Rand Capital replaces auditor Freed Maxick with Withum after FM asset acquisition

RAND CAPITAL CORP

Audit Committee and Board approved change on September 11, 2025.
Freed Maxick replaced due to acquisition of certain assets by Withum.
No disagreements or reportable events with FM in fiscal 2023 and 2024.
Withum appointed as independent auditor for fiscal year ending December 31, 2025.
Freed Maxick letter agreeing with disclosures filed as Exhibit 16.1.

item 4.01item 9.01

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