- Brokerage and financial technology company BGC Partners ( NASDAQ: BGCP ) is set to reorganize and simplify its organizational structure through a series of proposed corporate conversion transactions.
- The company has entered into a corporate conversion agreement to change from an Umbrella Partnership/C-Corporation to a Full C-Corporation.
- Also, the company expects to change its name to BGC Group, Inc. from BGC Partners, Inc.
- BGCP also expects to change its ticker symbol to BGC.
- The shareholders 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.
- The board has approved the agreement.
- Source: Press Release
For further details see:
BGC Partners to enter into corporate conversion transactions