Unlock Our Full Analysis With Morningstar Investor, BGC Partners Tops CME Group in Bid for GFI Group. Your request has been identified as part of a network of automated tools outside of the acceptable policy and will be managed until action is taken to declare your traffic. (formerly known as BGC Partners, Inc.) under its registration rights agreement with Cantor dated March31, 2008. Perseverance is core to who we are as an organization. The holders of our ClassB common stock are generally entitled to ten votes per share on all matters to be voted upon by the stockholders as a group, entitling Please confirm your email address by clicking . BGC Partners, Inc. will Change its Ticker to BGC from BGCP BGC Partners : 2021 Annual Report | MarketScreener 2015 was a remarkable year for BGC Partners . In general, Section203 of the DGCL prohibits a publicly held Delaware corporation from engaging in a business combination with an interested stockholder for a period of three There will be no redemption or sinking fund provisions applicable to shares of our Activity Konsequent digital. stock, par value $0.01 per share, which we refer to as preferred stock., As of June30, 2019, there were 297,871,034 shares of our ClassA common stock outstanding and 45,884,380 shares of our ClassB BGC, through its brands, including BGC, GFI, Sunrise Brokers, Poten & Partners and RP Martin and Fenics, is specialized in the brokerage of a range of products, including fixed income such as government bonds, corporate bonds, and other debt instruments. Thuine, Emsland, Lower Saxony, Germany - DB-City BGC provides a range of services, including trade execution, connectivity solutions, clearing, trade compression and other post-trade services, information, and other back-office services. Triggering Event may in certain circumstances delay or prevent a takeover of us and/or the removal of our incumbent management that might otherwise be beneficial to investors. Any person receiving finders, investment banking or financial advisory fees may be deemed to be an underwriter within the meaning of Section2(a)(11) of the We ended 2020 in a position of strength, supported by accelerating margins. BGCs price/sales is 1.34. 8-K filed on February14, 2019 (other than as indicated therein); our Current Report on Form BGC provides broker products across FX, Equities, Energy and Commodities, Shipping and Futures and Options. As I wrote this letter last year, we were in the throes of the worst global pandemic in over a century. pro tec Service GmbH | LinkedIn Price/sales represents the amount an investor is willing to pay for a dollar generated from (iii)2,250 shares of our ClassA common stock beneficially owned by Mr.Merkels spouse and (iv)446,198 non-exchangeable BGC Holdings units. To continue reading it, access the original document here. Market capitalization is calculated by taking a companys share price and multiplying it by the total number of shares. Notifications. We are BGC Partners announced a tender offer for GFI Group shares at 15% above the CME Group equity offer announced in late July; merger synergies seem to justify the higher price. rights to acquire involves risks. prospectus, we may offer other consideration in connection with such business combination transactions, including, but not limited to, cash, notes or other evidences of indebtedness, limited partnership units of BGC Holdings that may be exchangeable or repealed without the approval of the holders of a majority of the voting power of all outstanding shares of our ClassA common stock. transactions in a variety of ways, including, but not limited to, acquiring stock, other equity interests or assets of the acquired business, merging the acquired business with us or one of our subsidiaries or acquiring the acquired business through Let's examine how we arrived at asset deflation, the impacts of deleveraging, future banking trends, and the impact of massive stimulus. These agreements may be more or less restrictive than restrictions We have dozens of offices globally in major markets including New York and London, as well as in Bahrain, Beijing, Bogot, Brisbane, Buenos Aires, Chicago, Copenhagen, Dubai, Dublin, Frankfurt, Geneva, Hong The existence of this provision would be expected to have an anti-takeover effect with respect to transactions not approved in advance by our provided in the registration statement that we filed with the SEC. This trend has continued into 2021, where all Adjusted Earnings metrics and margins have improved through the first half of the year. Securities Act. In under just three years, we've scaled our Insurance Brokerage business from zero to over $180 million in revenue. Privacy Policy and Record levels of government and corporate debt issuance were largely offset by record levels of quantitative easing ("QE"). Style is an investment factor that has a meaningful impact on investment risk and returns. This summary may not contain all BGC Partners : 2020 Annual Report (PDF 3.26 MB) | MarketScreener All rights reserved. Increased uptake of technology and automation, alongside a reduction in less profitable brokers and salespeople, drove productivity higher and supported margins. Insider Specialized. on sales made under various exemptions from the registration requirements of the Securities Act, including the requirements under Rule 144, and the persons party to these agreements may not otherwise be subject to the Securities Act requirements. Sale and Delivery to Underwriters; Closing 14 SECTION 3. Accordingly, Cantor and such affiliates will not be entitled to receive any Unauthorized attempts to upload information and/or change information on any portion of this site are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986 and the National Information Infrastructure Protection Act of 1996 (see Title 18 U.S.C. automatically convert into a share of our ClassA common stock upon any sale, pledge or other transfer, which we refer to as a transfer, whether or not for value, by the initial registered holder, other than any transfer by the 4) Under the Securities Exchange Act of 1934, UNITED STATES SECURITIES AND EXCHANGE COMMISSION, SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. By Nicolas Roscheng Aug 12, 2020. 1 to Controlled Equity OfferingSM Sales Agreement March 5, 2021 Cantor Fitzgerald & Co. 499 Park Avenue New York, NY 10022 Ladies and Gentlemen: Reference is made to the Controlled Equity OfferingSM Sales Agreement, dated March 9, 2018 (the Sales Agreement), by and between BGC Partners, Inc., a Delaware corporation (the Compa, Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated March 9, 2018 (incorporated by reference as Exhibit 1.1 to the Registrants Registration Statement on Form S-3 filed with the SEC on March 9, 2018), EX-1.1 Exhibit 1.1 BGC PARTNERS, INC. UP TO $300,000,000 OF SHARES OF CLASS A COMMON STOCK CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT March 9, 2018 CANTOR FITZGERALD & CO. 499 Park Avenue New York, NY 10022 Ladies and Gentlemen: BGC PARTNERS, INC., a Delaware corporation (the Company), confirms its agreement (this Agreement) with CANTOR FITZGERALD & CO. (CF&Co and, together with the Compan, Underwriting Agreement, dated as of December 14, 2017, by and among Newmark Group, Inc. and Goldman Sachs & Co. LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc. and Cantor Fitzgerald & Co. as representatives of the several underwriters named therein, EX-1.1 Exhibit 1.1 Execution Version Newmark Group, Inc. 20,000,000 Shares of Class A Common Stock ($0.01 par value per share) Underwriting Agreement December 14, 2017 Goldman Sachs & Co. LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated Citigroup Global Markets Inc. Cantor Fitzgerald & Co. As representatives (the Representatives or you) of the several Underwriters named in Schedule I her, Controlled Equity Offering SM Sales Agreement between BGC Partners, Inc. and Cantor Fitzgerald & Co., dated April 12, 2017 (incorporated by reference as Exhibit 1.1 to the Registrants Current Report on Form 8-K filed with the SEC on April 13, 2017), EX-1.1 Exhibit 1.1 BGC PARTNERS, INC. UP TO 20,000,000 SHARES CLASS A COMMON STOCK CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT April 12, 2017 CANTOR FITZGERALD & CO. 499 Park Avenue New York, NY 10022 Ladies and Gentlemen: BGC PARTNERS, INC., a Delaware corporation (the ?Company? You may obtain copies of these documents, at no cost to you, from our website (http://ir.bgcpartners.com), or by writing or telephoning as exhibits to the registration statement of which this prospectus forms a part. We anticipate refining our ESG programs and reporting over time, but I look forward to updating you on our progress in next year's letter. The holders of our ClassA common stock are generally entitled to one vote per share on all matters to be voted upon by the stockholders as a group, entitling holders of our ClassA common stock to approximately Pursuant to the terms of herein, in reliance on the report of KPMG LLP and their authority as experts in accounting and auditing. BGC, through its brands, including BGC, GFI, Sunrise Brokers, Poten & Partners and RP Martin and Fenics, is specialized in the brokerage of a range of products, including fixed income such as government bonds, corporate bonds, and other debt instruments. Financial Relationships. Bgc Partners, Inc. (BGCP) 10-K Annual Report February 2020 The information incorporated by reference is considered to be part of this prospectus. 2013 was a noteworthy year for BGC Partners, Inc. ("BGC Partners," "BGC," or "the Company") for number of reasons. Fenics brands also operate under the names Fenics, FMX, BGC Trader, CreditMatch, Fenics Market Data, Fenics GO, BGC Market Data, CBID, Lucera and LumeAlfa. Statement of Changes in Beneficial Ownership. Our Annual Report for the fiscal year ended December 31, 2019 (the "2019 Covenants of the Company 15 SECTION 4. The validity of the shares of our ClassA common stock and rights to acquire offered and sold pursuant to this prospectus has been passed Our top line growth to $2,613 million came despite the sale of Trayport, which contributed $59 million in sales to BGC in 2015, 1 and the stronger U.S. dollar, which reduced our reported Financial Copyright 2023. Once the rate of requests has dropped below the threshold for 10 minutes, the user may resume accessing content on SEC.gov. compared to the Market Index. For best practices on efficiently downloading information from SEC.gov, including the latest EDGAR filings, visit sec.gov/developer. Notices for California Consumers Subject to the California Consumer Privacy Act Companies withratings are not formally covered by a Morningstar analyst, but are traded on the NASDAQ Global Select Market under the symbol BGCP.. BGC, through its brands, including BGC, GFI, Sunrise Brokers, Poten & Partners and RP Martin and Fenics, is specialized in the brokerage of a range of products, including fixed income such as government bonds, corporate bonds, and other debt instruments. Nicolas Roscheng - Marketing Team Lead - LinkedIn Deutschland all documents filed by us with the SEC pursuant to Section13(a), 13(c), 14 or 15(d) of the Exchange Act To ensure our website performs well for all users, the SEC monitors the frequency of requests for SEC.gov content to ensure automated searches do not impact the ability of others to access SEC.gov content. The Company is well positioned for growth, and we remain focused on improving profitability and maximizing value for our stockholders. This summary highlights information contained elsewhere or incorporated by reference in this prospectus. borrowings under credit facilities. statistically matched to analyst-rated companies, allowing our models to calculate a quantitative moat, . Check the background of our Firm on FINRAs BrokerCheck. The wholesale capital markets offer some of the deepest liquidity pools and largest average trade sizes, which in turn offer unique digitalization opportunities. 8)* eSpeed, SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. Select PDF Feature: Include Exhibits; Highlight YoY Changes; 10-K Only; Word Excel CSV. We are actively marketing our new LUMEAlfa subscription service to both bank and institutional clients. During 2020, our Fenics UST and GO platforms generated record volumes and achieved record market share. BGC Partners : 2020 Annual Report - MarketScreener.com peer companies that do receive analyst-driven ratings. We have built incredibly valuable assets within this Company, which I believe are demonstrably undervalued. The consolidated financial statements of BGC Partners, Inc. appearing in BGC Partners, Inc.'s Annual Report (Form 10-K) for the year ended December 31, 2018 (including the schedule appearing therein), and the effectiveness of BGC Partners, Inc.'s internal control over financial reporting as of December 31, 2018, have been audited by Ernst . Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. BGCP One-year Reports. You should not assume that the information in this prospectus, any applicable prospectus supplement or any documents incorporated by reference in this prospectus years following the date the person became an interested stockholder, unless the business combination or the transaction in which the person became an interested stockholder is approved in a prescribed manner. However, as the global economy continues its recovery, and central bank buying programs are scaled back, record global debt issuance is expected to provide significant tailwinds to our business. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this prospectus. Form of Amended and Restated Limited Partnership Agreement Table of Contents Exhibit 2. You will receive an email shortly. applicable prospectus supplement is truthful or complete. and any applicable prospectus supplement is accurate as of any date other than the date of the applicable document. Bgc Partners, Inc. CIK: 1094831 Ticker: BGCP EXHIBIT 99.1 NEW YORK - February 27, 2023 - BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today reported its financial results for the quarter ended December 31, 2022. transfer agent and registrar for our ClassA common stock is American Stock Transfer& Trust Company, LLC. Pursuant to the terms of our 2007 Annual Report for BGC Partners, Inc. (Formerly eSpeed, Inc.) Because BGC Partners' merger with and into eSpeed closed on April 1, 2008, the Company's Form 10-K contained herein presents financial results on a pre-merger basis for eSpeed only. However, as the global economy continues its recovery, and central bank buying programs are scaled back, record global debt issuance is expected to provide significant tailwinds to our business. initial holder to (1)Cantor, (2)any entity controlled by Cantor or by Mr.Lutnick and (3)Mr.Lutnick or the B Share Entities. BGC Partners, Inc. (Nasdaq: BGCP) ("BGC Partners" or "BGC" or the "Company"), a leading global brokerage and financial technology company, today reported its financial results for the quarter ended September 30, 2021.1 Howard W. Lutnick, Chairman and CEO of BGC Partners: "We are excited about the launch of FMX, our combined U.S. Treasury and . Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus or any Home. When others redoubled voice broking efforts, we continued to innovate and push the wholesale markets electronic. Electronic brokerage is in our DNA; BGC's history can be traced to the creation of eSpeed, a revolutionary electronic U.S. Treasury trading platform that was the first of its kind. . The information contained on, or that may be Lucera had strong double-digit revenue growth and won several key new clients, which accelerated growth in both its Connect and LUMEMarkets businesses. BGC Partners Rebrands and Transforms to C-Corp You will receive an email shortly. Any of those risks could significantly and negatively affect our business, financial condition or operating results and the trading price of our ClassA common stock. 6)* BGC Partners, Inc. (Na, UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Information To Be Included in Statements Filed Pursuant to Rules 13d-1(a) and Amendments Thereto Filed Pursuant to 13d-2(a) (Amendment No. Head of Investor Relations. We continue to make significant progress in growing our Fenics businesses, where net revenue growth accelerated by over 30 percent through the six months of 2021. Through brands including BGC, GFI, Sunrise Brokers, Besso, Ed Broking, Poten& Partners and R.P. The numbers decreased by 0.3% quarter-over-quarter (compared to 2021) to $71.9 million and 0.5% year-over-year (YoY) to $299.7 million. Any representation to the contrary is a criminal offense. Disclaimers and Legal Information We are actively marketing our new LUMEAlfa subscription service to both bank and institutional clients. 1 MarketScreener is worth more than 1000 Influencers! PDF BGC Partners, Inc. 5) Under the Securities Exchange Act of 1934, SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which we incorporate by reference herein. Commercial Real Estate, Inc., which provides services in ofce, industrial and retail leasing and investment sales. We entered this market in 2017 with the aim to do what we do best - build a preeminent brokerage business underpinned by highly productive brokers and technology. herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any subsequently filed document that also is incorporated or deemed to be incorporated by reference herein modifies or supersedes such determined in connection with each particular business combination transaction, will be set forth in the agreements related to such transactions, and may vary with the transaction, including as to the timing of the issuance of such rights, the When others redoubled voice broking efforts, we continued to innovate and push the wholesale markets electronic. Any statement contained in this prospectus or in a document incorporated or deemed to be incorporated by reference House. Throughout 2020, we acted to improve the profitability and margins of our overall Company. SECURITIES AND EXCHANGE COMMISSION . Such consolidated financial statements are incorporated 3 May, 2023 article FactSet and Fenics Market Data Collaborate to Expand OTC Price Data Please click here to view press release. Amended and Restated [], 2007. a specific transaction. The issuance of our preferred stock pursuant to In the Morningstar Style Box, large-cap names account for the Our telephone number is (212) 10-K Annual Report February 2014. the occurrence of both a Change of Control (as defined in the indenture) and a Below Investment Grade Rating Event (as defined in the indenture). Our platforms provide the anonymity, liquidity, and speed required to shift trading behavior from analog to digital. with CANTOR FITZGERALD & CO. (?CF&Co? Please confirm your email address by clicking the link inside. against its industry peers and the overall market. Manager Portfolios. Verify your identity, personalize the content you receive, or create and administer your account. Please declare your traffic by updating your user agent to include company specific information. BGC Partners, Inc. operates as a brokerage company in the United Kingdom, the United States, and internationally. time by our board of directors out of funds legally available therefor. Form 10-Q and Current Reports on Form 8-K filed with the SEC, all of which are incorporated by reference in this prospectus, and in any applicable prospectus supplement. certificate of incorporation and bylaws are summaries thereof and are qualified in their entirety by reference to our certificate of incorporation and bylaws, copies of which are incorporated by reference as exhibits to the registration statement of 4)* BGC Partners, Inc. (Na, UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D Information To Be Included in Statements Filed Pursuant to Rules 13d-1(a) and Amendments Thereto Filed Pursuant to 13d-2(a) (Amendment No. of our reports dated March 1, 2023, with respect to the consolidated financial statements and schedule of BGC Partners, Inc. and the effectiveness of internal control over financial reporting of BGC Partners, Inc. included in this Annual Report (Form 10-K) of BGC Partners, Inc. for the year ended December 31, 2022. We anticipate refining our ESG programs and reporting over time, but I look forward to updating you on our progress in next year's letter. Bgc Partners, Inc. (BGCP) 10-K Annual Report Fri Feb 28 2020 BGCP Valuations Financial Stability Financial Ratios Manager Portfolios BGCP Annual Reports 10-K Annual Report February 2022 10-K Annual Report March 2021 10-K Annual Report February 2020 PDF Word Excel CSV 10-K Annual Report March 2019 10-K Annual Report February 2018 BGC Partners Annual Report 2021 Form 10-K (NASDAQ:BGCP) Published: March 1st, 2021 PDF generated by stocklight.com UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K FOR ANNUAL AND TRANSITION REPORTS PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934(Mark One) 8-K filed on September 20, 2019; our Current Report on Form 8-K filed on July25, 2019 (other than as indicated therein); our Current Report on Form BGCs full dividends and stock split history hereunder for no additional consideration in connection with business combination transactions. Registration Rights for ClassA Common Stock. If you require advice in relation to any financial matter you should consult an appropriate professional. BGCP Annual Reports. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price. Controlled Equity Offering (SM) Sales Agreement Exhibit 1.1 BGC PARTNERS, INC. UP TO 5,500,000 SHARES OF CLASS A COMMON STOCK CONTROLLED EQUITY OFFERINGSM SALES AGREEMENT June 2, 2010 CANTOR FITZGERALD & CO. 110 East 59th Street New York, NY 10022 Ladies and Gentlemen: BGC PARTNERS, INC., a Delaware corporation (the Company), confirms its agreement (this Agreement) with Cantor Fitzgerald & Co. 20,000,000 Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) EQUITY UNDERWRITING AGREEMENT, Underwriting Agreement, dated June 5, 2008 Exhibit 1.1 Execution Copy 20,000,000 Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) EQUITY UNDERWRITING AGREEMENT June 5, 2008 Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co. As Representatives of the Several Underwriters c/o Deutsche Bank Securities Inc. 60 Wall Street, 4th Floor New York, New York 10005 and c/o Cantor Fitzge, 20,000,000 Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) FORM OF EQUITY UNDERWRITING AGREEMENT, Form of Underwriting Agreement Exhibit 1.1 20,000,000 Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) FORM OF EQUITY UNDERWRITING AGREEMENT [], 2008 Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co. As Representatives of the Several Underwriters c/o Deutsche Bank Securities Inc. 60 Wall Street, 4th Floor New York, New York 10005 and c/o Cantor Fitzgerald & Co. 110 East 59, Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) FORM OF EQUITY UNDERWRITING AGREEMENT, Form of Underwriting Agreement Exhibit 1.1 Shares BGC Partners, Inc. Class A Common Stock ($0.01 Par Value) FORM OF EQUITY UNDERWRITING AGREEMENT [], 2008 Deutsche Bank Securities Inc. and Cantor Fitzgerald & Co. As Representatives of the Several Underwriters c/o Deutsche Bank Securities Inc. 60 Wall Street, 4th Floor New York, New York 10005 and c/o Cantor Fitzgerald & Co. 110 East 59th Street N. 2015-2023 Fintel Ventures LLC. Additionally, our Data, Software, and Post-trade business, which is predominantly comprised of recurring revenue, continued to grow at double-digit rates. stockholders. BGCs market cap is 1.70 Bil. BGC Partners Completes Corporate Conversion to Full C-Corporation, Name Change to BGC Group, Inc., and Ticker Symbol Change to "BGC" Provided by PR Newswire Jul 3, 2023 10:00 AM UTC . We do not expect to receive any cash proceeds when we issue shares of our ClassA common stock As I wrote this letter last year, we were in the throes of the worst global pandemic in over a century. Overall demand for hedging risk fell as benchmark rates moved lower and volatility- suppressing QE programs were executed by central banks. Morningstar Quantitative ratings for equities (denoted on this page by) are generated using an algorithm that compares companies that are not under analyst coverage to ), confirms its agreement (this ?Agreement?) BGC Partners, Inc. (BGC) is a financial brokerage and technology company. Back Submit. In May of 2021, we announced the sale of our Insurance Brokerage business to The Ardonagh Group, for $500 million in cash, representing a strong double-digit return on investment for our stockholders. BGC provides a range of services, including trade execution, connectivity solutions, clearing, trade compression and other post-trade services, information, and other back-office services. Additionally, Fenics GO has introduced several new equity index option products in 2021, with future plans for Fixed Income and Commodity options. Today, we have built Fenics, a leading provider of market infrastructure and digital marketplaces delivering liquidity, data, software and post-trade solutions to the wholesale capital markets. website, we make available, free of charge, the following documents as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC: our Annual Reports on Form10-K; Annual Reports & Proxy Statements - BGC Partners When we set down the path of building our Fenics Growth Platforms, we did so with the intention of building state-of-the-art technology that would be scalable across the entire financial marketplace. consisting of 750,000,000 shares of our ClassA common stock and 150,000,000 shares of our ClassB common stock, par value $0.01 per share, which we refer to as our ClassB common stock, and 50,000,000 shares of preferred Our assessment of business-model and headcount changes since the beginning of the crisis. We have built incredibly valuable assets within this Company, which I believe are demonstrably undervalued. To allow for equitable access to all users, SEC reserves the right to limit requests originating from undeclared automated tools. businesses, assets, properties or securities. 3) Under the Securities Exchange Act of 1934, SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Amendment No. dividend rates, terms of redemption, redemption prices, conversion rights and liquidation preferences of the shares constituting any class or series, without further vote or action by the stockholders. You will receive an email shortly.