Rubric Capital Holds 20M BGC Group Shares, Shared Voting Power
Ticker: BGC · Form: SC 13G/A · Filed: Feb 12, 2024 · CIK: 1094831
Complexity: simple
Sentiment: neutral
Topics: institutional-ownership, amendment, equity-holding
TL;DR
**Rubric Capital Management LP owns 20 million shares of BGC Group, Inc. with shared voting power.**
AI Summary
Rubric Capital Management LP, a Delaware-based investment firm, filed an amended SC 13G/A on February 12, 2024, disclosing its beneficial ownership of 20,000,000 shares of BGC Group, Inc.'s Class A Common Stock as of December 31, 2023. This filing indicates Rubric Capital Management LP holds significant shared voting power over these shares, which is a notable position for an institutional investor. This matters to investors because a large institutional holding can signal confidence in the company's future, potentially influencing stock price and investor sentiment.
Why It Matters
This filing reveals a significant institutional investor's stake in BGC Group, Inc., which can be interpreted as a vote of confidence and may influence other investors' perceptions of the stock.
Risk Assessment
Risk Level: low — This filing primarily updates an existing ownership stake and does not introduce new significant risks to BGC Group, Inc. or its investors.
Analyst Insight
A smart investor would note Rubric Capital Management LP's continued significant stake in BGC Group, Inc. and consider it as part of their broader due diligence, but not as a sole reason for investment decisions.
Key Numbers
- 20,000,000 — Shares Beneficially Owned (Represents the shared voting power of Class A Common Stock held by Rubric Capital Management LP in BGC Group, Inc.)
- $0.01 — Par Value per Share (The stated par value of BGC Group, Inc.'s Class A Common Stock.)
- 088929104 — CUSIP Number (Unique identification number for BGC Group, Inc.'s Class A Common Stock.)
- December 31, 2023 — Date of Event (The date as of which the beneficial ownership information was reported.)
- February 12, 2024 — Filing Date (The date the SC 13G/A amendment was filed with the SEC.)
Key Players & Entities
- Rubric Capital Management LP (company) — the reporting person and institutional investor
- BGC Group, Inc. (company) — the subject company whose securities are being reported
- State of Delaware (company) — place of organization for Rubric Capital Management LP
- DAVID ROSEN (person) — listed as a group member
- 02 Finance (company) — listed as an organization name under subject company data
Forward-Looking Statements
- Rubric Capital Management LP will maintain its significant stake in BGC Group, Inc. for the foreseeable future. (Rubric Capital Management LP) — medium confidence, target: December 31, 2024
- BGC Group, Inc.'s stock price will experience minor positive sentiment due to this institutional holding. (BGC Group, Inc.) — low confidence, target: March 31, 2024
FAQ
What type of stock does Rubric Capital Management LP beneficially own in BGC Group, Inc.?
Rubric Capital Management LP beneficially owns Class A Common Stock, with a par value of $0.01 per share, of BGC Group, Inc. as stated in the filing.
What is the CUSIP number for the securities reported in this filing?
The CUSIP number for the Class A Common Stock of BGC Group, Inc. is 088929104, as specified on the cover page of the SC 13G/A filing.
What is the total number of shares with shared voting power reported by Rubric Capital Management LP?
Rubric Capital Management LP reported 20,000,000 shares with shared voting power, as detailed in Item 6 of the filing's cover page.
What was the 'Date of event which requires filing of this statement'?
The 'Date of event which requires filing of this statement' was December 31, 2023, as indicated on the first page of the Schedule 13G/A.
Under which rule was this Schedule 13G filed?
This Schedule 13G/A was filed under Rule 13d-1(b), as indicated by the checked box on the first page of the filing.
Filing Stats: 1,243 words · 5 min read · ~4 pages · Grade level 10.6 · Accepted 2024-02-12 06:06:37
Key Financial Figures
- $0.01 — OF SECURITIES: Class A Common stock, $0.01 par value per share (the " Class A
Filing Documents
- tm245464d3_sc13ga.htm (SC 13G/A) — 73KB
- 0001104659-24-013548.txt ( ) — 75KB
(a)
Item 1(a). NAME OF ISSUER: The name of the issuer is BGC Group, Inc. (the "Issuer").
(b)
Item 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES: The Issuer's principal executive offices are located at 499 Park Avenue, New York, NY 10022.
(a)
Item 2(a). NAME OF PERSON FILING: This statement is filed by: (i) Rubric Capital Management LP (" Rubric Capital "), the investment adviser to certain investment funds and/or accounts (collectively, the " Rubric Funds ") that hold the shares of Class A Common Stock (as defined in Item 2(d) below) reported herein; and (ii) David Rosen (" Mr. Rosen "), Managing Member of Rubric Capital Management GP LLC, the general partner of Rubric Capital. The foregoing persons are hereinafter sometimes collectively referred to as the " Reporting Persons ." The filing of this statement should not be construed as an admission that any of the forgoing persons or any Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the Shares reported herein.
(b)
Item 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE: The address of the principal business office of each of the Reporting Persons is 155 East 44th St, Suite 1630, New York, NY 10017.
(c)
Item 2(c). CITIZENSHIP: Rubric Capital is a Delaware limited partnership. Mr. Rosen is a citizen of the United States of America.
(d)
Item 2(d). TITLE OF CLASS OF SECURITIES: Class A Common stock, $0.01 par value per share (the " Class A Common Stock ").
(e)
Item 2(e). CUSIP NUMBER: 088929104 CUSIP No. 088929104 13G/A Page 5 of 7 Pages Item 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b) OR 13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A: (a) Broker or dealer registered under Section 15 of the Act, (b) Bank as defined in Section 3(a)(6) of the Act, (c) Insurance Company as defined in Section 3(a)(19) of the Act, (d) Investment Company registered under Section 8 of the Investment Company Act of 1940, (e) An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E); (f) Employee Benefit Plan or Endowment Fund in accordance with Rule 13d-1(b)(1)(ii)(F), (g) Parent Holding Company or control person in accordance with Rule 13d-1(b)(1)(ii)(G), (h) Savings Association as defined in Section 3(b) of the Federal Deposit Insurance Act, (i) A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act; (j) A non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J); (k) Group, in accordance with Rule 13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 13d-1(b)(1)(ii)(J), please specify the type of institution: Item 4. The information required by Items 4(a) - (c) is set forth in Rows 5 - 11 of the cover page for each of the Reporting Persons and is incorporated herein by reference. The percentage set forth in Row (11) of the cover page for each of the Reporting Persons is based on the 386,790,893 shares of Class A Common Stock outstanding as of November 7, 2023, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023 filed with the Securities and Exchange Commission on November 9, 2023. Item 5. Not applicable. Item 6. See Item 2. Item 7. IDENTIFICATION AND CLASSIFICATIO
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. DATED: February 12, 2024 RUBRIC CAPITAL MANAGEMENT LP By: /s/ Michael Nachmani Name: Michael Nachmani Title: Chief Operating Officer /s/ David Rosen DAVID ROSEN