Forge Global Reverse Split and Accuidity Deal Dilute Deutsche Brse Stake

Rhea-AI Filing Summary

Deutsche Brse AG beneficially owns 1,614,146 shares of Forge Global common stock, equal to 11.9% of the class based on 13,601,362 shares outstanding as of August 6, 2025. The position reflects sole voting and dispositive power over those shares and follows the issuer's 1-for-15 reverse stock split completed April 14, 2025, which created CUSIP 34629L202.

Warrants to purchase 3,353 shares expired unexercised on May 26, 2025. The issuer completed the Accuidity acquisition on July 1, 2025 and issued an additional 1,200,000 shares, which diluted the reporting person's percentage ownership to the amounts reported here.

Insights

Financial Analyst

TL;DR: Amendment updates holdings after a reverse split; Deutsche Brse retains a material 11.9% stake (sole voting/dispositive power).

The filing is a routine Schedule 13D amendment that restates the reporting position after corporate actions. Absolute holdings remain 1,614,146 shares, with the percentage calculated on 13,601,362 shares outstanding. The 1-for-15 reverse split consolidated shares and created a new CUSIP, while the expiration of warrants removed a small potential increment of shares. The Accuidity acquisition issued 1,200,000 shares, diluting pre-existing holders. Overall, this is a material disclosure of ownership level but does not, by itself, indicate a change of control or new strategic intent.

M&A Specialist

TL;DR: The Accuidity acquisition increased share count by 1.2M, diluting existing holders; the amendment documents these changes and includes a certified translation exhibit.

The acquisition-related issuance is the key transactional item here: Forge Global issued 1,200,000 shares as part of the Accuidity deal completed July 1, 2025, which reduced the reporting person's ownership percentage despite unchanged absolute shareholdings. The filing also notes expired warrants and updates exhibits to evidence signatory authority. These are material transactional disclosures for shareholders assessing ownership dilution and governance records.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

Forge Global Holdings, Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

34629L202

(CUSIP Number)

Deutsche Boerse AG
Mergenthalerallee 61, Attn: Maximilian Weissenrieder
Eschborn, 2M, 65760
(001) 49 69 2110

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/01/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. 34629L202

1

Name of reporting person

DEUTSCHE BORSE AG

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

OO

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

GERMANY, FED. REP.

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 1,614,146.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 1,614,146.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

1,614,146.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

11.9 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Stock
(b)	Name of Issuer: Forge Global Holdings, Inc.
(c)	Address of Issuer's Principal Executive Offices: 4 EMBARCADERO CENTER, FLOOR 15, SAN FRANCISCO, CALIFORNIA , 94111.
Item 1 Comment: Item 1 of the Original Schedule 13D (as defined below) is hereby amended and supplemented as follows: This Amendment No. 1 to the Schedule 13D (the "Amendment No. 1") amends and supplements certain items of the Schedule 13D related to the Common Stock of the Issuer, originally filed by the Reporting Person with the U.S. Securities and Exchange Commission (the "SEC") on March 30, 2022 (the "Original Schedule 13D"). All capitalized terms contained but not otherwise defined herein shall have the meanings ascribed to such terms in the Original Schedule 13D. Except as otherwise provided herein, each item of the Original Schedule 13D remains unchanged.
Item 4.	Purpose of Transaction
	Item 4 of the Original Schedule D is hereby amended and supplemented as follows: Reverse Stock Split On April 14, 2025, the Issuer completed a reverse stock split (the "Reverse Stock Split") of the Common Stock at a ratio of 1-for-15. Following the Reverse Stock Split, the new number of shares of Common Stock beneficially owned by the Reporting Person became 1,617,499, which is the sum of: (i) 1,614,146 shares of Common Stock owned by Reporting Person, and (ii) warrants to purchase 3,353 shares of Common Stock. The Reverse Stock Split also resulted in the creation of a new CUSIP for the Common Stock, 34629L202. Warrants Expiration On May 26, 2025, the Reporting Person's holding of warrants to purchase 3,353 shares of Common Stock expired unexercised. Accuidity Acquisition As reported on July 2, 2025 by the Issuer on a Current Report on Form 8-K, on July 1, 2025, the Issuer completed the acquisition (the "Accuidity Acquisition") of Accuidity, LLC, a Delaware limited liability company. The Accuidity Acquisition resulted in the issuance of an additional 1,200,000 shares of Common Stock, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended June 30, 2025 filed with the SEC on August 8, 2025. This resulted in a dilution of the Reporting Person's holding of the Common Stock, as reflected in the amended Item 5(a).
Item 5.	Interest in Securities of the Issuer
(a)	Item 5(a) is hereby amended and restated as follows: Amount beneficially owned: 1,614,146 Percent of Class: 11.9% The share amount reported herein consists of 1,614,146 shares of Common Stock. The above percentage is based on 13,601,362 shares of Common Stock outstanding on August 6, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q for the period ended June 30, 2025 filed with the SEC on August 8, 2025.
(b)	Item 5(b) is hereby amended and restated as follows: Number of shares the Reporting Person has: Sole power to vote or direct the vote: 1,614,146 Shared power to vote: 0 Sole power to dispose or direct the disposition of: 1,614,146 Shared power to dispose or direct the disposition of: 0
Item 7.	Material to be Filed as Exhibits.
	Item 7 of the Original Schedule D is hereby amended and supplemented by appending new Exhibit 2 (Certified English translation of Deutsche Boerse AG Commercial Register Extract, evidencing general authority for the signatories to sign on behalf of the Reporting Person).

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DEUTSCHE BORSE AG

Signature:	Maximilian Weissenrieder
Name/Title:	Managing Director
Date:	08/12/2025

Signature:	Markus Hablizel
Name/Title:	Director
Date:	08/12/2025

FAQ

How many Forge Global (FRGE) shares does Deutsche Brse AG beneficially own?

Deutsche Brse AG beneficially owns 1,614,146 shares of Forge Global common stock.

What percentage of FRGE does Deutsche Brse AG own after the reported changes?

The filing reports a 11.9% ownership based on 13,601,362 shares outstanding as of August 6, 2025.

Did a reverse stock split affect Deutsche Brse AG's holdings in FRGE?

Yes. Forge Global completed a 1-for-15 reverse stock split on April 14, 2025, which changed post-split share counts and led to a new CUSIP (34629L202).

Were any warrants held by Deutsche Brse AG exercised or expired?

Warrants to purchase 3,353 shares expired unexercised on May 26, 2025.

How did the Accuidity acquisition affect ownership percentages in FRGE?

The Accuidity acquisition, completed on July 1, 2025, resulted in issuance of 1,200,000 shares, which diluted existing holders and is reflected in the amended ownership percentage.