Forge (FRGE) Announces Redemption of Warrants
by Marlena Haddad on 2022-06-09 at 8:49am

Forge Global (NYSE:FRGE) announced this morning that it will be calling its outstanding warrants and forward purchase warrants for shares to streamline its capital structure.

The public warrants are currently exercisable for an aggregate of 18,466,604 shares of common stock at a price of $11.50 per share. Warrantholders have until 5 pm EST on July 11th to exercise their warrants and any warrants that remain unexercised immediately after the deadline will be void and no longer exercisable.

Under the terms of the warrant agreement, Forge is entitled to redeem all of the outstanding public warrants for a redemption price of $0.01 per warrant since the last sales price of the common stock was at least $18.00 per share on each of twenty trading days within a thirty-day trading period ending on the third trading day prior to the date on which the notice of redemption was given.

Motive Capital’s IPO raised $414 million in December 2020 and its unit contained a 1/3 warrant. If all outstanding public warrants are exercised at $11.50, that would result in an additional $158.7 million to the company.  The 14,000,000 Forward Purchase Units included a 1/3 warrant as well and if all are exercised it would result in an additional $53.7 million.

The company, which completed its combination with Motive Capital in March, provides a platform for users to invest in private companies via tender offers or regular cash-outs by employees and shareholders. Forge and Motive Capital initially announced their $1.6 billion combination on September 13, 2021.


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