Motive Capital Corp intends to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company was formerly known as MCF2 Acquisition Corp. and changed its name to Motive Capital Corp in November 2020. Motive Capital Corp was founded in 2020 and is based in New York, New York.
9/13 Forge Global said Monday it agreed to merge with Motive Capital MOTV a blank check company, in a deal that values the private securities marketplace at $2 billion to become a public company.
The deal is expected to close in the fourth quarter of this year or in the first quarter of next year, subject to the approvals of regulators and Motive Capital and Forge shareholders. The boards of both companies have approved the transaction.
“We firmly believe that everyone should be able to participate in the private markets,” said Forge Chief Executive Kelly Rodriques. “With this transaction, we will be even better positioned to accelerate our mission and bring innovation to the private markets while delivering value to our shareholders.”
Gross proceeds of about $532.5 million are expected from the merger, including up to $414 million in Motive Capital’s trust account from its initial public offering last year.
Existing Forge shareholders are expected to roll 90% of their equity into the combined business and certain shareholders will receive up to $100 million of the gross proceeds for a part of their equity. Forge’s platform drives trading in private securities, with its website listing companies such as chat platform Discord and Jeff Bezos-founded Blue Origin.
“Forge lies at the confluence of several mega trends that are driving value in fintech,” including the “electronification and digitization” of markets and services, according to Motive Capital Chief Executive Blythe Masters. “We found it hard not to love this story.”
Forge has about 400,000 registered users, including more than 123,000 accredited investors. It also has assets under custody of about $14 billion and cash of $600 million across 1.9 million customers through Forge Trust.
BLYTHE MASTERS Responsible for credit derivative products at J.P. Morgan, Masters became a managing director at 28, the youngest woman to achieve that status in the firm’s history. She is widely credited with creating the modern credit default swap, a derivative used to manage credit exposure to underlying reference entities.
Interesting news of merger -Blythe_Masters runs MOTV She is a shark Interested to know what Travis and other members think Blythe Mastershttps://www.marketswiki.com/wiki/
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