| Forge Global stock tumbles 23% as company moves to redeem warrants|
Thu, June 9
Forge Global ( FRGE) shares tumbled 23% in late morning trading after the private securities marketplace announced it was redeeming all its outstanding public and future purchase warrants on July 11.
Shares of Forge opened at $11.86, hitting a low of $10.58 in early trading. The stock recently changed hands at $11.13, down 23%, at approximately 10:30 a.m. ET.
<<< Note: FRGE closed down 6% today (June 23, 2022) at $11.05, little changed in the last two weeks. >>>
Forge said in a statement early Thursday that its was redeeming the warrants to streamline its capital structure. Holders have until 5:00 p.m. ET on July 11 to exercise their warrants or have them declared void. The warrants are exercisable for an aggregate of 18.5M common shares at $11.50 per share.
Forge’s stock has been volatile since the company’s merger with SPAC Motive Capital in late March. Shares of the combined company finished their debut session at $16.15, up 60% from their pre-merger closing price of $10.11.