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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."
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.
Posted In: BGCP
