Forge Global CFO and COO Sell Shares at Zero Price in Routine Tax‑Related Move, No Impact on Stock Price

Insider Selling by the Chief Accounting Officer

On January 12, 2026, Catherine M. Dondzila, Forge Global’s Chief Accounting Officer, sold 666 shares of common stock at no transaction price, a move that coincides with the settlement of restricted‑stock units. The shares were withheld to cover tax withholding and remittance obligations, a routine practice for insiders when RSUs mature. The sale left Dondzila’s holdings at 48,185 shares, down from 48,851 shares reported after her earlier December 10, 2025 sale. While the transaction is technically a “sell” for reporting purposes, it is effectively a tax‑related liquidation rather than a market‑driven divestment.

What This Means for Investors

The timing of the sale is notable because it follows a period of aggressive insider selling by senior executives, most prominently CEO Rodriques Kelly. Kelly’s two January‑12 sales (2,943 shares) and earlier December‑29 sell of 19,519 shares indicate a pattern of liquidity events, possibly tied to the company’s recent restructuring and its designation as the liquidating trustee for the Linqto case. For investors, such repeated sell activity can signal a lack of confidence in near‑term upside or a need to meet personal cash requirements. However, the fact that the trades were executed at $0.00—reflecting tax withholding rather than market price—suggests that they do not immediately depress the share price. The current market price of $44.64, a modest 0.07% decline from the close, remains within the tight range of the 52‑week high and low, underscoring the company’s volatility.

Analyzing Dondzila’s Historical Pattern

Dondzila’s insider history shows four sales between May 2025 and December 2025, each involving 576–616 shares and all executed at $0.00. These transactions are consistent with the settlement of restricted stock units rather than discretionary market sales. Her post‑transaction holdings have steadily declined from 50,584 shares in September 2025 to 48,185 in January 2026, reflecting the cumulative effect of multiple RSU settlements. The absence of any buy transactions and the uniform price of zero indicate that Dondzila’s trades are driven by compensation vesting schedules and tax planning rather than market speculation. Consequently, her activity should not be viewed as a bearish signal for the company’s fundamentals.

Broader Insider Activity and Market Sentiment

The broader insider landscape at Forge Global is marked by significant selling from the CEO and CFO, interspersed with occasional buys by the CFO in December 2025. The net effect is a modest net liquidation of shares among the top executives. Social‑media sentiment, measured at +50, and a buzz level of 99.45 % suggest that investor chatter remains relatively neutral, with slightly above‑average intensity but no overt panic or euphoria. The negative price‑to‑earnings ratio of –9.05 and the recent 273 % annual price gain highlight the company’s volatility and the potential for both upside and downside moves as it navigates its liquidity and restructuring efforts.

Investor Takeaway

For investors watching Forge Global, the CEO’s and Chief Accounting Officer’s recent sales should be interpreted as routine tax‑related events rather than harbingers of distress. The company’s stock remains within a narrow range, and the insider activity does not materially alter the share price trajectory. Nonetheless, continued monitoring of executive transactions, particularly any large discretionary sells or buys, will provide early insight into management’s confidence in the firm’s long‑term prospects amid its ongoing restructuring and court‑appointed trustee responsibilities.