Business Context and Reporting Period
This Form 8-K was filed by Institutional Financial Markets, Inc. (a Maryland corporation) on August 30, 2017, with the earliest event reported on the same date. The filing details corporate amendments effective as of 5:00 p.m. Eastern Daylight Time on September 1, 2017.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on corporate structural changes rather than financial performance metrics.
Material Changes
- Name Change: The company changed its name from "Institutional Financial Markets, Inc." to "Cohen & Company Inc."
- Reverse Stock Split: A 1-for-10 reverse stock split was effected. Every ten shares of common stock (par value $0.001) combined into one share (par value $0.01).
- Share Count Reduction: The number of issued and outstanding shares was reduced to approximately 1,263,293 shares.
- Par Value Increase: The par value of common stock increased from $0.001 to $0.01 per share.
- Trading Symbol: The NYSE American trading symbol changed from "IFMI" to "COHN."
- CUSIP Number: The new CUSIP number is 19249M 102.
- Fractional Shares: No fractional shares were issued; holders received cash in lieu of fractional shares based on the volume-weighted average closing price of the five trading days prior to September 1, 2017.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding future guidance, outlook, or specific risks. It notes that stockholder percentage ownership and voting power remained unchanged, except for minor variations due to cash payments for fractional shares. The number of votes for Series E Non-Convertible Preferred Stock was automatically proportionately decreased.
Investor Verification Checklist
- Verify the new trading symbol "COHN" on the NYSE American Stock Exchange.
- Confirm the updated CUSIP number (19249M 102) in brokerage accounts.
- Review the cash settlement amount received for any fractional shares held prior to the split.
- Confirm the adjusted share count in personal holdings reflects the 1-for-10 reduction.
- Check for any subsequent filings regarding the impact of the name change on existing contracts or agreements.