<SEC-DOCUMENT>0001104659-21-033012.txt : 20210308
<SEC-HEADER>0001104659-21-033012.hdr.sgml : 20210308
<ACCEPTANCE-DATETIME>20210308092316
ACCESSION NUMBER:		0001104659-21-033012
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210308
DATE AS OF CHANGE:		20210308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cohen & Co Inc.
		CENTRAL INDEX KEY:			0001270436
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		IRS NUMBER:				161685692
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-249641
		FILM NUMBER:		21720767

	BUSINESS ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870
		BUSINESS PHONE:		215-701-9555

	MAIL ADDRESS:	
		STREET 1:		CIRA CENTRE, 2929 ARCH STREET
		STREET 2:		17TH FLOOR
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19104-2870

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INSTITUTIONAL FINANCIAL MARKETS, INC.
		DATE OF NAME CHANGE:	20110121

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COHEN & Co INC.
		DATE OF NAME CHANGE:	20091216

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALESCO FINANCIAL INC
		DATE OF NAME CHANGE:	20061006
</SEC-HEADER>
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<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm218903-1_424b5.htm
<DESCRIPTION>424B5
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin-top: 0pt; margin-bottom: 0pt"><B>Registration No. 333-249641</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>SUPPLEMENT NO. 1 TO PROSPECTUS SUPPLEMENT Dated December
1, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(To Prospectus dated November 10, 2020)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>COHEN
 &amp; COMPANY INC.</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Up to
$9,318,043</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>Shares
of common stock</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Supplement No. 1 (this &#8220;Supplement&#8221;)
updates and amends certain information contained in the prospectus supplement dated December 1, 2020 (the &#8220;Original Supplement&#8221;)
and filed by Cohen &amp; Company Inc., a Maryland corporation (&#8220;us,&#8221; or &#8220;our&#8221;), with the Securities and
Exchange Commission on December 2, 2020. The Original Supplement supplemented our prospectus, dated November 10, 2020 (the &#8220;Base
Prospectus&#8221; and, together with the Original Supplement, the &#8220;Original Prospectus&#8221;). This Supplement and the Original
Supplement form part of our Registration Statement on Form S-3, dated November 10, 2020 (Registration No. 333-249641) (the &#8220;Registration
Statement&#8221;) relating to the offer and sale of shares of our common stock, par value $0.01 per share (&#8220;common stock&#8221;),
having an aggregate offering price of up to $75,000,000 million from time to time pursuant to an Equity Distribution Agreement
(the &#8220;Sale Agreement&#8221;), with Northland Securities, Inc. (trade name Northland Capital Markets) (&#8220;Northland&#8221;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Supplement is being filed to amend
certain information contained in the Original Prospectus to update our disclosure therein regarding the dollar amount of shares
which we may sell in any twelve (12)-month period pursuant to the Registration Statement and in accordance with the Sales Agreement
and General&nbsp;Instruction&nbsp;I.B.6&nbsp;of Form S-3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">This Supplement should be read in conjunction
with the Original Prospectus and the Registration Statement, and is qualified by reference to the Original Prospectus and the Registration
Statement, except to the extent that the information presented herein supersedes the information contained in the Original Prospectus
or the Registration Statement. This Supplement is not complete without, and may only be delivered or used in connection with, the
Original Prospectus, including any amendments or supplements thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The aggregate market value of our outstanding
common stock held by non-affiliates on December 2, 2020, the date of the Original Supplement, was approximately $15,324,409, which
amount was calculated based on (i) 709,792 shares of our outstanding common stock held by non-affiliates on December 2, 2020, and
(ii) a price of $21.59 per share, the closing price of the common stock on October 12, 2020 (which was the highest closing sale
price of our common stock on the NYSE American stock exchange within the sixty (60) days prior to December 2, 2020). Accordingly,
based on the public float of $15,324,409 on December 2, 2020 and in accordance with General Instruction I.B.6 of From S-3 and the
Sales Agreement, the Original Supplement reported that we could offer and sell shares of common stock having an aggregate offering
price of up to $5,108,136 (which is one third of $15,324,409) in any twelve (12) month calendar period from time to time through
Northland. In the Original Supplement, we also reported that, if our public float increased such that we could sell additional
amounts of common stock under the Sale Agreement and the Registration Statement, we would file a prospectus supplement prior to
making sales of such additional common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Since the date of the Original Supplement,
our public float has increased such that we may sell additional amounts of common stock under the Sale Agreement and the Registration
Statement. Accordingly, we are filing this Supplement to amend the Original Prospectus to reflect such increase in our public float
and such ability to sell additional common stock under the Sale Agreement and the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of March 5, 2021, the aggregate
market value of our outstanding common stock held by non-affiliates was approximately $27,954,128, which amount was
calculated based on (i) 681,808 shares of our outstanding common stock held by non-affiliates on March 5, 2021, and (ii) a
price of $41.00 per share, the closing price of the common stock on March 3, 2021 (which was the highest closing sale price
of our common stock on the NYSE American stock exchange within the sixty (60) days prior to March 5, 2021). Further, during
the twelve (12) calendar months prior to and including the date of this Supplement, we sold $0 of securities pursuant
to&nbsp;the Registration Statement and Original Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Accordingly, based on our public float of
$27,954,128 on March 5, 2021, and in accordance with General Instruction I.B.6 of Form S-3 and the Sales Agreement, this Supplement
hereby amends the Original Supplement to reflect that we may offer and sell shares of common stock having an aggregate offering
price of up to $9,318,043 (which is one third of $27,954,128) in any twelve (12) month calendar period from time to time through
Northland. If our public float further increases such that we may offer and sell more than $9,318,043 under General Instruction
I.B.6 of Form S-3, we will file another prospectus supplement prior to making sales in excess of such amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In no event will we sell securities in public
primary offerings on Form S-3 with a value exceeding more than one-third of our public float (as defined by General Instruction
I.B.6) in any twelve (12) calendar month period so long as our public float remains below $75 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our common stock trades on the NYSE American
stock exchange under the symbol &#8220;COHN&#8221;. On March 5, 2021, the last reported sale price of our common stock on the NYSE
American stock exchange was $27.47 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B><I>Investing in our common stock involves
a high degree of risk. You should review carefully the risks and uncertainties described under the heading &#8220;Risk Factors&#8221;
in the documents incorporated by reference in this Supplement, and under similar headings in the documents incorporated by reference
therein and in the accompanying base prospectus.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The market price of our common stock may be volatile and may be affected by market conditions beyond our control, and purchasers in this
offering could incur substantial losses. Our stock price has been volatile. As a result of this volatility, investors may experience losses
on their investment in our common stock. For example, between February 26, 2021 and March 4, 2021, the intra-day sales price of our common
stock fluctuated between a reported low sale price of $17.00 and a reported high sales price of $52.70, closing at $32.00 on March 4,
2021. We may incur rapid and substantial increases or decreases in our stock price in the foreseeable future that may or may not coincide
in timing with the disclosure of news or developments by us. In addition, the stock markets in general have experienced extreme volatility
that has often been unrelated to the operating performance of the issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities, or determined if this prospectus supplement
and the accompanying base prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Northland
Capital Markets</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is
March 8, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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