BGC Partners Signs Equity Offering Sales Agreement with Cantor Fitzgerald

Fazzaco learned that BGC Partners, Inc. (NASDAQ:BGCP), the leading brokerage and financial technology company, has signed a Controlled Equity Offering Sales Agreement, dated August 12, 2022, with Cantor Fitzgerald & Co.

Under the Sales Agreement, BGC Partners may offer and sell up to $300,000,000 of shares of the Company's Class A common stock from time to time through Cantor Fitzgerald & Co. The par value of such stock is $0.01 per share under the Company's shelf Registration Statement on Form S-3.

As the BGC Partners' sales agent, Cantor Fitzgerald & Co. shall be paid a commission equivalent to 2.0% of the gross proceeds of any shares of Class A Common Stock sold by it.

According to BGC Partners, the net proceeds from the sale is planned for general corporate purposes.

The new agreement is the extension to the company's previous controlled equity offering agreement with Cantor Fitzgerald in April 2017.

BGC Partners witnessed financial performance declines during Q2 2022 , with its total revenue dropping by 4.9% on a yearly basis.