Forge Announces Completion of Redemption of Public Warrants
July 11 2022 - 9:00PM
Business Wire
Forge Global Holdings, Inc. (NYSE: FRGE) (“Forge”), a leading
private securities marketplace, today posted the results of its
previously announced redemption of all its outstanding public
warrants and forward purchase warrants (the “Public Warrants”).
On June 9, 2022, Forge issued a press release stating that,
pursuant to the terms of the agreement governing the Public
Warrants, it would redeem all of the Public Warrants that remained
outstanding at 5:00 p.m., New York City time, on July 11, 2022 (the
“Redemption Date”) for a redemption price of $0.01 per Public
Warrant. The redemption was triggered because the last sales price
of Forge’s common stock was at least $18.00 per share for twenty
(20) trading days within a thirty-day (30) period that ended June
6, 2022. Of the 18,466,604 warrants outstanding on July 11, 2022,
approximately 2 million were exercised, and cash proceeds generated
from these warrants were approximately $22.9 million.
In connection with the redemption, the Public Warrants ceased
trading on the NYSE effective July 8, 2022. The redemption had no
effect on the trading of Forge’s common stock, which continues to
trade on the NYSE under the symbol “FRGE”. With the completion of
this redemption, as of July 11, 2022, Forge no longer has any
outstanding Public Warrants. Furthermore, as a result of the
redemption, Forge’s total diluted shares outstanding is
approximately 188 million as of July 11, 2022. Forge’s total basic
shares outstanding is approximately 171 million as of July 11,
2022.
“The completion of the redemption of the Public Warrants
represents the commitment to long-term value creation we made to
our shareholders when we went public in March 2022. The
simultaneous addition of cash to our balance sheet by investors who
see our vision and the removal of the associated warrant liability
reduces potential dilution and decreases our fully diluted shares.
This contributes to a more streamlined capital structure and strong
balance sheet for investors and shareholders,” said Mark Lee, CFO
of Forge.
About Forge
Forge is a leading provider of marketplace infrastructure, data
services and technology solutions for private market participants.
By combining world-class trading technology and operating
expertise, Forge Markets enables private company shareholders to
trade private company shares with accredited investors. Forge
Company Solutions, Forge Data and Forge Trust along with Forge
Markets help provide additional transparency, access and solutions
that companies as well as institutional and accredited investors
need to confidently navigate and efficiently transact in the
private markets. Securities-related services are offered through
Forge Securities LLC (“Forge Securities”), a wholly owned
subsidiary of Forge. Forge Securities is a registered Broker Dealer
and Member of FINRA/SIPC, an alternative trading system.
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version on businesswire.com: https://www.businesswire.com/news/home/20220711005967/en/
Investor Relations Contact: Dominic Paschel
ir@forgeglobal.com
Media Contact: Lindsay Riddell press@forgeglobal.com
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