- Total Revenue Less Transaction Based Expenses Was $15.8 million
in 3Q22
- Trading Volume Was $226.2 million in 3Q22
- Net Take Rate Was 3.6% in 3Q22
- Forge Trust Custodial Cash Was $685 million in 3Q22
- Forge Expanded Global Private Market Platform into Europe with
Strategic Partner Deutsche B�rse
Forge Global Holdings, Inc. (“Forge,” or the “Company”) (NYSE:
FRGE), a leading private securities marketplace, today announced
its financial results for the quarter ended September 30, 2022.
“As macroeconomic headwinds persist, we’ve kept our focus on
building for the future,” said Kelly Rodriques, CEO of Forge. “We
made progress in Q3 toward our goal of building a global business
at the center of the private market ecosystem – debuting our first
lending product to unlock new sell-side inventory and for the first
time offering custody services of private shares for our trading
clients to drive efficiency across the trading process and
accelerate the network effects of our unique model. We also
increased the value we deliver to customers through our data
products with new features and upgrades and began acquiring
third-party trading data that will broaden the private market data
our customers can access; and finally, we announced our expansion
into Europe with Forge Europe.”
Financial Highlights for the Third
Quarter of 2022
Given the unique economic environment, Forge believes that
quarter-over-quarter comparisons are more indicative of the current
state of the business and has provided both quarter-over-quarter
and year-ago quarter comparisons.
Revenue: Total revenue less transaction-based expenses
was $15.8 million compared to $16.5 million in the quarter ended
June 30, 2022, and $27.1 million in the quarter ended September 30,
2021.
Operating Income: Total operating loss was $42.4 million,
compared to total operating loss of $26.0 million in the quarter
ended June 30, 2022, and total operating loss of $5.7 million in
the quarter ended September 30, 2021.
Net Loss: Net loss of $16.2 million, compared to net loss
of $5.1 million in the quarter ended June 30, 2022, and net loss of
$5.1 million in the quarter ended September 30, 2021.
Adjusted EBITDA: Total Adjusted EBITDA was a loss of
$13.3 million, compared to total Adjusted EBITDA loss of $12.3
million in the quarter ended June 30, 2022, and total Adjusted
EBITDA loss of $1.3 million in the quarter ended September 30,
2021.
Cash Flow from Operating Activities: Net cash used in
operating activities was $11.4 million, compared to $18.2 million
in the quarter ended June 30, 2022, and $5.1 million in the quarter
ended September 30, 2021.
Cash Flow from Financing Activities: Net cash provided by
financing activities was $10.6 million, compared to $22.6 million
in the quarter ended June 30, 2022, and $0.7 million in the quarter
ended September 30, 2021.
Ending Cash Balance: Cash and cash equivalents as of
September 30, 2022 was $202.6 million.
Share Count: Basic weighted-average number of shares used
to compute net loss per share attributable to common stockholders
for the quarter ended September 30, 2022, was 170 million shares
and fully diluted outstanding share count as of September 30, 2022
was 184 million shares.
We estimate for the quarter ended December 31, 2022 that Forge
will have 171 million weighted average basic shares outstanding,
which will be used to calculate earnings per share in a loss
position.
Fully diluted outstanding share count includes all common shares
outstanding plus shares that would be issued in respect to
outstanding options and warrants, net of shares to be withheld in
respect of exercise price of the respective instruments.
Instruments that are out of the money are excluded from the fully
diluted outstanding share count.
KPIs:
- Trading Volume was $226.2 million in the quarter, down 32%
quarter-over-quarter, and down 66% year-over-year.
- Net Take Rate for the quarter was 3.6%, up 13%
quarter-over-quarter, and up 9% year-over-year.
- Total Placement Fee revenues totaled $8.2 million, down 25%
quarter-over-quarter, and down 64% year-over-year.
- Total Custodial Accounts increased from 1.74 million to 1.81
million, up 4% quarter-over-quarter, and down 9%
year-over-year.
- Total Assets Under Custody decreased from $15.3 billion to
$15.0 billion, down 2% quarter-over-quarter, and up 3%
year-over-year.
Please refer to the section titled “Use of Non-GAAP Financial
Information” and the tables within this press release which contain
explanations and reconciliations of the Company’s non-GAAP
financial measures.
Recent Business
Highlights:
- In September, Forge announced the introduction of Forge Europe
in partnership with Deutsche B�rse, with an anticipated market
launch in mid-2023, subject to obtaining the requisite regulatory
approvals. Forge Europe will establish a digital marketplace for
private European companies and investors that also ties seamlessly
into Forge’s U.S. liquidity network.
- Forge Intelligence introduced a new comparison feature, which
now enables investors to easily compare similar private companies
through metrics such as trade frequency and price change since last
funding round.
- In October, Forge launched the pilot of our first lending
product, which offers stock option exercise bridge loans (OBLs).
This product enables employees to borrow funds to exercise their
vested options and then sell their shares on the Forge
platform.
- Forge began, for the first time, providing custodial services
for trading customers, making trading more efficient and allowing
us to continue offering more value to our customers.
Additional Business
Metrics:
- Forge Trust Custodial Cash: In the quarter ended
September 30, 2022, Forge Trust Custodial Cash totaled $685
million, up 10% year-over-year from $620 million.
- Total Number of Companies with Indications of Interest
(IOIs): In the quarter ended September 30, 2022, the total
number of companies with IOIs were 478, up 15% year-over-year.
- Headcount: Forge finished out the quarter ended
September 30, 2022 with a total headcount of 357, an increase of
28% year-over-year.
Webcast/Conference Call
Details
Forge will host a webcast conference call today, November 9th,
2022, at 5:00 p.m. Eastern Time/2:00 p.m Pacific Time to discuss
these financial results and business highlights. The listen-only
webcast is available at https://ir.forgeglobal.com. Investors and
participants can access the conference call over the phone by
dialing 1 (888) 440-4165 from the United States, or +1 (646)
960-0858 internationally. The conference ID is 5410143.
Following the conference call, an on-demand replay of the
webcast will be made available on the Investor Relations page of
the Company’s website at https://ir.forgeglobal.com.
Use of Non-GAAP Financial
Information
In addition to our financial results determined in accordance
with generally accepted accounting principles in the United States
of America ("GAAP"), we present Adjusted EBITDA, a non-GAAP
financial measure. We use Adjusted EBITDA to evaluate our ongoing
operations and for internal planning and forecasting purposes. We
believe that Adjusted EBITDA, when taken together with the
corresponding GAAP financial measure, provides meaningful
supplemental information regarding our performance by excluding
specific financial items that have less bearing on our core
operating performance. We consider Adjusted EBITDA to be an
important measure because it helps illustrate underlying trends in
our business and our historical operating performance on a more
consistent basis.
However, non-GAAP financial information is presented for
supplemental informational purposes only, has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. In addition, other companies, including companies in our
industry, may calculate similarly titled non-GAAP financial
measures differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of Adjusted
EBITDA as a tool for comparison. A reconciliation is provided below
for Adjusted EBITDA to net loss, the most directly comparable
financial measure stated in accordance with GAAP. Investors are
encouraged to review Adjusted EBITDA and the reconciliation of
Adjusted EBITDA to net loss, and not to rely on any single
financial measure to evaluate our business.
We defined Adjusted EBITDA as net loss, adjusted to exclude: (i)
interest expense, net, (ii) provision for or benefit from income
taxes, (iii) depreciation and amortization, (iv) share-based
compensation expense, (v) change in fair value of warrant
liabilities, (vi) acquisition-related transaction costs, and (vii)
other significant gains, losses, and expenses (such as impairments,
transaction bonus) that we believe are not indicative of our
ongoing results.
Forward-Looking
Statements
This press release contains “forward-looking statements,” which
generally are accompanied by words such as “believe,” “may,”
”could,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“target,” “goal,” “expect,” “should,” “would,” “plan,” “predict,”
“project,” “forecast,” “potential,” “seem,” “seek,” “future,”
“outlook,” and similar expressions that predict, indicate or relate
to future events or trends or Forge’s future financial or operating
performance, or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding Forge’s beliefs regarding its financial
position and operating performance, the benefits of Forge’s
business combination with Motive Capital Corp, and future
opportunities for Forge to expand its business. Forward-looking
statements are predictions, projections and other statements about
future events that are based on current expectations and
assumptions and, as a result, while considered reasonable by Forge
and its management, are subject to risks and uncertainties that may
cause actual results to differ materially from current
expectations. You should carefully consider the risks and
uncertainties described in Forge’s documents filed, or to be filed,
with the SEC, including in its Quarterly Report on Form 10-Q that
will be filed on or around November 10, 2022. There may be
additional risks that Forge presently does not know of or that it
currently believes are immaterial that could also cause actual
results to differ materially from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Forge’s expectations, plans or forecasts of future events
and views as of the date of this press release. Forge anticipates
that subsequent events and developments will cause its assessments
to change. However, while Forge may elect to update these
forward-looking statements at some point in the future, Forge
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Forge’s assessments as of any date subsequent to the
date of this press release. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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
that operates an alternative trading system and is a Member of
FINRA/SIPC.
FORGE GLOBAL HOLDINGS,
INC.
Unaudited Condensed
Consolidated Balance Sheets
(In thousands of U.S. dollars,
except share and per share data)
September 30,
2022
December 31,
2021
Assets
Current assets:
Cash and cash equivalents
$
202,603
$
74,781
Restricted cash
1,823
1,623
Accounts receivable, net
3,045
5,380
Payment-dependent notes receivable,
current
2
1,153
Prepaid expenses and other current
assets
9,525
5,148
Total current assets
$
216,998
$
88,085
Property and equipment, net
272
497
Internal-use software, net
6,723
2,691
Goodwill and other intangible assets,
net
134,891
137,774
Operating lease right-of-use assets
3,794
7,881
Payment-dependent notes receivable,
noncurrent
6,508
13,453
Other assets, noncurrent
1,676
7,514
Total assets
$
370,862
$
257,895
Liabilities, convertible preferred
stock and stockholders’ equity (deficit)
Current liabilities:
Accounts payable
$
2,020
$
1,920
Accrued compensation and benefits
10,213
21,240
Accrued expenses and other current
liabilities
7,710
8,343
Operating lease liabilities, current
3,819
5,367
Payment-dependent notes payable,
current
2
1,153
Total current liabilities
$
23,764
$
38,023
Operating lease liabilities,
noncurrent
1,785
5,159
Payment-dependent notes payable,
noncurrent
6,508
13,453
Warrant liabilities
632
7,844
Other liabilities, noncurrent
364
—
Total liabilities
$
33,053
$
64,479
Commitments and contingencies (Note 8)
Convertible preferred stock, net of
issuance costs, $0.00001 par value; nil and 86,815,192 shares
authorized as of September 30, 2022 and December 31, 2021,
respectively; nil and 73,914,149 shares issued and outstanding as
of September 30, 2022 and December 31, 2021, respectively;
aggregate liquidation preference of $0 and $271,845 as of September
30, 2022 and December 31, 2021, respectively
—
246,056
Stockholders’ equity (deficit):
Common stock, $0.0001 par value;
172,442,676 and 63,090,701 shares issued and outstanding as of
September 30, 2022 and December 31, 2021, respectively
18
—
Additional paid-in capital
496,592
25,919
Accumulated other comprehensive loss
(95
)
—
Accumulated deficit
(164,300
)
(78,559
)
Total Forge Global Holdings, Inc.
stockholders’ equity (deficit)
$
332,215
$
(52,640
)
Noncontrolling Interest
5,594
—
Total stockholders’ equity
(deficit)
$
337,809
$
(52,640
)
Total liabilities, convertible
preferred stock and stockholders’ equity (deficit)
$
370,862
$
257,895
FORGE GLOBAL HOLDINGS,
INC.
Unaudited Condensed
Consolidated Statements of Operations
(In thousands of U.S. dollars,
except share and per share data)
Three Months Ended
Nine Months Ended
September 30, 2022
June 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Revenues:
Placement fees
$
8,227
$
10,951
$
22,940
$
33,763
$
83,394
Custodial administration fees
7,673
5,689
4,718
18,799
14,992
Total revenues
$
15,900
$
16,640
$
27,658
$
52,562
$
98,386
Transaction-based expenses:
Transaction-based expenses
(86
)
(178
)
(582
)
(397
)
(3,174
)
Total revenues, less transaction-based
expenses
$
15,814
$
16,462
$
27,076
$
52,165
$
95,212
Operating expenses:
Compensation and benefits
44,040
27,384
22,880
115,064
70,737
Professional services
3,799
3,853
2,987
11,169
9,791
Acquisition-related transaction costs
821
692
71
5,219
163
Advertising and market development
928
1,441
1,134
3,873
2,979
Rent and occupancy
1,097
1,140
914
3,803
2,711
Technology and communications
3,536
2,809
2,259
8,368
5,839
General and administrative
2,601
3,170
1,139
7,373
3,127
Depreciation and amortization
1,428
2,021
1,385
4,531
4,137
Total operating expenses
$
58,250
$
42,510
$
32,769
$
159,400
$
99,484
Operating loss
$
(42,436
)
$
(26,048
)
$
(5,693
)
$
(107,235
)
$
(4,272
)
Interest and other income (expenses):
Interest income (expenses), net
874
266
11
1,161
(2,323
)
Change in fair value of warrant
liabilities
25,210
20,558
737
19,808
(5,575
)
Other income, net
202
140
74
731
230
Total interest income (expenses) and
other income (expenses)
$
26,286
$
20,964
$
822
$
21,700
$
(7,668
)
Loss before provision for income
taxes
$
(16,150
)
$
(5,084
)
$
(4,871
)
$
(85,535
)
$
(11,940
)
Provision for income taxes
48
35
203
206
199
Net loss including noncontrolling
interest
$
(16,198
)
$
(5,119
)
$
(5,074
)
$
(85,741
)
$
(12,139
)
Net loss attributable to Forge Global
Holdings, Inc.
$
(16,198
)
$
(5,119
)
$
(5,074
)
$
(85,741
)
$
(12,139
)
Net loss per share attributable to Forge
Global Holdings, Inc. common stockholders:
Basic
$
(0.10
)
$
(0.03
)
$
(0.10
)
$
(0.64
)
$
(0.22
)
Diluted
$
(0.12
)
$
(0.20
)
$
(0.10
)
$
(0.66
)
$
(0.22
)
Weighted-average shares used in computing
net loss per share attributable to Forge Global Holdings, Inc.
common stockholders:
Basic
169,838,778
167,052,900
51,450,791
134,683,950
55,147,414
Diluted
170,209,256
173,578,093
51,450,791
135,960,612
55,147,414
FORGE GLOBAL HOLDINGS,
INC.
Unaudited Condensed
Consolidated Statements of Cash Flows
(In thousands of U.S.
dollars)
Three Months Ended
Nine Months Ended
September 30, 2022
June 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Cash flows from operating
activities:
Net loss including noncontrolling
interest
$
(16,198
)
$
(5,119
)
$
(5,074
)
$
(85,741
)
$
(12,139
)
Adjustments to reconcile net loss
including noncontrolling interest to net cash (used in) provided by
operations:
Share-based compensation
26,712
10,740
2,824
45,974
9,975
Depreciation and amortization
1,428
2,021
1,385
4,531
4,137
Transaction expenses related to the
Merger
—
—
—
3,132
—
Amortization of right-of-use assets
858
905
675
2,819
1,992
Loss on impairment of long lived
assets
—
181
—
446
—
Bad debt reserve
25
(33
)
(214
)
294
—
Change in fair value of warrant
liabilities
(25,210
)
(20,558
)
(737
)
(19,808
)
5,575
Settlement of related party promissory
notes (Note 3)
—
—
—
5,517
—
Other
—
—
160
—
285
Changes in operating assets and
liabilities:
Accounts receivable
(1,586
)
1,611
(28
)
2,042
1,560
Prepaid expenses and other assets
2,678
(6,025
)
291
(4,265
)
469
Accounts payable
(1,886
)
982
446
(43
)
333
Accrued expenses and other liabilities
1,584
(441
)
(4,929
)
402
(2,092
)
Accrued compensation and benefits
1,558
(1,070
)
1,011
(11,118
)
5,388
Operating lease liabilities
(1,361
)
(1,379
)
(891
)
(3,942
)
(2,626
)
Net cash (used in) provided by
operating activities
$
(11,398
)
$
(18,185
)
$
(5,081
)
$
(59,760
)
$
12,857
Cash flows from investing
activities:
Purchases of property and equipment
(10
)
(95
)
—
(116
)
—
Purchases of intangible assets
(29
)
(97
)
(2,202
)
(126
)
(2,202
)
Capitalized internal-use software
development costs
(1,358
)
(1,551
)
(247
)
(4,590
)
(653
)
Net cash used in investing
activities
$
(1,397
)
$
(1,743
)
$
(2,449
)
$
(4,832
)
$
(2,855
)
Cash flows from financing
activities:
Proceeds from the Merger
—
—
—
7,865
—
Proceeds from PIPE investment and A&R
FPA investors
—
500
—
208,500
—
Payments for offering costs
—
(473
)
(1,010
)
(56,852
)
(1,750
)
Proceeds from exercise of Public
Warrants
804
22,136
—
22,940
—
Formation of Forge Europe
9,488
9,488
Proceeds from exercise of options,
including proceeds from repayment of promissory notes
492
400
346
997
1,460
Payments for redemption of Public
Warrants
(165
)
(47,735
)
(165
)
—
Proceeds from issuance of Series B-1
convertible preferred stock, net of issuance costs
—
—
46,095
—
47,735
Proceeds from issuance of Series B-2
convertible preferred stock, net of issuance costs
—
—
1,640
—
1,640
Repayment of notes payable
—
—
—
—
(19,437
)
Payments to repurchase early exercised
stock options
—
—
(7
)
—
(10
)
Net cash (used in) provided by
financing activities
$
10,619
$
22,563
$
(671
)
$
192,773
$
29,638
Effect of changes in currency exchange
rates on cash and cash equivalents
(159
)
—
—
(159
)
—
Net (decrease) increase in cash and cash
equivalents
(2,335
)
2,635
(8,201
)
128,022
39,640
Cash, cash equivalents and restricted
cash, beginning of the period
206,761
204,126
90,019
76,404
42,178
Cash, cash equivalents and restricted
cash, end of the period
$
204,426
$
206,761
$
81,818
$
204,426
$
81,818
Reconciliation of cash, cash
equivalents and restricted cash to the amounts reported within the
unaudited condensed consolidated balance sheets
Cash and cash equivalents
$
202,603
$
204,942
$
80,450
$
202,603
$
80,450
Restricted cash
1,823
1,819
1,368
1,823
1,368
Total cash, cash equivalents and
restricted cash, end of the period
$
204,426
$
206,761
$
81,818
$
204,426
$
81,818
FORGE GLOBAL HOLDINGS,
INC.
Reconciliation of GAAP to
Non-GAAP Results
(In thousands of U.S.
dollars)
Three Months Ended
Nine Months Ended
September 30, 2022
June 30, 2022
September 30, 2021
September 30, 2022
September 30, 2021
Net loss including noncontrolling
interest
$
(16,198
)
$
(5,119
)
$
(5,074
)
$
(85,741
)
$
(12,139
)
Add:
Interest (income) expense, net
(874
)
(266
)
(11
)
(1,161
)
2,323
Provision for (benefit from) income
taxes
48
35
203
206
199
Depreciation and amortization
1,428
2,021
1,385
4,531
4,137
Loss on impairment of long lived
assets
—
181
—
446
—
Share-based compensation expense
26,712
10,740
2,824
45,974
9,975
Change in fair value of warrant
liabilities
(25,210
)
(20,558
)
(737
)
(19,808
)
5,575
Acquisition-related transaction costs
(1)
821
692
71
5,219
163
Transaction bonus (2)
—
—
—
17,735
—
Adjusted EBITDA
$
(13,273
)
$
(12,274
)
$
(1,339
)
$
(32,599
)
$
10,233
(1)
Acquisition-related transaction costs represent charges involved
in the merger between Forge Global, Inc. and Motive Capital Corp as
further described in our Form 10-Q for the three months ended March
31, 2022 (the “Merger”), other business combinations, and strategic
opportunities. These expenses include legal, accounting, and
investment banking advisory services.
(2)
Represents a one-time transaction bonus to certain executives as
a result of consummation of the Merger.
FORGE GLOBAL HOLDINGS, INC.
SUPPLEMENTAL FINANCIAL INFORMATION KEY OPERATING
METRICS (In thousands of U.S. dollars)
Key Business Metrics
We monitor the following key business metrics to help us
evaluate our business, identify trends affecting our business,
formulate business plans and make strategic decisions. The tables
below reflect period-over-period changes in our key business
metrics, along with the percentage change between such periods. The
results of our trading business (Forge Markets) and our custody
business (Forge Custody) are presented for the interim periods
below. We believe the following business metrics are useful in
evaluating our business:
Three Months Ended
Dollars in thousands
September 30,
2022
June 30, 2022
Change
% Change
TRADING
BUSINESS
Trades
426
630
(204
)
(32
) %
Volume
$
226,229
$
331,794
$
(105,565
)
(32
) %
Net Take Rate
3.6
%
3.2
%
0.4
%
13
%
Placement fee revenues, less
transaction-based expenses
$
8,141
$
10,773
$
(2,632
)
(24
)%
Three Months Ended
Dollars in thousands
September 30, 2022
September 30 2021
Change
% Change
TRADING
BUSINESS
Trades
426
1,022
(596
)
(58
)%
Volume
$
226,229
$
674,273
$
(448,044
)
(66
) %
Net Take Rate
3.6
%
3.3
%
0.3
%
9
%
Placement fee revenues, less
transaction-based expenses
$
8,141
$
22,358
$
(14,217
)
(64
)%
- Trades are defined as the total number of orders executed by
the Company and acquired entities buying and selling private stocks
on behalf of private investors and shareholders. Increasing the
number of orders is critical to increasing our revenue and, in
turn, to achieving profitability.
- Volume is defined as the total sales value for all securities
traded through our Forge Markets platform. Volume is defined as the
aggregate value of the issuer company’s equity attributed to both
the buyer and seller in a trade; the Company typically captures a
commission on both sides, and as such a $100 trade of equity
between buyer and seller would be captured as $200 volume for the
Company. Volume is influenced by, among other things, the pricing
and quality of our services as well as market conditions that
affect private company valuations, such as increases in valuations
of comparable companies at initial public offering.
- Net Take Rates are defined as our placement fee revenues, less
transaction-based expenses (defined below), divided by Volume.
These represent the percentage of fees earned by our marketplace on
any transactions executed, which is a determining factor in our
revenue. The Net Take Rate can vary based upon the service or
product offering and is also affected by the average order size and
transaction frequency.
As of
Dollars in thousands
September 30, 2022
June 30, 2022
Change
% Change
CUSTODY
BUSINESS
Total Custodial Accounts
1,811,774
1,739,838
71,936
4
%
Assets Under Custody
$
14,967,314
$
15,274,252
$
(306,938
)
(2
)%
As of
Dollars in thousands
September 30, 2022
September 30, 2021
Change
% Change
CUSTODY
BUSINESS
Total Custodial Accounts
1,811,774
1,985,235
(173,461
)
(9
)%
Assets Under Custody
$
14,967,314
$
14,476,674
$
490,640
3
%
- Total Custodial Accounts, previously called Billable Core and
Platform Accounts, are defined as our direct customers’ existing or
new custodial accounts that are funded, or unfunded accounts that
are in the process of funding with active transfer activity on the
account. These relate to our Custodial Administration fees revenue
stream and are an important measure of our business as the number
of Total Custodial Accounts is an indicator of our future revenues
from certain account maintenance, transaction, and sub-account
fees.
- Assets Under Custody is the reported value of all client
holdings held under our agreements, including cash submitted to us
by the responsible party. These assets can be held at various
financial institutions, issuers, and in our vault. As the custodian
of the accounts, we collect all interest and dividends, handle all
fees and transactions and any other considerations for the assets
concerned. Our fees are earned from the overall maintenance
activities of all assets and are not charged on the basis of the
dollar value of Assets Under Custody, but we believe that Assets
Under Custody is a useful metric for assessing the relative size
and scope of our business.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221109005933/en/
Investor Relations Contact: Dominic Paschel
ir@forgeglobal.com
Media Contact: Lindsay Riddell press@forgeglobal.com
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