Rand Capital Confirms 1-For-9 Reverse Stock Split Effective at 5:00 p.m. ET Today
May 21 2020 - 8:35AM
Business Wire
Rand Capital Corporation (Nasdaq:RAND) (“Rand” or “Rand Capital”
or the “Company”), a business development company, today confirmed
that it is proceeding with its previously announced 1-for-9 reverse
stock split of the Company's common stock. The reverse split will
be effective today at 5:00 p.m. Eastern Time (the "Effective
Time"), and the Company's common stock will begin trading on a
split-adjusted basis on the Nasdaq Stock Market as of the market
open on May 22, 2020.
The reverse stock split affects all issued and outstanding
shares of the Company's common stock including shares held in
treasury. The reverse stock split will reduce the number of issued
and outstanding shares of the Company's common stock from
23,845,470 shares and 23,304,424 shares, respectively, to
approximately 2,649,496 shares and 2,589,380 shares, respectively,
subject to payment of cash in lieu of fractional shares. The
reverse stock split affects all shareholders uniformly and will not
alter any shareholder's percentage interest in the Company's
outstanding common stock, except for adjustments that may result
from the treatment of fractional shares.
No fractional shares will be issued as a result of the reverse
stock split. The Company will pay cash in lieu of any fractional
shares, which amount will be determined based on the closing price
of a share of Rand’s common stock on the Nasdaq Stock Market on May
20, 2020 (as adjusted to give effect to the reverse stock split).
Shareholders holding share certificates will receive information
from Continental Stock Transfer & Trust regarding the process
for exchanging their shares of common stock.
ABOUT RAND CAPITAL Rand Capital (Nasdaq:RAND) is an
externally managed Business Development Company (BDC) with a wholly
owned subsidiary licensed by the U.S. Small Business Administration
(SBA) as a Small Business Investment Company (SBIC). The Company’s
investment objective is to maximize total return to its
shareholders with current income and capital appreciation by
focusing its debt and related equity investments in privately held,
lower middle market companies with committed and experienced
managements in a broad variety of industries. Rand invests in early
to later stage businesses that have sustainable, differentiated and
market-proven products, revenue of more than $2 million and a path
to free cash flow or up to $5 million in EBITDA. The Company’s
investment activities are managed by its external investment
adviser, Rand Capital Management LLC.
Additional information can be found at the Company’s website
where it regularly posts information:
https://www.randcapital.com/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200521005076/en/
Company: Allen F. ("Pete") Grum President and CEO
716.853.0802 pgrum@randcapital.com
Investors: Deborah K. Pawlowski Kei Advisors LLC
716.843.3908 dpawlowski@keiadvisors.com
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Mar 2024 to Apr 2024
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Apr 2023 to Apr 2024