Gleacher & Company Mails Materials to Stockholders Reflecting Amended Terms of Tender Offer

Gleacher & Company, Inc.

today completed the mailing of tender offer materials to its stockholders reflecting the amended terms of its modified “Dutch auction” tender offer. The Company is now offering to purchase up to 6 million shares, or up to 4.71%, of its outstanding common stock at a price of not less than $1.25 and not more than $1.35 per share. The Company also extended the expiration date of the offer until 12:00 midnight, New York City time, on November 22, 2011, unless further extended or withdrawn. The tender offer otherwise remains subject to all previously announced terms and conditions.