<SEC-DOCUMENT>0001193125-24-107030.txt : 20240719
<SEC-HEADER>0001193125-24-107030.hdr.sgml : 20240719
<ACCEPTANCE-DATETIME>20240423161358
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-107030
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240423

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hercules Capital, Inc.
		CENTRAL INDEX KEY:			0001280784
		ORGANIZATION NAME:           	
		IRS NUMBER:				743113410
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 NORTH B STREET
		STREET 2:		SUITE 2000
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94401
		BUSINESS PHONE:		650-289-3060

	MAIL ADDRESS:	
		STREET 1:		1 NORTH B STREET
		STREET 2:		SUITE 2000
		CITY:			SAN MATEO
		STATE:			CA
		ZIP:			94401

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HERCULES TECHNOLOGY GROWTH CAPITAL INC
		DATE OF NAME CHANGE:	20040219
</SEC-HEADER>
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<TITLE>CORRESP</TITLE>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Cira Centre</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">2929 Arch Street</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">Philadelphia, PA 19104-2808</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">+1 215 994 4000 Main</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">+1 215 994 2321 Fax</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">www.dechert.com</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>IAN HARTMAN</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">ian.hartman@dechert.com</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">+1 215 994 2277 Direct</P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#8195; </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;23, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S.&nbsp;Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Investment Management </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:
Alison T. White </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street NE </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,&nbsp;D.C. 20549
</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>RE:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">&#8195;Hercules Capital, Inc. &#151; Preliminary Proxy Statement on Schedule 14A filed on April&nbsp;12, 2024
(File <FONT STYLE="white-space:nowrap">No.&nbsp;814-00702)</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;White: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">On behalf of Hercules Capital, Inc. (the &#147;<U>Company</U>&#148;), set forth below are the Company&#146;s responses to the oral comments
provided by the staff of the Division of Investment Management (the &#147;<U>Staff</U>&#148;) of the Securities and Exchange Commission (the &#147;<U>Commission</U>&#148;) to the Company on April&nbsp;17, 2024 with respect to the Company&#146;s
Preliminary Proxy Statement on Schedule 14A (the &#147;<U>Preliminary Proxy Statement</U>&#148;), filed with the Commission on April&nbsp;12, 2024. The Staff&#146;s comments are set forth below and are followed by the Company&#146;s responses. Where
indicated, revised disclosure has been included in the Definitive Proxy Statement on Schedule 14A filed by the Company on the date hereof (the &#147;<U>Definitive Proxy Statement</U>&#148;).&nbsp;Unless otherwise noted, references to page numbers
herein refer to the page numbers of the Preliminary Proxy Statement. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <B>The Staff is unable to locate where the Company discloses the effect of broker <FONT
STYLE="white-space:nowrap">non-votes</FONT> on the outcome of Proposal 4. Please advise or revise.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company respectfully submits that on page 51 of the Preliminary Proxy Statement we disclose that Proposal 4 is a
routine matter and if a shareholder does not provide its broker, bank or nominee with voting instructions, then such broker, bank or nominee will be able to vote the shareholder&#146;s shares with respect to Proposal 4 on its behalf. In addition,
the Company has revised page iii to highlight the effect of broker <FONT STYLE="white-space:nowrap">non-votes</FONT> on the outcome of Proposal 4. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Comment</U></B>: <B>Please include the disclosure required by Item 408(b) of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> which is required by Item 7(b) of Schedule&nbsp;14A.</B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>:
The Company has revised the above-referenced disclosure on page 8 in the Definitive Proxy Statement in response to the Staff&#146;s comment. </P>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">April&nbsp;23, 2024</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"> Page
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<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Comment: Consider adding LTRSU to the list of Key Definitions on page 21. </B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Response</U></B>: The Company has revised the above-referenced disclosure in the Definitive Proxy Statement in response to the
Staff&#146;s comment. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">If you have any questions, please feel free to contact the undersigned by telephone 215.994.2277 (or by email at ian.hartman@dechert.com) or
Jonathan Gaines at 212.641.5600 (or by email at jonathan.gaines@dechert.com). </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ian Hartman</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ian Hartman</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Scott Bluestein, Hercules Capital, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Kiersten Zaza Botelho, Hercules Capital, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Seth Meyer, Hercules Capital, Inc.</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jay Alicandri, Dechert LLP</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
<TD VALIGN="top">Jonathan Gaines, Dechert LLP</TD></TR>
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