Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 1, 2020 (the "MHT Acquisition Date"), the Company, through its indirect wholly owned subsidiary, Cowen and Company, completed its previously announced acquisition (the "MHT Acquisition") of specified net assets of MHT Partners, LP (“MHT Partners”). MHT Partners is an investment bank, based primarily in Dallas and San Francisco, focused on representing innovative companies in growing markets. The MHT Acquisition was completed for a combination of cash and contingent consideration. The contingent consideration is paid after December 2023 and is valued based on a multiple of three year average annual revenues of the acquired business less certain expenses.

Due to the limited time since the date of the MHT Acquisition, it is impractical for the Company to make certain business combination disclosures as of the date of this filing as the Company is still finalizing the analysis of the information necessary to provide these disclosures. As a result, the Company is unable to present the allocation of the preliminary purchase price to the fair value of assets acquired and liabilities assumed. The Company plans to provide this information in its annual report on Form 10-K for the year ended December 31, 2020. The MHT Acquisition will be accounted for under the acquisition method in accordance with US GAAP. As such, the results of operations associated with the specified net assets purchased from MHT Partners will be included in the Company's condensed consolidated statements of operations as of the MHT Acquisition Date, and the assets acquired and liabilities assumed will be recorded at their fair value as of the MHT Acquisition Date. Subsequent to the MHT Acquisition, the operations associated with the purchase of specified net assets from MHT Partners will be integrated within the Company's investment bank segment.

On October 21, 2020, the Board of Directors declared a quarterly cash dividend payable on its common stock of $0.08 per common share, payable on December 15, 2020, to stockholders of record on December 1, 2020. During the same meeting, the Board of Directors also approved a $19.7 million increase in the Company's share repurchase program (see Note 19) bringing the total remaining shares available for repurchase to $25.0 million.

The Company has evaluated events that have occurred after the balance sheet date but before the financial statements are issued and has determined that there were no other subsequent events requiring adjustment or disclosure in the consolidated financial statements.