BGC Partners Announces Its Name Change to BGC Group, in Connection with New Corporate Structure

BGC Partners, Inc. (BGC Partners), a leading global brokerage and financial technology company, 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.

Fazzaco Hall of Fame 2022 Officially Opens (Click to Nominate)!

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."

Under 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).

The 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.

Howard 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. We are excited to announce the Company's name change from BGC Partners to BGC Group and our new simpler ticker symbol 'BGC' at closing."