Cowen GroupInc.'s board proposed an amendment to its articles of incorporationthat would effect a 1-for-4 reverse stock split, according a preliminary proxystatement filed April 29.
The board plans to effect the reverse stock split of theclass A common stock at any time before June 30, 2017, if shareholders approvedthe proposal. The purpose of the reverse stock split is to increase theper-share market price of the company's common stock.
The board recommends that shareholders vote for the reversestock split at Cowen Group's annual shareholder meeting scheduled for June 14.