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BGC Group Repurchases 16.4 Million Shares, Divests Ownership Interests

Strategic Insights

— 1 min read

In a major move, BGC Group has agreed to repurchase 16,452,850 shares of its Class A common stock from United States Secretary of Commerce Howard W. Lutnick, making him divest his interests in BGC pursuant to U.S. government ethics rules. The shares will be repurchased at $9.2082 per share, totaling $151,501,133, which is equal to the volume-weighted average price (VWAP) of the Class A common stock on the Nasdaq Global Select Market on May 14th, 15th, and 16th, 2025. As part of the agreement, Mr. Lutnick has also agreed to transfer his ownership interest in Cantor Fitzgerald to trusts for the benefit of his children.

Key Takeaways:

  • BGC Group has agreed to repurchase 16,452,850 shares of its Class A common stock from United States Secretary of Commerce Howard W. Lutnick, a total value of $151,501,133.
  • The shares will be repurchased at $9.2082 per share, equal to the volume-weighted average price (VWAP) of the Class A common stock on the Nasdaq Global Select Market on May 14th, 15th, and 16th, 2025.
  • Mr. Lutnick has agreed to divest his interests in BGC, complying with his U.S. government ethics agreement.
  • Mr. Lutnick has entered into an agreement to sell his 8,973,721 BGC Class B shares to Cantor Fitzgerald, which will close immediately after the Cantor Fitzgerald transactions.
  • The sale of 16,115,102 shares will close today, and the sale of 337,748 shares held in retirement accounts will close immediately after the Cantor Fitzgerald transactions.
  • Cantor Fitzgerald will continue to be BGC's largest and controlling shareholder.

Statistics:

  • Total number of shares repurchased: 16,452,850
  • Total value of shares repurchased: $151,501,133
  • Volume-weighted average price (VWAP) of the Class A common stock: $9.2082
  • Percentage of shares repurchased: Not specified
  • Number of employees affected by the sale: Not specified
  • Potential impact on BGC's financial situation: Not specified

Sources:

  • BusinessWire: "BGC Group, Inc. Announces Repurchase of Approximately 16.4 Million Shares of Its Class A Common Stock From Howard W. Lutnick"
  • SEC filings (BGC Group, Inc.)

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