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BGC Partners Announces Corporate Conversion Agreement, New Company Name "BGC Group" And New Ticker Symbol "BGC" In Connection With Its Conversion Into a Corporate Structure
NEW YORK, Nov. 16, 2022 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial
About this update from Bgc Group, Inc.
[{"type":"text","content":"NEW YORK, Nov. 16, 2022 /PRNewswire/ -- BGC Partners, Inc. (Nasdaq: BGCP) (\"BGC Partners\" or \"BGC\" or the \"Company\"), a leading global brokerage and financial technology company, today announced that it had entered into a Corporate Conversion Agreement to reorganize and simplify its organizational structure through a series of proposed corporate conversion transactions. Additionally, BGC announced that it expects to change its name from \"BGC Partners, Inc.\" to \"BGC Group, Inc.,\" and it also expects to change its Nasdaq Global Select Market ticker symbol from \"BGCP\" to \"BGC,\" all in connection with the planned corporate conversion from an Umbrella Partnership/C-Corporation (\"Up-C\") to a \"Full C-Corporation.\"\nUnder the new structure, following completion of certain conversion steps and related transactions, the stockholders and employees of the Company and the former limited partners of BGC Holdings, L.P. will participate in the economics of the BGC businesses through ownership of Class A common stock, Class B common stock, and incentive equity instruments in a single publicly traded corporation (\"BGC Group\").\nThe Corporate Conversion Agreement has been approved by the BGC Board of Directors, at the recommendation of the independent Audit Committee and the independent Compensation Committee of the Board, sitting jointly (the \"Independent Joint Committee\"). The Independent Joint Committee has been advised by its own financial and legal advisors.\nManagement Comments\nHoward W. Lutnick, Chairman of the Board and Chief Executive Officer of BGC, said: \"With the execution of these agreements the Company will move rapidly with its conversion to a simpler, more transparent corporate structure. We believe increasing simplicity, while reducing operational complexity, will deliver tremendous value to BGC.\nWe are excited to announce the Company's name change from BGC Partners to BGC Group and our new simpler ticker symbol \"BGC\" at closing.\nCorporate Conversion Agreement Information\nFollowing the execution of the Corporate Conversion Agreement, Cantor entered into a Support Agreement with the Company to approve the corporate conversion transactions. The obligation of the parties to complete these transactions is subject to customary closing conditions. Cantor Fitzgerald, L.P. has agreed to deliver to BGC a writte...