Forge Global Holdings, Inc. (FRGE)

Forge Global Holdings, Inc. operated a marketplace and data business for private company securities, headquartered in San Francisco, California. The company was founded in 2014 and aimed to bring more liquidity and price transparency to the private markets, where shares of venture-backed and other private companies are not listed on public exchanges. Its marketplace connected shareholders of private companies, such as employees and early investors, with institutional and accredited investors.

Forge's business had several parts. Its marketplace facilitated secondary transactions in private company shares, while its custody and trust services held assets for investors. Its data and technology offerings, including the Forge Private Market Index and pricing products, supplied information on private market valuations and transaction activity to venture capital firms, funds, banks and individual investors. The company earned revenue from transaction fees, subscriptions to data services and custody-related fees.

Forge became a public company in March 2022 through a business combination with Motive Capital Corp, a special purpose acquisition company, and its shares were listed on the New York Stock Exchange under the ticker FRGE. The merger was announced in 2021 at a valuation of about $2 billion, but the stock traded well below that level during much of its time as a public company, as higher interest rates and weaker venture capital activity reduced private market trading volumes.

The company later worked on expanding its product set, including data offerings and institutional services, and on improving profitability. The recovery in private market interest in 2025, along with large private company valuations, supported higher activity on its platform.

On November 5, 2025, Forge signed an agreement to be acquired by The Charles Schwab Corporation, which announced the transaction the following day, for $45.00 per share in cash, a deal valued at about $660 million. Schwab said the acquisition would let it offer its clients access to private market investments and related data.

The merger closed on March 2, 2026, and Forge became a wholly owned subsidiary of Schwab. Forge notified the NYSE before trading that day and asked the exchange to delist its shares and file a Form 25; it planned to file a Form 15 to end its SEC reporting obligations. Stock options were cashed out for the spread over $45.00, while restricted stock units and awards were converted into Schwab equity awards. All Forge directors left their posts at closing, and Richard Wurster became president and chief executive officer and Michael Verdeschi became vice president and chief financial officer.