Warrants

3 Months Ended

Mar. 31, 2025

Warrants [Abstract]

Warrants

Warrants

The Company effected a 1-for-15 reverse stock split of all of its authorized, issued and outstanding shares of common stock on April 14, 2025. All outstanding warrants were adjusted in accordance with their terms, which resulted, among other changes to the warrant terms, in proportionate adjustments being made to the number of shares issuable upon exercise of such warrants and to the exercise prices of such warrants. See Note 2, "Summary of Significant Accounting Policies," and Note 13, "Subsequent Events," for additional information.

December 2023 Warrants and Warrants to Purchase Junior Preferred Stock

In November 2020, a total of 208,195 warrants (“Junior Preferred Stock Warrants”) were issued at an exercise price of $59.64 per share, with a cap of extended value of $5.0 million. Because the Junior Preferred Stock Warrants could be settled in a variable number of common shares, they were classified as a liability in the unaudited condensed consolidated balance sheets. The Junior Preferred Stock Warrants had a five-year contractual life and could be exercised at any time during that period.

In December 2023, the Company modified 175,344 of the then outstanding Junior Preferred Stock Warrants (the "December 2023 Warrants"). The December 2023 Warrants were issued at an exercise price of $59.64 per share, with a cap of extended value of $5.0 million when net exercised, and without a cap when cash exercised. The December 2023 Warrants remain classified as a liability, until expiration in November 2025. All of the December 2023 Warrants are outstanding as of March 31, 2025.

Private Placement Warrants

In March 2022, Forge Global, Inc. ("Legacy Forge") was deemed to have assumed 492,444 warrants for Class A common stock that were held by Motive Capital Funds Sponsor, LLC (the “Sponsor”) at an exercise price of $172.50 (the "Private Placement Warrants"). The warrants are exercisable subject to the terms of the warrant agreement, including but not limited to, the Company having an effective registration statement under the Securities Act of 1933, as amended, covering the shares of common stock issuable upon exercise of the warrants and a current prospectus relating to them is available. The

warrants expire in five years or earlier upon redemption or liquidation. All of the Private Placement Warrants are outstanding as of March 31, 2025.

The Private Placement Warrants meet liability classification requirements since the warrants may be required to be settled in cash under a tender offer and are potentially subject to a different settlement amount as a result of being held by the Sponsor which precludes the Private Placement Warrants from being considered indexed to the entity's own stock. Therefore, these warrants are classified as liabilities on the unaudited condensed consolidated balance sheets.