SCHEDULE: Forge Global: Kostka LLC, DeNatale, Gubitosi Report 7%+ Stake

Kostka LLC, Mark DeNatale, and Vince Gubitosi have jointly reported beneficial ownership of over 7% of Forge Global Holdings, Inc.'s common stock.

Summary

• Kostka LLC, Mark DeNatale, and Vince Gubitosi have jointly filed a Schedule 13G, reporting their beneficial ownership in Forge Global Holdings, Inc.
• Kostka LLC beneficially owns 977,987 shares, representing 7.11% of the common stock outstanding.
• Mark DeNatale, a member and manager of Kostka LLC, beneficially owns an aggregate of 994,903 shares, representing 7.23% of the common stock outstanding. This includes 16,916 shares with sole voting power and 916 shares with sole dispositive power, in addition to the shares held by Kostka LLC.
• Vince Gubitosi, a manager of Kostka LLC, beneficially owns an aggregate of 995,987 shares, representing 7.24% of the common stock outstanding. This includes 18,000 shares with sole voting power and 2,000 shares with sole dispositive power, in addition to the shares held by Kostka LLC.
• The ownership percentages are based on 13,756,621 shares of common stock outstanding, as reported in the Issuer's quarterly report filed on November 13, 2025.
• The reporting persons certify that the securities were not acquired or held for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 7

Explanation: The disclosure of a significant beneficial ownership stake by a group of investors, including individuals associated with the company, can be viewed positively as it signals confidence in the company's value. The passive nature of the investment (13G filing) suggests stability and a lack of immediate activist intent, which is generally neutral to positive for existing shareholders.

Positives

• Significant beneficial ownership by a group of investors, including key individuals associated with the company (Mark DeNatale and Vince Gubitosi are listed with principal business address c/o Forge, Inc.), could signal confidence in the company's long-term prospects.
• The filing indicates a passive investment intent, suggesting stability in the ownership structure without immediate plans for control changes.

Negatives

• NA

Risks

• NA

Future Outlook

NA

Management Comments

• By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

This filing indicates a significant ownership stake by a group of investors in Forge Global Holdings, Inc., a company operating in the private securities market. Such disclosures are common for publicly traded companies and reflect changes in institutional or large individual holdings. The passive nature of the investment, as indicated by the 13G filing, suggests that these investors are not seeking to actively influence the company's management or strategic direction at this time, which is typical for long-term or strategic passive investments in the financial technology or capital markets sector.

Comparison to Industry Standards

• NA

Related Party Transactions

• The filing indicates that Mark DeNatale is a member and manager of Kostka LLC, and Vince Gubitosi is a manager of Kostka LLC, establishing a relationship among the reporting persons regarding their shared beneficial ownership.

Stakeholder Impact

• Shareholders: The disclosure of a significant beneficial ownership stake by a group of investors, including individuals associated with the company, may be viewed as a vote of confidence, potentially stabilizing or positively influencing investor sentiment.
• Management: The passive nature of the investment (13G filing) suggests that the reporting persons are not seeking to actively influence management or strategic direction, allowing current management to continue their plans without immediate external pressure.

Next Steps

• NA

Key Dates

Recommendation

The filing of a Schedule 13G indicates a significant beneficial ownership stake by a group of investors, including individuals associated with the company. While this signals confidence and is generally a neutral to slightly positive indicator, it does not provide new operational or financial performance data to warrant a "buy" or "sell" recommendation. The passive nature of the investment suggests no immediate catalyst for significant price movement due to activist pressure. Therefore, a "hold" recommendation is appropriate, maintaining current positions while awaiting further operational or financial updates.

Keywords

Forge Global Holdings, beneficial ownership, Schedule 13G, common stock, Kostka LLC, Mark DeNatale, Vince Gubitosi, institutional ownership, passive investment