Rand Capital Congratulates ACV Auctions Inc. on Successful IPO
March 24 2021 - 5:09PM
Business Wire
The Board of Directors of Rand Capital Corporation (Nasdaq:RAND)
(“Rand”) and the management team extend their congratulations to
the ACV Auctions Inc. team on their successful initial public
offering (“IPO”) today.
Pete Grum, President and CEO of Rand Capital, stated, “As an
early investor in ACV, we are proud to have been a part of their
success and offer our heartfelt congratulations for the fast-pace
at which they have developed their technology and advanced their
business. We were happy to support management and their vision to
change the world of the wholesale automobile marketplace.
Importantly, they too are a Buffalo-based company and this is a
great day for Buffalo!”
Rand invested in ACV Auctions acquiring Series Seed II Preferred
stock in August 2016. Following the IPO, Rand now holds 590,580
shares of ACV’s 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. 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/.
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version on businesswire.com: https://www.businesswire.com/news/home/20210324005959/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
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