Rand Capital Corp. Form 8-K Summary
Business Context and Reporting Period
Rand Capital Corporation (RAND) filed a Current Report on Form 8-K dated September 11, 2025. The filing addresses a change in the Company's independent registered public accounting firm. The Company is incorporated in New York and its common stock trades on the Nasdaq Capital Market.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly procedural regarding the appointment of an auditor.
Material Changes
- Accountant Replacement: The Audit Committee and Board of Directors approved the replacement of Freed Maxick, P.C. ("FM") as the independent registered public accounting firm, effective September 11, 2025.
- Reason for Change: The replacement was necessitated by the acquisition of certain assets of FM by Withum Smith+Brown, PC ("Withum").
- New Appointment: Withum was appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately.
Management Commentary and Risks
Management confirmed that during the fiscal years ended December 31, 2023 and 2024, and the interim period through September 11, 2025:
- There were no "disagreements" with the former auditor (FM) regarding accounting principles, practices, financial statement disclosure, or auditing scope.
- There were no "reportable events" as defined by Regulation S-K.
- The audit reports issued by FM for 2023 and 2024 were unqualified and did not contain adverse opinions or disclaimers.
- No consultations were held with the new auditor (Withum) regarding accounting principles or reportable events prior to their appointment.
Investor Verification Checklist
- Verify the transition timeline and scope of work between Freed Maxick, P.C. and Withum Smith+Brown, PC.
- Review the letter from Freed Maxick, P.C. filed as Exhibit 16.1 to confirm their agreement with the Company's disclosures.
- Monitor future filings for the first audit report issued by Withum for the fiscal year ending December 31, 2025.