Rcg and Cowen stake28 Oct 2011 09:25
I think this news on Google is the reason behind the move imo.
Cowen Group, Inc. Comments on Registration Statement
NEW YORK, Oct 25, 2011 (BUSINESS WIRE) -- Earlier today, Cowen Group, Inc. ("Cowen") /quotes/zigman/115113/quotes/nls/cown COWN +3.76% filed a registration statement with the Securities and Exchange Commission to register the distribution and resale of shares of Cowen Class A common stock issued to RCG Holdings LLC ("RCG") in connection with the combination between Cowen and Ramius LLC ("Ramius"), which occurred on November 2, 2009.
The registration covers the distribution of 24,053,393 shares of Class A common stock currently held by RCG to RCG's members, the former owners of Ramius, in accordance with the terms of the RCG operating agreement entered into at the time of the Ramius/Cowen combination. These shares were not covered by the Company's resale registration statement filed December 2, 2010.
The distribution of shares by RCG to its members is being registered due to the fact that RCG may be considered an affiliate of Cowen and under the terms of RCG operating agreement, the members of RCG are generally entitled to receive one-third of the Cowen Class A common shares attributable to them on each of the first three anniversaries of the consummation of the Cowen/Ramius combination.
In addition, the prospectus also covers the potential resale of Cowen shares attributable to certain executive officers and directors, though many of these individuals are still subject to lockup agreements that prevent the sale of these shares.
The Company notes that the registration of these shares does not change the original restrictions imposed on the sale of shares as contemplated under the operating agreement.
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