December 17, 2009 (FinancialWire) Cowen Group, Inc. (NASDAQ: COWN) has priced an underwritten offering of 15,284,655 shares of its class A common stock at a price of $5.00 per share. Of these shares, 15 million shares were sold by the company and 284,655 shares were sold by a selling stockholder.
In addition, the company has granted to the underwriters a 30-day option to purchase up to an additional 2,292,698 shares of its class A common stock to cover over-allotments.
Cowen Group said it will use the net proceeds from the shares it is selling to repay approximately $25 million under its $50 million credit facility and for working capital and general corporate purposes.
Cowen Group is a financial services firm providing alternative investment management, investment banking, research, and sales and trading services through its business units, Ramius and Cowen and Co.
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