Cowen Announces Reverse Stock Split

NEW YORK–(BUSINESS WIRE)–Nov. 9, 2016–
Cowen Group, Inc. (NASDAQ:COWN) (“Cowen” or the “Company”) today
announced that its Board of Directors has approved a reverse stock split
of the Company’s outstanding shares of common stock at a ratio of
one-for-four.

The reverse stock split is scheduled to take effect at 5:00 PM Eastern
Time
on December 2, 2016 (the “Effective Time”). At the Effective Time,
the number of the Company’s authorized shares of Class A and Class B
common stock will be reduced, on a one-for-four basis. The par value in
each share of common stock will remain unchanged. Trading in Cowen’s
common stock on a split adjusted basis is expected to begin at the
market open on December 5, 2016. The Company’s Class A common stock will
continue trading on the NASDAQ Global Market under the symbol “COWN” but
will be assigned a new CUSIP number. The Company believes that existing
stockholders will benefit from the ability to attract a broader range of
investors as a result of the reverse stock split and a higher per share
stock price.

As a result of the reverse stock split, the authorized number of shares
of the Class A common stock will be reduced from 250,000,000 to
62,500,000 and the authorized number of shares of the Class B common
stock will be reduced from 250,000,000 to 62,500,000. Proportional
adjustments will be made to the Company’s outstanding preferred shares,
stock options, stock appreciation rights, warrants, and equity incentive
plans. At the Effective Time, every four issued and outstanding shares
of the Company’s Class A common stock shall be reclassified and
converted into one validly issued, fully paid and non-assessable share
of common stock. There are currently no shares of the Company’s Class B
common stock outstanding.

No fractional shares will be issued as a result of the reverse stock
split. Rather, stockholders of fractional shares of the Company’s Class
A common stock will receive a cash payment at a price equal to the
closing price of the Company’s Class A common stock as of the Effective
Time. Stockholders of record will be receiving information from
Computershare Investor Services, the Company’s transfer agent, regarding
their ownership following the reverse stock split and cash in lieu of
fractional share payments, if applicable. Stockholders who hold their
shares in brokerage accounts or “street name” are not required to take
any action in connection with the reverse stock split.

Additional information regarding the Company’s reverse stock split is
available in the definitive proxy statement filed by the Company with
the U.S. Securities and Exchange Commission on May 10, 2016.

About Cowen Group, Inc.

Cowen Group, Inc. is a diversified financial services firm and, together
with its consolidated subsidiaries, provides alternative asset
management, investment banking, research, sales and trading and prime
brokerage services through its two business segments: Ramius and its
affiliates make up the Company’s alternative investment segment, while
Cowen and Company, a member of FINRA and SIPC, and its affiliates make
up the Company’s broker-dealer segment. Ramius provides alternative
asset management solutions to a global client base and manages a
significant portion of Cowen’s proprietary capital. Cowen and Company
and its affiliates offer industry focused investment banking for
growth-oriented companies, domain knowledge-driven research, a sales and
trading platform for institutional investors and a comprehensive suite
of prime brokerage services. Founded in 1918, the firm is headquartered
in New York and has offices worldwide. For additional information, visit www.cowen.com.

Source: Cowen Group, Inc.

Gagnier Communications
Dan Gagnier, 646-273-9391

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