RAND CAPITAL CORPORATION (NASDAQ:RAND) Files An 8-K Other Events
Item 8.01. Other Events.
On March 3, 2020, the Board of Directors of Rand Capital Corporation (the “Company”) declared a special dividend on the Company’s outstanding shares of common stock of $1.62 per share payable on May 11, 2020 to shareholders of record as of the close of business on April 2, 2020. The special dividend will be paid in cash or shares of the Company’s common stock at the election of each shareholder, although the total amount of cash to be distributed to all shareholders will be limited to 20% of the total special dividend to be paid to all shareholders. The remainder of the special dividend (80%) will be paid in the form of shares of the Company’s common stock. The exact distribution of cash and stock to any given shareholder will be dependent upon his or her election as well as elections of other shareholders, subject to the pro-rata limitation described above. The news release containing this information is attached as Exhibit 99.1 hereto and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated March 3, 2020
RAND CAPITAL CORP Exhibit
EX-99.1 2 ex99-1.htm Exhibit 99.1 FOR IMMEDIATE RELEASE Rand Capital Declares Special Dividend of $1.62 Per Share Rand plans to elect to be treated as a “Regulated Investment Company” (RIC) BUFFALO,…
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About RAND CAPITAL CORPORATION (NASDAQ:RAND)
Rand Capital Corporation is a closed-end, diversified, management investment company. The Company provides managerial assistance to the portfolio companies in which it invests. The Company makes venture capital investments in early or expansion-stage companies, typically in New York and its surrounding states. The Company makes the majority of its investments through its subsidiary, Rand Capital SBIC, Inc. (Rand SBIC), which operates as a small business investment company. The Company invests in a mixture of debt and equity instruments. The debt securities have an equity component in the form of warrants or options to acquire stock or the right to convert the debt securities into stock. The Company’s principal investment objective is to achieve long-term capital appreciation on its equity investments while maintaining a cash flow from the debenture and pass-through equity instruments. It makes initial investments in a company through equity or in debt or loan instruments.
