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Rand Capital Corporation (NASDAQ:RAND) ("Rand" or the "Company"), a business development company providing alternative financing for lower middle market companies, today announced the successful completion of the previously reported acquisition of its portfolio company, SciAps, Inc., by Spectris plc (LSE: SXS). The transaction closed on August 21, 2024, and yielded total proceeds for Rand at the closing of $13.1 million, exceeding the June 30, 2024 valuation for Rand's equity and debt investments in SciAps of $10.8 million.
The proceeds from the sale payable at closing to Rand consisted of $2.1 million in debt repayment, $165,000 in interest income and loan-related fees, and $10.8 million in equity return. These totals also reflect $244,000 held in transaction-related escrows.
Posted In: RAND
