NEW YORK, Dec. 14, 2017 /PRNewswire/ -- BGC Partners, Inc.
(NASDAQ: BGCP) ("BGC") announced that Newmark Group, Inc., a wholly owned subsidiary of BGC that will hold BGC's Real Estate
Services business ("Newmark"), has updated the terms of the initial public offering ("IPO") of its Class A common stock. Newmark
has been approved to list its Class A common stock on the NASDAQ Global Select Market under the symbol
"NMRK."
The IPO price is now currently expected to be between $14.00 and $15.00 per share. Newmark is offering 20 million shares of its Class A common stock in the IPO. The
underwriters will also have a 30-day option to purchase up to 3 million additional Class A shares at the IPO price, less
underwriting discounts and commissions.
Goldman Sachs & Co. LLC, BofA Merrill Lynch, and Citigroup are acting as joint book-running managers for the offering.
Cantor Fitzgerald & Co. is acting as a book-runner for the offering.
The offering will be made only by means of a prospectus. Copies of the preliminary prospectus relating to the offering may be
obtained from Goldman Sachs & Co. LLC, at: Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282; telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing prospectusgroup-ny@ny.email.gs.com; BofA Merrill Lynch,
NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attn: Prospectus Department, or by email at
dg.prospectus_requests@baml.com; Citigroup at: Citigroup c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone:
800-831-9146; or Cantor Fitzgerald & Co., Attn: Prospectus Group, 499 Park Avenue, New York,
NY 10022, or by telephone at 1-212-915-1067 or by email at prospectus@cantor.com.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission, but has
not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration
statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About BGC Partners, Inc.
BGC Partners is a leading global brokerage company servicing the financial and real estate markets. BGC owns GFI Group Inc., a
leading intermediary and provider of trading technologies and support services to the global OTC and listed markets. BGC's
Financial Services offerings include fixed income securities, interest rate swaps, foreign exchange, equities, equity
derivatives, credit derivatives, commodities, futures, and structured products. BGC provides a wide range of services, including
trade execution, broker-dealer services, clearing, trade compression, post trade, information, and other services to a broad
range of financial and non-financial institutions. Through brands including FENICS, BGC Trader, Capitalab, Lucera, and FENICS
Market Data, BGC offers financial technology solutions, market data, and analytics related to numerous financial instruments and
markets. BGC's customers include many of the world's largest banks, broker-dealers, investment banks, trading firms, hedge funds,
governments, corporations, property owners, real estate developers, and investment firms. BGC's common stock trades on the NASDAQ
Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due
June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA).
About Newmark Group, Inc.
Newmark is a full-service commercial real estate services business that offers a complete suite of services and products for
both owners and occupiers across the entire commercial real estate industry through brands, including Newmark Knight Frank, Newmark Cornish & Carey, Apartment Realty Advisors
("ARA"), Computerized Facility Integration, and Excess Space. Newmark's investor/owner services and products include capital
markets, which consists of investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting
and, under other trademarks and names like Berkeley Point and NKF Capital Markets, government sponsored enterprise lending, loan
servicing, debt and structured finance and loan sales. Newmark's occupier services and products include tenant representation,
real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project
management, lease administration and facilities management. Newmark enhances these services and products through innovative real
estate technology solutions and data analytics designed to enable its clients to increase their efficiency and profits by
optimizing their real estate portfolio. Newmark has relationships with many of the world's largest commercial property owners,
real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements that are subject to substantial risks and uncertainties. Any statements
contained herein that are not statements of historical fact may be deemed to be forward-looking statements. For example, words
such as "may," "will," "should," "estimates," "predicts," "potential," "continue," "strategy," "believes," "anticipates,"
"plans," "expects," "intends" and similar expressions are intended to identify forward-looking statements.
Actual results and the outcome and timing of certain events may differ significantly from the expectations discussed in the
forward-looking statements. Factors that might cause or contribute to such a discrepancy include, but are not limited to: the
possibility that the IPO may disrupt or have an adverse effect on BGC's or Newmark's businesses; the expected timetable for
completing the IPO; the possibility that the IPO will not be consummated within the anticipated timetable or at all, including as
the result of regulatory, market and other conditions; the potential that BGC and Newmark will not realize all or any of the
expected benefits of the separation of Newmark from BGC and the IPO; and the possibility that changes in interest rates,
commercial real estate values, the regulatory environment, the effects of weather events or natural disasters, pricing or other
competitive pressures, and other market conditions or factors could cause the results of BGC or Newmark to differ from the
forward-looking statements contained or incorporated by reference herein. For a discussion of additional risks and uncertainties,
which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's and BGC's
filings with the U.S. Securities and Exchange Commission. Except as required by law, Newmark and BGC undertake no obligation to
update any forward-looking statements.
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SOURCE BGC Partners, Inc.