UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 8.01. Other Events.
On March 23, 2018, the Consolidated Appropriations Act of 2018, which included the Small Business Credit Availability Act (the “Act”), was signed into law. The Act amended the Investment Company Act of 1940, as amended (the “1940 Act”) to permit a business development company (a “BDC”) to reduce the required minimum asset coverage ratio applicable to it from 200% to 150%, subject to certain requirements described therein. On January 24, 2024, the board of directors (the “Board”) of Rand Capital Corporation (the “Company”), including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the Board, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act, as amended by the Act. As a result, the Company’s asset coverage requirements for senior securities will automatically be changed from 200% to 150%, effective January 24, 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RAND CAPITAL CORPORATION | ||
Date: January 29, 2024 | ||
By: | /s/ Daniel P. Penberthy | |
Name: | Daniel P. Penberthy | |
Title: | President and Chief Executive Officer |