BGC Group to repurchase over 16.45M shares from Howard Lutnick

BGC Group (BGC) announced it has agreed to repurchase 16,452,850 shares of BGC Class A common stock beneficially owned by Howard Lutnick, United States Secretary of Commerce, the company’s former chairman and CEO. The company agreed to repurchase the shares at $9.2082 per share, which is equal to the volume weighted average price of the Class A common stock on the Nasdaq Global Select Market on May 14th, 15th, and 16th. The aggregate purchase price to be paid by the company is $151,501,133. The sale is made in furtherance of Lutnick’s U.S. government ethics agreement. Additionally, Lutnick has agreed to transfer his ownership interest in Cantor Fitzgerald to trusts for the benefit of Brandon Lutnick, Cantor Fitzgerald chairman and CEO, Kyle Lutnick, Cantor Fitzgerald executive vice chairman, and his other adult children. Brandon Lutnick is the controlling trustee of such trusts. The closing of the Cantor Fitzgerald transactions will occur after receipt of all required regulatory approvals, expected in the third quarter of 2025. The sale of 16,115,102 shares will close immediately, and the sale of 337,748 shares held in retirement accounts will close immediately after the Cantor Fitzgerald transactions. Further, Lutnick 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. Lutnick has entered into agreements to forgo all economic benefits in BGC as of May 16. These transactions divest his ownership, voting, and economic interests in the company, complying with Lutnick’s U.S. government ethics agreement.