Rand Capital Corporation announced that it closed on the previously announced transaction with East Asset Management (“EAM”). The transaction included a $25 million strategic investment in Rand by EAM, in exchange for approximately 8.3 million shares of Rand common stock. The investment was comprised of approximately $15.5 million of cash and $9.5 million of portfolio assets. Concurrent with the closing of the transaction, Rand’s management and staff became employees of Rand Capital Management, LLC (“RCM”). In conjunction with the closing, the Board welcomed two new directors proposed by EAM. The new directors are Adam Gusky, Chief Investment Officer of EAM, and Benjamin E. Godley, Chief Executive Officer of Contributor Development Partnership (“CDP”). Adam Gusky is the Chief Investment Officer of EAM. Mr. Gusky has been with EAM since 2010. Ben Godley founded CDP and became its CEO in 2018. CDP is a public benefit corporation focused on improving the operational efficiency and revenue generation capacity of the public media system. Prior to that, Mr. Godley was the Chief Operating Officer of WGBH, where he was responsible for business strategy, financial, and day-to-day operational management of the $240 million, 950 employee educational non-profit.