BGC Partners Announces Pricing Of Newmark IPO - Quick Facts

(RTTNews) - BGC Partners, Inc. (BGCP) and Newmark Group Inc., a subsidiary of BGC that holds BGC's Real Estate Services business, announced the pricing of Newmark's initial public offering of 20 million shares of Newmark's Class A common stock at a price to the public of $14.00 per share. Newmark's Class A shares are expected to begin trading on December 15, 2017 on the NASDAQ Global Select Market under the symbol, NMRK, and the IPO is expected to close on or about December 19, 2017. At closing, BGC will own approximately 85.3% of the shares of Newmark's Class A common stock.

BGC currently expects to pursue a distribution to its stockholders of all of the shares of Newmark common stock that BGC then owns in a manner that is intended to qualify as generally tax-free for U.S. federal income tax purposes.