Rand Capital Corporation Announces Shareholder Election Results for Fourth Quarter 2024 Dividend

On January 13, 2025, Rand Capital Corporation (NASDAQ: RAND) revealed the outcomes of its shareholders’ choices for either cash or shares of the company’s common stock concerning the dividend that was originally announced on December 5, 2024. The dividend, totaling $4.20 per share or approximately $10.8 million, is set to be disbursed by the company on January 24, 2025.

A press release issued by the company on the aforementioned date disclosed that approximately $2.2 million, representing 20% of the dividend amount, will be paid in cash, excluding any fractions of shares. The remaining $8.7 million will be distributed in the form of shares of Rand’s common stock, with an approximate total of 389 thousand shares to be allocated based on the volume-weighted average price for the company’s stock over the three trading days concluding on December 13, 2024, at $22.30 per share. The total outstanding shares following this distribution are estimated to be around 2.97 million.

A notable 98% of the outstanding shares chose to receive the dividend in cash, with only 2% opting for stock. Due to the cash ceiling, shareholders electing cash will receive a pro-rata distribution of about 20.4% cash and 79.6% stock.

The distribution of the dividend, composed of both cash and stock, is scheduled to take place on or around January 24, 2025.

About Rand Capital Corporation:
Rand Capital Corporation is an externally managed business development company (BDC) listed on the NASDAQ under the symbol RAND. The company’s primary objective is to enhance total return to its shareholders by emphasizing current income and capital appreciation. It achieves this by focusing its debt and equity investments on privately-held lower middle market companies with committed and experienced managements across various industries. Rand targets businesses with sustainable, differentiated products, revenue surpassing $10 million, and EBITDA exceeding $1.5 million. The company’s investment operations are overseen by its external investment adviser, Rand Capital Management, LLC. Additional information regarding Rand Capital Corporation is regularly shared on its website at randcapital.com.

Please note that any inquiries can be directed to Daniel P. Penberthy, President and CEO at 716-853-0802 or the Investor Relations team at Alliance Advisors IR, led by Deborah K. Pawlowski and Craig P. Mychajluk, via email at [email protected] or [email protected] respectively.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Rand Capital’s 8K filing here.

Rand Capital Company Profile

Rand Capital Corporation is a business development company specializing in subordinated debt with warrants or preferred equity and venture capital investments. Within private equity, the firm specializing in capital growth and lower middle market investments. Within venture capital, it specializing in early to late-stage private businesses.