Wait a second, did we just end up in a Christopher Nolan movie scene? A pre-IPO market selling private company shares has chosen to pursue going public. Could that be right? That's precisely what Forge Global is trying to do through a $2b SPAC merger with Motivate Capital (MOTV).
Forge provides a market-based solution to startups that don't feel ready for an IPO but would still like to raise funds and allow employees to cash out before going public. The San-Francisco-based marketplace has over 400,000 active users, including 123,000 accredited investors. Since its founding in 2014, Forge has managed $10b worth of trades in more than 400 private companies. The SPAC transaction is expected to provide up to $532m in cash proceeds and $100m in cash consideration.