---
schema_version: "secwatch.filing_event.v1"
accession: "0001493152-25-013089"
form_type: "8-K"
ticker: "RAND"
cik: "0000081955"
company_name: "RAND CAPITAL CORP"
filed_at: "2025-09-11T23:59:59+00:00"
generated_at: "2026-05-17T06:56:28.434012+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.3
calibrated_materiality_score: 0.3
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001493152-25-013089
- form_type: 8-K
- ticker: RAND
- cik: 0000081955
- company_name: RAND CAPITAL CORP
- filed_at: 2025-09-11T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.3
- calibrated_materiality_score: 0.3
- confidence: high
- sec_items: 4.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/81955/000149315225013089/0001493152-25-013089-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/81955/000149315225013089/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001493152-25-013089
- JSON: https://secwatch.observer/filing/0001493152-25-013089.json
- Plain text: https://secwatch.observer/filing/0001493152-25-013089.txt

## Key facts
- Auditor Changes
  RAND CAPITAL CORP engaged Withum Smith+Brown, PC as its auditor.
  - Action: engagement
  - Auditor: Withum Smith+Brown, PC
  source text: the Audit Committee and the Board each approved the engagement of Withum as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, effective immediately
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315225013089/0001493152-25-013089-index.htm
- Auditor Changes
  RAND CAPITAL CORP dismissed Freed Maxick, P.C. as its auditor.
  - Action: dismissal
  - Auditor: Freed Maxick, P.C.
  - Successor: Withum Smith+Brown, PC
  source text: (a) Replacement of Previous Independent Registered Public Accounting Firm On September 11, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of Rand Capital Corporation (the “Company”) and the Board each approved the replacement of Freed Maxick, P.C. (“FM”) as the Company’s independent registered public accounting firm, due to the acquisition of certain assets of FM by Withum Smith+Brown,
  evidence_url: https://www.sec.gov/Archives/edgar/data/81955/000149315225013089/0001493152-25-013089-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.