NEW YORK, Feb. 9, 2017 /PRNewswire/ -- BGC Partners, Inc.
(NASDAQ: BGCP) ("BGC") announced today that it 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 Class A common stock of a
newly formed subsidiary that will hold BGC's Real Estate Services
business, which operates as "Newmark Grubb
Knight Frank", or "NGKF".
The number of Class A 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.
Following some period after the expected offering, BGC may, subject
to market and other conditions, distribute the shares that BGC will
hold of the newly formed subsidiary pro rata to BGC's stockholders
in a manner intended to qualify as tax-free for U.S. federal income
tax purposes.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities.
Cautionary Statement Concerning 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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SOURCE BGC Partners, Inc.