BGC Partners to complete conversion to Full C-Corporation on July 1, 2023
BGC Partners, Inc. is expected to complete its corporate conversion to a Full C-Corporation on Saturday, July 1, 2023.
The company will change its name to “BGC Group, Inc.” and its Nasdaq ticker symbol to “BGC” from “BGCP”.
On November 15, 2022 BGC Partners, Inc. and BGC Holdings, along with certain other affiliated entities, entered into a Corporate Conversion Agreement in order to reorganize and simplify BGC’s organizational structure by converting from an Up-C to a “Full C-Corporation.” Upon completion of the Corporate Conversion Transactions, the stockholders of BGC Partners and the limited partners of BGC Holdings will participate in the economics of the BGC businesses through the same publicly traded corporate entity, BGC Group, Inc.
By simplifying the organizational structure, the Corporate Conversion Transactions are intended to improve transparency and reduce operational complexity.
The Corporate Conversion Agreement has been approved by BGC’s Board of Directors, at the unanimous recommendation of the independent Audit Committee and the independent Compensation Committee of the Board of Directors, sitting jointly.
In the first quarter of 2023, BGC received preliminary approvals from various U.S. and international regulatory authorities relating to the Corporate Conversion Transactions.