Form 4: Forge Global Director Sells Shares in Schwab Merger

Forge Global Holdings, Inc. Director Asiff S. Hirji disposed of common stock and converted restricted stock units following the company's merger with The Charles Schwab Corporation.

Summary

• Asiff S. Hirji, a Director of Forge Global Holdings, Inc. (FRGE), reported the disposition of common stock and restricted stock units (RSUs) on March 2, 2026.
• The transactions occurred in connection with the consummation of the merger between Forge Global, The Charles Schwab Corporation ('Parent'), and Ember-Falcon Merger Sub, Inc., making Forge Global a wholly-owned subsidiary of Parent.
• A total of 88,163 shares of Common Stock were disposed of, including 57,837 shares directly, 13,359 shares indirectly by Hirji-Wigglesworth Partners, LP, and 16,967 shares indirectly by Hirjii-Wigglesworth 2021 Grantor Retained Annuity Trust.
• Each outstanding share of Forge Global Common Stock was cancelled and converted into the right to receive cash consideration of $45.00 per share.
• 2,833 Restricted Stock Units (Company RSUs) were converted into restricted stock unit awards of Parent ('Parent RSUs').
• The conversion ratio for RSUs was determined by multiplying the number of Company RSUs by the quotient of the Merger Consideration ($45.00) divided by $94.7880, which was the average closing-sale price of Parent Common Stock over the five trading days preceding the closing date.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a positive development for Forge Global shareholders who received a cash payout, and for RSU holders whose equity awards were converted into the acquiring company's stock, indicating a successful completion of the merger.

Positives

• Shareholders of Forge Global Holdings, Inc. received a cash payout of $45.00 per share, providing liquidity and a defined return on their investment.
• Holders of Restricted Stock Units (RSUs) had their awards converted into Parent RSUs, maintaining equity incentives within the acquiring company, The Charles Schwab Corporation.

Negatives

• Forge Global Holdings, Inc. ceased to be an independent publicly traded entity, becoming a wholly-owned subsidiary of The Charles Schwab Corporation.
• The reporting person, Asiff S. Hirji, no longer beneficially owns shares or equity awards of Forge Global Holdings, Inc. directly or indirectly.

Future Outlook

Forge Global Holdings, Inc. is now a wholly-owned subsidiary of The Charles Schwab Corporation. Restricted Stock Units held by the reporting person have been converted into Parent RSUs, aligning future equity incentives with the acquiring company.

Industry Context

StockSavvy.ai notes this merger integrates Forge Global's private market expertise into Schwab's broader financial services platform, potentially enhancing Schwab's offerings in a growing segment. This strategic move by Charles Schwab reflects a broader trend among established financial institutions to expand into alternative and private asset classes to meet evolving client demands and capture new growth opportunities.

Stakeholder Impact

• Shareholders of Forge Global Holdings, Inc. received a cash payment of $45.00 per share, realizing their investment.
• Employees holding Restricted Stock Units (RSUs) had their awards converted into Parent RSUs, maintaining their equity interest within the new corporate structure under The Charles Schwab Corporation.

Next Steps

• Forge Global Holdings, Inc. will operate as a wholly-owned subsidiary of The Charles Schwab Corporation.
• The reporting person's equity incentives are now tied to The Charles Schwab Corporation through the converted Parent RSUs.

Key Dates

Keywords

Forge Global Holdings, FRGE, Charles Schwab, Merger, Acquisition, Insider Transaction, Form 4, Restricted Stock Units, Equity Awards, Private Markets