Gleacher & Company Announces Reverse Stock Split

  Gleacher & Company Announces Reverse Stock Split

Business Wire

NEW YORK -- May 30, 2013

Gleacher & Company, Inc. (Nasdaq: GLCH) today announced a reverse stock split
of its shares of common stock at a ratio of 1-for-20. The reverse stock split
will become effective after the close of the market on May 30, 2013 and the
Company’s common stock will begin trading on The Nasdaq Global Market on a
split-adjusted basis when the market opens on May 31, 2013. Following the
reverse stock split, the common stock will continue to be reported on the
Nasdaq Global Market under the symbol “GLCH,” and the new CUSIP number for the
common stock will be 377341201.

The reverse stock split was approved by the Company’s stockholders at the
Company’s annual meeting of stockholders held on May 23, 2013 and the Board of
Directors of the Company (the “Board”) was authorized to implement a reverse
stock split and determine the ratio of the split within a range of not less
than 1-for-10 or greater than 1-for-20. The Board has determined to fix the
ratio for the reverse stock split at 1-for-20.

As a consequence of the reverse stock split, every 20 shares of the Company’s
outstanding common stock will be combined into one share, without any change
to the par value per share. In addition, the reverse stock split will effect a
proportionate adjustment to the per share exercise price and the number of
shares issuable upon the exercise of outstanding stock options, as well as to
the number of shares that would be owned upon vesting of restricted stock
awards and restricted stock units, which will result in approximately the same
aggregate price that would have been required to be paid upon exercise of such
options, as well as the same number of shares that would have been owned upon
vesting of such restricted stock awards or units, immediately preceding the
reverse stock split. The aggregate number of shares issuable pursuant to stock
options, restricted stock units or other awards made under each of our
existing incentive compensation plans will be reduced proportionately based
upon the reverse stock split ratio. In connection with the reverse stock
split, the Company proportionally decreased the number of shares that it is
authorized to issue to 10,000,000.

No fractional shares will be issued as a result of the reverse stock split,
and stockholders who otherwise would be entitled to a fractional share will
receive, in lieu thereof, a cash payment based on the average closing prices
of the Company’s common stock on the Nasdaq Global Market for the ten trading
days immediately preceding the effective date of the reverse stock split.

Stockholders who hold their shares in brokerage accounts or “street name” will
not be required to take any action to effect the exchange of their shares.
Holders of share certificates will receive instructions from the Company’s
transfer agent, American Stock Transfer & Trust Company, regarding the process
for exchanging shares. American Stock Transfer & Trust Company can be reached
at (877) 248-6417 or (718) 921-8317 or Additional
information regarding the reverse stock split can be found in the Company’s
revised definitive proxy statement filed with the Securities and Exchange
Commission on May 17, 2013, copies of which are available at

Forward Looking Statements

This press release contains “forward-looking statements.” These statements are
not historical facts but instead represent the Company’s belief regarding
future events, many of which, by their nature, are inherently uncertain and
outside of the Company’s control. The Company’s forward-looking statements are
subject to various risks and uncertainties, including the conditions of the
securities markets, generally, and demand for the Company’s services within
those markets and other risks and factors identified from time to time in the
Company’s filings with the Securities and Exchange Commission. It is possible
that the Company’s actual actions may differ, possibly materially, from the
anticipated actions indicated in its forward-looking statements. You are
cautioned not to place undue reliance on any forward-looking statements. The
Company does not undertake to update any of its forward-looking statements.


Gleacher & Company, Inc.
Bryan Edmiston, 212-273-7100
Rubenstein Associates
Marcia Horowitz, 212-843-8014
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