BGC Partners, Inc. (NASDAQ:BGCP) Files An 8-K Regulation FD DisclosureItem 7.01.
Suspension of BGC Research Coverage while Real Estate Services IPO Is Pending
BGC Partners, Inc. (“BGC”) has noted the suspension of one analyst’s research coverage on its ClassA Common stock on October13, 2017. BGC believes that such suspension is consistent with such financial institution receiving information regarding potential participation in an initial public offering.
As previously disclosed, BGC has confidentially submitted a draft registration statement on Form S-1 to the U.S. Securities and Exchange Commission (the “SEC”) relating to the proposed initial public offering of the ClassA common stock of a newly formed subsidiary that will hold BGC’s Real Estate Services business, which operates as “Newmark Knight Frank”, or “NKF”.
The number of ClassA shares to be offered and the price range for the proposed offering have not yet been determined.The initial public offering is part of BGC’s plan to separate its Real Estate Services business into a separate public company, and BGC expects that it will be completed later this year.
Additional details of the proposed offering will be provided in accordance with applicable securities laws and regulations.This document does not constitute an offer to sell or the solicitation of an offer to buy any securities.
Discussion of Forward-Looking Statements
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties. Except as required by law, BGC undertakes no obligation to update any forward-looking statements.For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s SEC filings, including, but not limited to, the risk factors set forth in its most recent Form 10-K, and any updates to such risk factors contained in subsequent Forms 10-Q or Forms 8-K.
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About BGC Partners, Inc. (NASDAQ:BGCP)
BGC Partners, Inc. (BGC) is a global brokerage company servicing the financial and real estate markets. The Company operates through two segments: Financial Services and Real Estate Services. The Company provides a range of services, including trade execution, broker-dealer services, clearing, processing, information, and other back-office services to a range of financial and non-financial institutions. Its integrated platform is designed to provide flexibility to customers with regard to price discovery, execution and processing of transactions, and enables them to use voice, hybrid, or in various markets, electronic brokerage services in connection with transactions executed either over-the-counter or through an exchange. Through the Company’s FENICS, BGC Trader, BGC Market Data and Capitalab brands, it offers electronic brokerage, financial technology solutions, market data, post-trade services, and analytics related to select financial instruments and markets.