a banking group dedicated to New England-based life science clients including biotechnology, medical device, and healthcare IT clients. He also worked as the vice president of the Software Group at Silicon Valley Bank in Palo Alto, CA. Prior to Silicon Valley Bank, Mr. Jadot worked with the Corporate Banking arm of the Banque Nationale de Paris in San Francisco, CA and was an assistant economist with the Department of Treasury’s Office of Eastern Europe and former Soviet Union in Washington DC.

 

Steve Kuo is the Head of Venture Lending for the Technology Group at Hercules and brings more than 16 years of operational and structured finance experience. Since joining Hercules in 2006, he has led over $1.2 billion in capital investments. Mr. Kuo was appointed a co-head of Hercules Capital SaaS Finance division in 2018 and has been involved with early stage startups with passionate founders and great concepts as well as billion-dollar revenue businesses looking to finance their next big market. Prior to Hercules, he was a strategic member of Lightcross, a silicon photonics startup, where he led the product management team. Before joining Lightcross, he was a principal at Comdisco Ventures.

 

 

 

 

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 $8.9 billion to over 460 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 (NYSE) under the ticker symbol “HTGC.” In addition, Hercules has six outstanding bond issuances of:

 

Institutional Notes PAR $1000.00

 

4.625% Notes due 2022

 

Retail Notes (“Baby Bonds”) PAR $25.00

 

5.25% Notes due 2025 (NYSE: HCXZ)

 

6.25% Notes due 2033 (NYSE: HCXY)

 

Convertible Notes

 

4.375% Convertible Notes due 2022

 

Securitization Notes

 

4.605% Asset-backed Notes due 2027

 

4.703% Asset-backed Notes due 2028

 

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.

 

Contact:

 

Michael Hara                                   

Investor Relations and Corporate Communications          

Hercules Capital, Inc.                

(650) 433-5578                              

mhara@htgc.com

 

 

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