Core Viewpoint - Forge Global Holdings, Inc. has received approval from its stockholders for the acquisition by The Charles Schwab Corporation, indicating a significant step forward in the merger process [1] Group 1: Acquisition Details - Stockholders approved all proposals related to the acquisition of Forge by Schwab [1] - A total of 9,687,311 shares of Forge's common stock were represented during the special stockholder meeting [1]

Core Viewpoint - Forge Global, Inc. has been appointed as the Liquidating Trustee for the Liquidating Trust that will manage customer-linked assets following Linqto, Inc.'s Chapter 11 proceedings [1][2]. Group 1: Appointment and Responsibilities - Forge will administer assets on behalf of former Linqto customers through structures established under Linqto's reorganization plan, pending final court approval [2][4]. - The company emphasizes its commitment to protecting and managing these customer holdings effectively, leveraging its experience in regulated private market infrastructure [3]. Group 2: Company Background and Experience - Forge has facilitated over $18 billion in private market transactions and currently manages billions of dollars in assets across various investment vehicles and custodial accounts [3]. - The company operates as a registered broker-dealer and is a member of FINRA, providing marketplace infrastructure, data services, and investment solutions for private market participants [5]. Group 3: Customer Engagement and Communication - Customers will have options for managing their interests as outlined in Linqto's confirmed reorganization plan, with Forge ensuring smooth transitions and ongoing communication [4].

Core Viewpoint - The proposed sale of Forge Global Holdings, Inc. to The Charles Schwab Corporation is under investigation to assess whether the offered price of $45.00 per share adequately reflects the company's value [1]. Group 1: Proposed Transaction - Shareholders of Forge Global Holdings, Inc. will receive $45.00 in cash for each share they own as part of the proposed sale to The Charles Schwab Corporation [1]. - Kahn Swick & Foti, LLC is investigating the adequacy of the consideration and the process leading to the proposed transaction [1]. Group 2: Legal Rights and Contact Information - Individuals who believe the transaction undervalues the company can contact Kahn Swick & Foti, LLC to discuss their legal rights without any obligation or cost [2]. - Contact details for Kahn Swick & Foti, LLC include a toll-free number and an email address for inquiries regarding the proposed sale [2].

Core Insights - Two stocks in the financial sector are signaling potential warnings for momentum-focused investors as of December 1, 2025 [1] Group 1: Stock Performance and Analysis - Forge Global Holdings Inc (NYSE:FRGE) has seen a stock price increase of approximately 90% over the past month, reaching a 52-week high of $44.76, with an RSI value of 87.7, indicating it is overbought [6] - Mercury General Corp (NYSE:MCY) reported better-than-expected quarterly earnings, resulting in a stock price increase of around 22% over the past month, with a 52-week high of $95.00 and an RSI value of 75.2, also indicating it is overbought [6] Group 2: Analyst Ratings and Price Targets - UBS analyst Alex Kramm downgraded Forge Global from Buy to Neutral while raising the price target from $34 to $45 [6] - The current price action for Forge Global shows shares closing at $44.36, while Mercury General's shares closed at $93.12 after a slight decline of 0.3% [6]

Core Insights - Forge Global Holdings, Inc. reported $21.26 million in revenue for Q3 2025, a year-over-year increase of 10.6% [1] - The EPS for the same period was -$1.35, an improvement from -$1.50 a year ago [1] - Revenue fell short of the Zacks Consensus Estimate by 20.52%, which was $26.75 million [1] - The EPS also missed the consensus estimate of -$1.01 by 33.66% [1] Financial Performance - Key metrics indicate that Forge Global's shares have returned +155.4% over the past month, significantly outperforming the Zacks S&P 500 composite's +1.4% change [3] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [3] Revenue Breakdown - Trading Solutions reported 875 trades, slightly below the two-analyst average estimate of 878 [4] - Custodial administration fees generated $9.1 million, close to the average estimate of $9.16 million [4] - Marketplace revenues were $12.16 million, significantly lower than the estimated $16.78 million [4]

Core Insights - Two stocks in the financial sector are signaling potential warnings for momentum-focused investors as of November 14, 2025 [1] Company Summaries - **Forge Global Holdings Inc (NYSE:FRGE)**: - UBS analyst Alex Kramm downgraded the stock from Buy to Neutral while raising the price target from $34 to $45 - The stock has surged approximately 150% over the past month, reaching a 52-week high of $44.76 - The RSI value is at 88, indicating overbought conditions - On the latest trading day, shares fell 0.7% to close at $44.11 - The stock has a momentum score of 98.16 [3][7] - **Heritage Insurance Holdings Inc (NYSE:HRTG)**: - The company reported third-quarter EPS of $1.63 on sales of $195.1 million - CEO Ernie Garateix highlighted successful strategic initiatives leading to an increase in earnings trajectory since late 2023 - The stock has gained around 10% over the past five days, with a 52-week high of $31.10 - The RSI value is at 74.9, also indicating overbought conditions - Shares rose 3.4% to close at $30.84 on the latest trading day [4][7]

Group 1 - As of November 14, 2025, two stocks in the financial sector are identified as potentially overbought, which may concern momentum-focused investors [1] - The Relative Strength Index (RSI) is highlighted as a key momentum indicator, with a value above 70 indicating that a stock may be overbought [2] Group 2 - Forge Global Holdings Inc (NYSE:FRGE) has seen a stock price increase of approximately 150% over the past month, with a current RSI value of 88 and a recent closing price of $44.11 [7] - UBS analyst Alex Kramm downgraded Forge Global Holdings from Buy to Neutral, while raising the price target from $34 to $45 [7] - Heritage Insurance Holdings Inc (NYSE:HRTG) reported third-quarter EPS of $1.63 on sales of $195.1 million, with a recent stock price increase of 10% over the past five days and a closing price of $30.84 [7] - The CEO of Heritage Insurance noted that the company has focused on disciplined underwriting and quality customer service, leading to significant earnings power and record in-force premiums [7]

Core Viewpoint - Forge Global Holdings, Inc. is experiencing a shift in analyst sentiment, with a new price target set at $10, indicating a cautious near-term outlook despite a stable long-term view [2][6]. Company Overview - Forge Global, founded in 2014 and based in San Francisco, provides infrastructure and technology solutions for private market participants, facilitating the trading of private company shares [1]. Price Target and Analyst Sentiment - The consensus price target for Forge Global has remained stable at $50 over the past year, but JMP Securities has recently adjusted it to $10, reflecting a more cautious view on the company's near-term prospects [2][6]. - Despite the stable historical price target, Forge Global's stock saw an 11.6% increase in price, driven by higher-than-average trading volume, indicating short-term market dynamics are influencing performance [3][6]. Upcoming Earnings Report - Forge Global is set to release its third-quarter 2025 earnings, with analysts expecting a loss of $1.03 per share and revenue of $24 million, which will be crucial for assessing the company's financial health [4][6]. Future Outlook - The company maintains a "Buy" rating, with expectations to achieve EBITDA-positive status by 2026, supported by strategic initiatives such as a partnership with Silicon Valley Bank and expansion into the European market [5].

Financial Performance - Forge's marketplace solutions reported 875 trades in Q3 2025, a decrease of 52% from 927 trades in Q2 2025, while the volume decreased to $423.3 million from $756.1 million[142]. - Total revenues, less transaction-based expenses decreased by $6.6 million, or 24% in Q3 2025 compared to Q2 2025[173]. - Marketplace revenue decreased by $6.4 million, or 35%, driven by a 44% decrease in trading volume, despite a 40 basis point increase in net take rate[174]. - Total revenues, less transaction-based expenses increased by $13.3 million, or 22% in the nine months ended September 30, 2025 compared to the same period in 2024[175]. - Marketplace revenue increased by $17.8 million, or 62%, driven by an 82% increase in trading volume, offset by a 30 basis point decrease in net take rate[176]. - Adjusted EBITDA for Q3 2025 was $(11,556) thousand, compared to $(5,433) thousand in Q2 2025[149]. - Net loss attributable to Forge Global Holdings, Inc. for Q3 2025 was $(18,223) thousand, compared to $(12,580) thousand in Q2 2025[170]. - Adjusted EPS for Q3 2025 was $(1.40), compared to $(0.99) in Q2 2025[151]. Custodial Accounts and Assets - Total custodial accounts reached 2,703,045 as of September 30, 2025, an increase of 104,199 accounts from 2,598,846 in Q2 2025, and up 421,069 from 2,281,976 in Q3 2024[143]. - Assets under custody increased to $18.45 billion as of September 30, 2025, up $315.0 million from $18.13 billion in Q2 2025, and up $1.83 billion from $16.62 billion in Q3 2024[143]. - Custodial client cash stood at $454.4 million as of September 30, 2025, reflecting an increase of $14.1 million from $440.3 million in Q2 2025, but a decrease of $15.3 million from $469.7 million in Q3 2024[143]. Merger and Strategic Initiatives - The company entered into a merger agreement with The Charles Schwab Corporation, with each share of Forge common stock to be converted into $45.00 in cash at the effective time of the merger[129]. - The merger is expected to close in the first half of 2026, pending customary closing conditions and regulatory approvals[132]. - The company may require additional capital resources to execute strategic initiatives for growth, depending on various factors including growth rate and spending on platform development[198]. Operating Expenses - Total operating expenses for Q3 2025 were $41,521 thousand, compared to $40,419 thousand in Q2 2025[170]. - Compensation and benefits expense for Q3 2025 was $26,396 thousand, slightly down from $27,193 thousand in Q2 2025[170]. - Total compensation and benefits expense decreased by $2.1 million, or 8%, quarter-over-quarter, and by $9.3 million, or 10%, year-over-year[179][180]. - Salary expense decreased by $5.3 million, or 12%, due to cost initiatives implemented in the second half of 2024[180]. - Other operating expenses increased by $1.9 million, or 14%, quarter-over-quarter, and by $3.9 million, or 10.6%, year-over-year[183][185]. Cash Flow and Liquidity - As of September 30, 2025, cash and cash equivalents totaled $32.3 million, with investments of $28.4 million, indicating sufficient liquidity for the next twelve months[195][196]. - Cash used in operating activities for the nine months ended September 30, 2025 was $31.96 million, primarily due to a net loss of $46.8 million[203]. - Cash used in investing activities for the nine months ended September 30, 2025 was $36.96 million, primarily driven by investments of excess corporate cash balances[205]. - Cash used in financing activities was $5.0 million for the nine months ended September 30, 2025, compared to $3.4 million for the same period in 2024, primarily related to share repurchases and equity award activities[206]. Goodwill and Accounting Policies - No impairment charges were recognized during the nine months ended September 30, 2025, and September 30, 2024, indicating stable goodwill assessments[212]. - The company performed its annual goodwill impairment test on October 1, 2024, and a qualitative assessment as of September 30, 2025, concluding that fair value exceeded carrying value[212]. - There have been no material changes to critical accounting policies and estimates compared to the previous Annual Report[213]. - The company is classified as a smaller reporting company and is not required to provide extensive market risk disclosures[215]. Market Trends - The company emphasizes the importance of market trends, including supply and demand for private company shares, which are influenced by IPOs and mergers and acquisitions activity[134]. - Forge's asset management solution aims to enhance investment efficiency through single asset funds focused on private companies[126].

Financial Reporting - Forge Global Holdings, Inc. posted supplemental financial information for Q3 2025 on November 13, 2025[4] - The financial results presentation is available on the company's investor relations website[4] - The report is not deemed "filed" under the Securities Exchange Act of 1934, indicating it is for informational purposes only[5] - The report includes key business metrics related to the quarter ended September 30, 2025[4] - The document includes an exhibit labeled "Supplemental Investor Information" for further details[6] - The report was signed by CEO Kelly Rodriques, indicating executive approval[10] Company Information - The company is registered under the ticker symbol FRGE on the NYSE[2] - The company is incorporated in Delaware and has a principal office in San Francisco, California[1] Business Operations - The report does not indicate any new product launches or market expansions in the current summary[4] - There is no mention of future guidance or performance outlook in the provided content[4]