PrimaryMarkets congratulates Forge Global Holdings Inc. whose shares soared as much as 166% on their first day of trading on NYSE (ticker: FRGE) and closed 46% up after completing earlier this week its tie-up with the SPAC Motive Capital Corp.
Forge gives Accredited Investors the ability to buy and sell private shares in some of the world’s most innovative companies. Its world class technology makes private markets accessible, liquid and transparent.
The strength of the private company secondary trading market place is evidenced by Forge’s trading volume in 2021 which rose to US$3.2B, a 71% increase over the 2020 pro forma trading volume. Forge’s 2021 revenue (less transactional based expenses) rose 71% to US$125M.
Forge operates in a similar space to PrimaryMarkets, offering secondary trading of securities in unlisted/private companies.
Like Forge, PrimaryMarkets goal is to make it easy to trade private unlisted shares and to manage company sponsored liquidity events, for shareholders, employees and founders, in a secure transparent environment.
The prime difference between Forge and PrimaryMarkets is Forge focuses on secondary trades of unicorns with minimum ticket size of circa US$250,000+. PrimaryMarkets offers secondaries in both unicorns and smaller private companies with minimum ticket size from A$5,000 upwards.
PrimaryMarkets operates Private Trading Hubs for global companies and funds via its online Trading Platform with complete online verification and escrow services.
The rally in the Forge share price on day 1 of its NYSE listing has gone against the tide for SPACs and their post-merger progeny, which have plunged since enthusiasm for blank-check companies peaked in February 2021. SPACs are called “blank checks” because they raise money for buying an operating business without giving a specific target, implicitly asking investors to rely on the expertise of their management. The IPOX SPAC Index is down some 40% from its highs of 2021 and the De-SPAC Index that tracks post-merger performance has lost more than 60%.
Forge Global Chief Executive Officer Kelly Rodriques said this week “We see vast opportunities to expand our business and offerings to ultimately create greater participation in private company liquidity for equity holders and investors”. (Source: Forge Global 22 March 2022).
PrimaryMarkets is the No 1 Trading Platform for unlisted/private companies and funds. PrimaryMarkets uses first-class technology to create an independent platform enabling the trading of securities in unlisted companies and funds coupled with complete online verification and escrow services. PrimaryMarkets also assists companies and funds to raise new capital/equity.
PrimaryMarkets is a wholly owned subsidiary of Complii FinTech Solutions Ltd (ASX.CF1).