Page 1

( Mark One ) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington , D.C. 20549 FORM 10 - K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended : December 31 , 2020 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number : Cowen Inc. ( Exact name of registrant as specified in its charter ) Delaware 27-0423711 ( State or other jurisdiction of incorporation or organization ) Securities registered pursuant to Section 12 ( b ) of the Act : 599 Lexington Avenue New York , New York 10022 ( 646 ) 562-1010 ( Address , including zip code , and telephone number , including area code , of registrant's principal executive office ) Title of Each Class Class A Common Stock , par value $ 0.01 per share 7.35 % Senior Notes due 2027 7.75 % Senior Notes due 2033 001-34516 Trading Symbol COWN COWNZ COWNL ( I.R.S. Employer Identification No. ) Name of Exchange on Which Registered The Nasdaq Global Market The Nasdaq Global Market The Nasdaq Global Market Securities registered pursuant to Section 12 ( g ) of the Act : None Indicate by check mark if the registrant is a well - known seasoned issuer , as defined in Rule 405 of the Securities Act . Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15 ( d ) of the Act . Yes No Indicate by check mark whether the registrant ( 1 ) has filed all reports required to be filed by Section 13 or 15 ( d ) of the Securities Exchange Act of 1934 during the preceding 12 months ( or for such shorter period that the registrant was required to file such reports ) , and ( 2 ) has been subject to such filing requirements for the past 90 days . Yes No Non - accelerated filer ( Do not check if a smaller reporting company ) Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site , if any , every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S - T ( § 232.405 of this chapter ) during the preceding 12 months ( or for such shorter period that the registrant was required to submit and post such files ) . Yes No Indicate by check mark whether the registrant is a large accelerated filer , an accelerated filer , a non - accelerated filer , or a smaller reporting company . See the definitions of " large accelerated filer , " " accelerated filer , " and " smaller reporting company " in Rule 12b - 2 of the Exchange Act . Large accelerated filer ☐ Accelerated filer Smaller reporting company Emerging growth ☐ company If an emerging growth company , indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 ( a ) of the Exchange Act . Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404 ( b ) of the Sarbanes - Oxley Act ( 15 U.S.C. 7262 ( b ) ) by the registered public accounting firm that prepared or issued its audit report . Indicate by check mark whether the registrant is a shell company ( as defined in Rule 12b - 2 of the Act ) . Yes No The aggregate market value of Class A common stock held by non - affiliates of the registrant on June 30 , 2020 , the last business day of the registrant's most recently completed second fiscal quarter , based upon the closing sale price of the Class A common stock on the NASDAQ Global Market on that date was $ 429,938,446 . As of March 2 , 2021 there were 26,673,114 shares of the registrant's Class A common stock outstanding . Documents incorporated by reference : Part III of this Annual Report on Form 10 - K incorporates by reference information ( to the extent specific sections are referred to herein ) from the Registrant's Proxy Statement for its 2021 Annual Meeting of Stockholders .