{"schema_version":"secwatch.filing_event.v1","accession":"0000950157-23-000197","form_type":"8-K","ticker":null,"cik":"0001466538","company_name":"COWEN INC.","filed_at":"2023-03-01T23:59:59+00:00","discovered_at":"2026-05-14T18:03:45.111335+00:00","generated_at":"2026-06-18T17:44:14.247761+00:00","sec_items":["1.01","2.01","1.02","2.03","2.04","3.01","3.03","5.01","5.03","5.02","8.01","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.9,"calibrated_materiality_score":0.9,"confidence":"high","headline":"Cowen completes acquisition by TD Bank Group; shareholders receive $39.00 per share","bullets":["Merger closed March 1, 2023; Cowen shareholders received $39.00 per share in cash.","All outstanding debt terminated: $100M 7.75% Senior Notes due 2033 and $78M 7.25% Senior Notes due 2024 redeemed.","Post-closing, Cowen subsidiaries sold to TD for $273M; $1.6B uncommitted revolving credit line established.","Cowen's Class A common stock and 2033 Notes to be delisted from Nasdaq; board replaced by Merger Sub directors.","Series A Preferred Stock mandatorily converted at $1,539.19 per share, settled in cash on March 6, 2023."],"urls":{"canonical":"https://secwatch.observer/filing/0000950157-23-000197","json":"https://secwatch.observer/filing/0000950157-23-000197.json","markdown":"https://secwatch.observer/filing/0000950157-23-000197.md","text":"https://secwatch.observer/filing/0000950157-23-000197.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/form8-k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-18T17:44:14.247761+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"06d43f3925","claim":"Brett Barth departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"229bd63187","claim":"Lorence H. Kim departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"31a8e76ec5","claim":"Lawrence E. Leibowitz departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"3ef2b8290e","claim":"Gregg A. Gonsalves departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"5897d9e708","claim":"Douglas A. Rediker departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"b1c250fc2e","claim":"Katherine E. Dietze departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"b5328ebfb7","claim":"Jeffrey M. Solomon departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"d77cfa0e1c","claim":"Steven Kotler departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"f5f0c13421","claim":"Margaret L. Poster departed as Director at COWEN INC..","evidence_excerpt":"Upon the consummation of the Merger, each of Jeffrey M. Solomon, Brett Barth, Katherine E. Dietze, Gregg A. Gonsalves, Lorence H. Kim, Steven Kotler, Lawrence E. Leibowitz, Margaret L. Poster and Douglas A. Rediker ceased to be a member of the board of directors of the Company (the “ Company Board ”).","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"ceased to be a member"},{"label":"Role","value":"Director"}],"fact_type":"executive_change"},{"claim_id":"08548c7b89530fc47f09db15f1dbdb8607751ea6","claim":"COWEN INC.: Bylaws of the company were amended and restated to be substantially identical to the bylaws of Merger sub immediately prior to the effective time.","evidence_excerpt":"At the Effective Time, the bylaws of the Company were amended and restated to be substantially identical to the bylaws of Merger sub as in effect immediately prior to the Effective Time.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"bylaw amendment"}],"fact_type":"governance_change"},{"claim_id":"9294e80cc38fc11c6af2a358d3509bdc39534cf5","claim":"COWEN INC.: Certificate of incorporation of the surviving corporation was amended and restated at the effective time of the merger.","evidence_excerpt":"At the Effective Time, the certificate of incorporation of the Surviving Corporation was amended and restated in the form set forth as Exhibit A to the Merger Agreement.","evidence_source":"SEC 8-K Item 5.03/5.05/5.06","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.9,"family_label":"Governance Changes","details":[{"label":"Change","value":"charter amendment"}],"fact_type":"governance_change"},{"claim_id":"6e03bd133e7eab929616eed960b871674b7c12e5","claim":"COWEN INC. underwent a change of control involving The Toronto-Dominion Bank for $39.00 in cash per share (closed 2023-03-01).","evidence_excerpt":"and (ii) any shares of Company Common Stock with respect to which dissenters’ rights have been exercised) was automatically canceled and converted into the right to receive $39.00 in cash, without interest (the “ Merger Consideration ”). In addition, at the Effective Time, except as otherwise agreed in writing between Parent and any individual holder, all","evidence_source":"SEC 8-K Item 2.01/5.01","evidence_url":"https://www.sec.gov/Archives/edgar/data/1466538/000095015723000197/0000950157-23-000197-index.htm","confidence":0.9,"family_label":"M&A Transactions","details":[{"label":"Action","value":"change of control"},{"label":"Counterparty","value":"The Toronto-Dominion Bank"},{"label":"Consideration","value":"$39.00 in cash per share"},{"label":"Closing","value":"2023-03-01"}],"fact_type":"ma_transaction"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}