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Rand Capital OKs Deal to Sell $25 Mln Shares to East Asset Management

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Rand Capital ( RAND ), a business development company, said Friday its board has entered into an agreement to sell 8.3 million shares of its common stock to East Asset Management, LLC for $25 million in cash and assets.

The consideration or $3 per share represents a 33% premium from the stock's previous close.

Upon closing, the company plans to restructure into a regulated investment company (RIC) for US federal tax purposes. To qualify as RIC, the company will pay a special dividend of $1.50 per share.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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