Rand Capital Corp. closed the second quarter with a net asset value of $1.65 per share, down a penny a share from the first quarter.
The Buffalo-based venture capital firm has total assets of $9.4 million, including $2 million in cash.
Rand made several investments during the quarter. The firm participated in a buyout of Topps Meat Co. of Elizabeth, N.J., investing $259,000 in a combination of preferred and common stock.
Rand also participated in the $18 million financing of Amherst- based Ultra-Scan Corp. led by Tom Golisano, the chief executive officer of Paychex and owner of the Buffalo Sabres, by converting a $200,000 loan into preferred stock.
The firm’s third move was an additional $250,000 investment in Kionix, an Ithaca company developing micromachining technology.
