Rand Capital Corporation Announces 2024 Annual Meeting of Shareholders

TL;DR

<b>Rand Capital Corporation will hold its 2024 Annual Meeting of Shareholders on May 7, 2024, to elect directors and ratify auditors.</b>

AI Summary

RAND CAPITAL CORP (RAND) filed a Proxy Statement (DEF 14A) with the SEC on April 1, 2024. The 2024 Annual Meeting of Shareholders for Rand Capital Corporation will be held virtually on May 7, 2024. Shareholders will vote on the election of five Directors and the ratification of Freed Maxick CPAs, P.C. as independent auditors. The record date for shareholders entitled to notice and voting is March 20, 2024. The proxy statement and annual report are available online at www.proxyvote.com. The meeting will be held virtually at www.virtualshareholdermeeting.com/RAND2024.

Why It Matters

For investors and stakeholders tracking RAND CAPITAL CORP, this filing contains several important signals. Shareholders have the opportunity to elect directors who will guide the company's strategy and governance until the next annual meeting. The ratification of the independent auditor is crucial for maintaining financial transparency and investor confidence.

Risk Assessment

Risk Level: — RAND CAPITAL CORP shows moderate risk based on this filing. The filing is a routine proxy statement for an annual shareholder meeting, with no immediate financial or operational changes indicated.

Analyst Insight

Shareholders should review the director nominees and auditor ratification proposal before the May 7th meeting.

Key Numbers

• 5 — Directors to be elected (Proposal 1: To elect five Directors to hold office until the next annual meeting.)
• December 31, 2024 — Fiscal Year End (The independent auditor is selected for the year ending December 31, 2024.)

Key Players & Entities

• RAND CAPITAL CORP (company) — Registrant and filer of the proxy statement.
• Freed Maxick CPAs, P.C. (company) — Proposed independent registered public accounting firm.
• Margaret W. Brechtel (person) — Executive Vice President, Treasurer and Secretary.
• May 7, 2024 (date) — Date of the Annual Meeting of Shareholders.
• March 20, 2024 (date) — Record date for shareholders entitled to vote.
• April 1, 2024 (date) — Date the proxy statement is first mailed to shareholders.

FAQ

Industry Context

Rand Capital Corporation is a business development company (BDC) that provides capital to small and medium-sized businesses. This filing is a standard proxy statement for its annual shareholder meeting.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies.

What Investors Should Do

1. Review the profiles of the five director nominees.
2. Evaluate the qualifications of Freed Maxick CPAs, P.C. as the independent auditor.
3. Vote on the proposals before the May 7, 2024, virtual meeting.

Key Dates

• 2024-05-07: Annual Meeting of Shareholders — Shareholders will vote on director elections and auditor ratification.
• 2024-03-20: Record Date — Shareholders of record on this date are entitled to vote.
• 2024-04-01: Mailing Date — Proxy statement and annual report first mailed to shareholders.

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, providing details for the upcoming annual shareholder meeting.

Key Financial Figures

• $0.10 — 1,021 shares of common stock, par value $0.10 per share (&ldquo;shares&rdquo;), issue

Filing Documents

• formdef14a.htm (DEF 14A) — 307KB
• proxy_001.jpg (GRAPHIC) — 150KB
• proxy_002.jpg (GRAPHIC) — 86KB
• 0001493152-24-012415.txt (&nbsp;) — 632KB

Business

Business Experience and Occupations During Last Five Years Number of Portfolios in the Fund Complex Overseen by the Director or Director Nominee Other Director- ships (2) Directors and Director Nominees who are Interested Persons Adam S. Gusky (3) (49) c/o 14 Lafayette Square, Suite 1405, Buffalo NY 14203 Director 2019 Mr. Gusky has served as the Chief Investment Officer of East since its inception in 2010 and served as the Chief Investment Officer for East Resources Acquisition Company, a special purpose acquisition company, from its incorporation in May 2020 until the completion of its business combination transaction with Abacus Life, Inc. in June 2023. In addition, Mr. Gusky served on the investment committee of RCM, which is the external investment adviser for the Corporation and responsible for all aspects of the Corporation&rsquo;s investment process, from November 2019 until March 2023. Prior to joining East, Mr. Gusky worked for CNN/Sports Illustrated and o2 Wireless Solutions. Mr. Gusky earned both his Master of Business Administration (class of 2006) and his Bachelor of Arts degrees from Duke University (class of 1997). Mr. Gusky&rsquo;s extensive knowledge of deal structuring and financing transactions obtained during his service as the Chief Investment Officer for East makes Mr. Gusky qualified to serve as a Director. 1 Director of Abacus Life, Inc. (Nasdaq: ABL) Directors and Director Nominees who are not Interested Persons Robert M. Zak (66) c/o 14 Lafayette Square, Suite 1405, Buffalo NY 14203 Director and Chair of the Board 2005 Mr. Zak has served as the non-executive Board Chair of Merchants Mutual Insurance Company (&ldquo;Merchants&rdquo;) since April 2021. From 1995 to April 2021, Mr. Zak served as President and Chief Executive Officer of Merchants, which operates under the trade name Merchants Insurance Group. Mr. Zak joined Merchants in 1985 and served in a number of finance roles until 1995. P

View Full Filing

View this DEF 14A filing on SEC EDGAR