STOCK TITAN

[Form 4] RAND CAPITAL CORP Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Positive)
Form Type
4

Rand Capital Corp. director Adam Samuel Gusky reported multiple purchases of RAND common stock on 09/15/2025. The shares were acquired through AG Energy, LLC, which Mr. Gusky controls, so the holdings are reported as indirect. Transaction prices ranged from $14.55 to $15.00 per share across several lots (sizes include 10, 25, 100, 200 and 250 shares). Following the reported transactions, the beneficial ownership reported on the form reached 33,546 shares. The Form 4 was signed on 09/16/2025.

Il direttore di Rand Capital Corp. Adam Samuel Gusky ha riferito multiple acquisizioni di azioni ordinarie RAND il 15/09/2025. Le azioni sono state acquistate tramite AG Energy, LLC, controllata dal signor Gusky, quindi le partecipazioni sono riportate come indirette. I prezzi delle operazioni variavano da $14.55 a $15.00 per azione, in diversi lotti (dimensioni: 10, 25, 100, 200 e 250 azioni). A seguito delle operazioni riportate, la titolarità beneficiaria riportata nel modulo ha raggiunto 33.546 azioni. Il Form 4 è stato firmato il 16/09/2025.

El director de Rand Capital Corp. Adam Samuel Gusky reportó múltiples compras de acciones comunes RAND el 15/09/2025. Las acciones se adquirieron a través de AG Energy, LLC, que el Sr. Gusky controla, por lo que las participaciones se informan como indirectas. Los precios de las transacciones variaron de $14.55 a $15.00 por acción, en varios lotes (tamaños de 10, 25, 100, 200 y 250 acciones). Tras las transacciones reportadas, la titularidad beneficiosa reportada en el formulario alcanzó 33,546 acciones. El Formulario 4 fue firmado el 16/09/2025.

Rand Capital Corp. 이사회 Adam Samuel Gusky는 2025년 9월 15일 RAND 보통주를 다수 매입했다고 보고했습니다. 주식은 Mr. Gusky가 통제하는 AG Energy, LLC를 통해 취득되었으므로 보유 지분은 간접 보유로 보고됩니다. 거래 가격은 여러 건의 매입에서 주당 $14.55에서 $15.00 사이였고(수량은 10, 25, 100, 200, 250주 포함). 보고된 거래 이후, 양도인의 소유권은 양식에 기재된 유익한 소유가 33,546주에 달했습니다. Form 4는 2025년 9월 16일에 서명되었습니다.

Le administrateur de Rand Capital Corp. Adam Samuel Gusky a signalé plusieurs achats d’actions ordinaires RAND le 15/09/2025. Les actions ont été acquises par l’intermédiaire de AG Energy, LLC, que M. Gusky contrôle, les avoirs étant donc déclarés comme indirects. Les prix des transactions s’échelonnaient de 14,55 $ à 15,00 $ par action sur plusieurs lots (tailles comprenant 10, 25, 100, 200 et 250 actions).

À la suite des transactions signalées, la propriété bénéficiaire indiquée dans le formulaire atteignait 33 546 actions.

Le Formulaire 4 a été signé le 16/09/2025.

Vorstand von Rand Capital Corp., Adam Samuel Gusky, meldete am 15.09.2025 mehrere Käufe von RAND Stammaktien. Die Aktien wurden über AG Energy, LLC erworben, die Herr Gusky kontrolliert, daher werden die Beteiligungen als indirekt gemeldet. Transaktionspreise lagen zwischen 14,55 $ und 15,00 $ pro Aktie, über mehrere Lose (Größen 10, 25, 100, 200 und 250 Aktien).

Nach den berichteten Transaktionen belief sich das als vorteilhafte Eigentümerschaft gemeldete Eigentum im Formular auf 33.546 Aktien.

Das Formular 4 wurde am 16.09.2025 unterzeichnet.

أعلن مدير Rand Capital Corp. آدم صموئيل جوسكي عن عدة شراءات لأسهم RAND العادية في 15/09/2025. تمت شراء الأسهم من خلال AG Energy, LLC التي يسيطر عليها السيد جوسكي، لذلك يتم الإبلاغ عن الحيازة كمباشرة. تراوحت أسعار المعاملات من $14.55 إلى $15.00 للسهم عبر عدة دفعات (الأحجام تشمل 10 و25 و100 و200 و250 سهماً).

بعد المعاملات المبلغ عنها، بلغ الملكية المستفيدة المبلغ عنها في النموذج 33,546 سهماً. تم توقيع النموذج 4 في 16/09/2025.

Rand Capital Corp. 董事 Adam Samuel Gusky 于 2025年9月15日报告了多笔 RAND 普通股的购买。 股票通过他控制的 AG Energy, LLC 进行购买,因此持股被报告为间接持有。交易价格在每股 14.55 美元至 15.00 美元 之间,分多个批次购买(批次包括 10、25、100、200 和 250 股)。

在报告的交易之后,表格上披露的受益所有权达到 33,546 股。Form 4 于 2025年9月16日 签署。

Positive
  • Insider purchases reported on 09/15/2025 indicating director accumulation of company stock
  • Purchases executed at modest price range of $14.55 to $15.00 per share across multiple lots
  • Beneficial ownership increased to 33,546 shares reported after the transactions
  • Transactions disclosed as indirect holdings via AG Energy, LLC with explanatory note
Negative
  • None.

Insights

TL;DR: Director purchases via controlled LLC increased beneficial holdings to 33,546 shares at $14.55–$15.00.

Multiple small-to-medium purchases executed on a single date concentrated between $14.55 and $15.00 increase the director's indirect stake to 33,546 shares. The activity is clearly documented on a Form 4 and is reported as indirect ownership through AG Energy, LLC. From a capital allocation perspective, repeated purchases in similar price bands on the same day indicate incremental accumulation rather than a single bulk trade.

TL;DR: Director filed required disclosure showing indirect acquisitions through an affiliated LLC.

The Form 4 identifies Adam Samuel Gusky as a director and reports the acquisitions as indirect via AG Energy, LLC with an explicit explanatory note. The filing meets disclosure requirements by specifying relationship and signature. There is no additional governance detail or change in directorship reported in the filing.

Il direttore di Rand Capital Corp. Adam Samuel Gusky ha riferito multiple acquisizioni di azioni ordinarie RAND il 15/09/2025. Le azioni sono state acquistate tramite AG Energy, LLC, controllata dal signor Gusky, quindi le partecipazioni sono riportate come indirette. I prezzi delle operazioni variavano da $14.55 a $15.00 per azione, in diversi lotti (dimensioni: 10, 25, 100, 200 e 250 azioni). A seguito delle operazioni riportate, la titolarità beneficiaria riportata nel modulo ha raggiunto 33.546 azioni. Il Form 4 è stato firmato il 16/09/2025.

El director de Rand Capital Corp. Adam Samuel Gusky reportó múltiples compras de acciones comunes RAND el 15/09/2025. Las acciones se adquirieron a través de AG Energy, LLC, que el Sr. Gusky controla, por lo que las participaciones se informan como indirectas. Los precios de las transacciones variaron de $14.55 a $15.00 por acción, en varios lotes (tamaños de 10, 25, 100, 200 y 250 acciones). Tras las transacciones reportadas, la titularidad beneficiosa reportada en el formulario alcanzó 33,546 acciones. El Formulario 4 fue firmado el 16/09/2025.

Rand Capital Corp. 이사회 Adam Samuel Gusky는 2025년 9월 15일 RAND 보통주를 다수 매입했다고 보고했습니다. 주식은 Mr. Gusky가 통제하는 AG Energy, LLC를 통해 취득되었으므로 보유 지분은 간접 보유로 보고됩니다. 거래 가격은 여러 건의 매입에서 주당 $14.55에서 $15.00 사이였고(수량은 10, 25, 100, 200, 250주 포함). 보고된 거래 이후, 양도인의 소유권은 양식에 기재된 유익한 소유가 33,546주에 달했습니다. Form 4는 2025년 9월 16일에 서명되었습니다.

Le administrateur de Rand Capital Corp. Adam Samuel Gusky a signalé plusieurs achats d’actions ordinaires RAND le 15/09/2025. Les actions ont été acquises par l’intermédiaire de AG Energy, LLC, que M. Gusky contrôle, les avoirs étant donc déclarés comme indirects. Les prix des transactions s’échelonnaient de 14,55 $ à 15,00 $ par action sur plusieurs lots (tailles comprenant 10, 25, 100, 200 et 250 actions).

À la suite des transactions signalées, la propriété bénéficiaire indiquée dans le formulaire atteignait 33 546 actions.

Le Formulaire 4 a été signé le 16/09/2025.

Vorstand von Rand Capital Corp., Adam Samuel Gusky, meldete am 15.09.2025 mehrere Käufe von RAND Stammaktien. Die Aktien wurden über AG Energy, LLC erworben, die Herr Gusky kontrolliert, daher werden die Beteiligungen als indirekt gemeldet. Transaktionspreise lagen zwischen 14,55 $ und 15,00 $ pro Aktie, über mehrere Lose (Größen 10, 25, 100, 200 und 250 Aktien).

Nach den berichteten Transaktionen belief sich das als vorteilhafte Eigentümerschaft gemeldete Eigentum im Formular auf 33.546 Aktien.

Das Formular 4 wurde am 16.09.2025 unterzeichnet.

SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
Gusky Adam Samuel

(Last) (First) (Middle)
C/O RAND CAPITAL CORPORATION
14 LAFAYETTE SQUARE, SUITE 1405

(Street)
BUFFALO NY 14203

(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
RAND CAPITAL CORP [ RAND ]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 09/15/2025 P 100 A $14.6 32,616 I(1) By LLC
Common Stock 09/15/2025 P 100 A $14.59 32,716 I(1) By LLC
Common Stock 09/15/2025 P 25 A $14.58 32,741 I(1) By LLC
Common Stock 09/15/2025 P 10 A $14.57 32,751 I(1) By LLC
Common Stock 09/15/2025 P 10 A $14.6 32,761 I(1) By LLC
Common Stock 09/15/2025 P 100 A $14.57 32,861 I(1) By LLC
Common Stock 09/15/2025 P 100 A $14.55 32,961 I(1) By LLC
Common Stock 09/15/2025 P 25 A $14.55 32,986 I(1) By LLC
Common Stock 09/15/2025 P 10 A $14.56 32,996 I(1) By LLC
Common Stock 09/15/2025 P 100 A $15 33,096 I(1) By LLC
Common Stock 09/15/2025 P 250 A $15 33,346 I(1) By LLC
Common Stock 09/15/2025 P 200 A $15 33,546 I(1) By LLC
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Explanation of Responses:
1. These securities are held by AG Energy, LLC. These securities may be deemed to be beneficially owned by Mr. Gusky by virtue of his control of AG Energy, LLC.
/s/ Daniel Penberthy on behalf of Adam Samuel Gusky (2) 09/16/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did RAND director Adam Samuel Gusky purchase on 09/15/2025?

He acquired multiple lots of RAND common stock through AG Energy, LLC on 09/15/2025, reported on Form 4.

How many RAND shares does Adam Samuel Gusky beneficially own after the transactions?

The Form 4 reports 33,546 shares beneficially owned following the reported transactions.

At what prices were the RAND shares purchased?

Reported purchase prices ranged from $14.55 to $15.00 per share across the recorded lots.

Were the shares owned directly or indirectly?

The shares are reported as indirect holdings because they are held by AG Energy, LLC, which Mr. Gusky controls.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 09/16/2025.
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