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Edwards Michael A reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc director Michael A. Edwards received an equity award of 203,562 shares of Common Stock in the form of restricted stock units (RSUs). The award was granted at no cash cost per share and represents his entire reported Common Stock holding after this transaction.
According to the award terms, 3,562 RSUs will vest in full on the date of the Company’s 2026 Annual Meeting of Stockholders, if he continues in service through that date. The remaining 200,000 RSUs will vest in two equal tranches: half on the 2026 Annual Meeting date and half on the first anniversary of the grant date, each subject to continued service.
SUCKLING ANDREW P reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc director Andrew P. Suckling received an award of 241,918 shares of Common Stock in the form of restricted stock units. All 241,918 shares are shown as held directly after the grant.
The award consists of 41,918 shares underlying RSUs that will vest in full on the date of the company’s 2026 Annual Meeting of Stockholders, assuming he continues to serve through that date. The remaining 200,000 shares underlying RSUs vest in two equal parts: half on the 2026 Annual Meeting date and half on the first anniversary of the grant date, each tranche requiring continued service to vest.
Smith Ryan Lewis reported acquisition or exercise transactions in this Form 4 filing.
Forum Markets Inc director Ryan Lewis Smith received an equity grant of 241,918 shares of Common Stock on April 2, 2026. The shares were awarded at a price of $0.00 per share as a grant or award, not an open-market purchase.
The grant consists of 41,918 shares underlying restricted stock units that will vest in full on the date of the Company’s 2026 Annual Meeting of Stockholders, subject to his continued service. The remaining 200,000 shares underlying RSUs will vest in two equal installments: half on the 2026 Annual Meeting date and half on the first anniversary of the grant date, also conditioned on continued service. Following this transaction, he directly holds 241,918 shares.
Saunders John Tazewell reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc Chief Financial Officer John Tazewell Saunders reported an equity award of 358,592 shares of Common Stock. After this grant, he directly holds 358,592 shares.
The award includes 163,636 shares underlying performance-based restricted stock units (PSUs) and 109,091 shares underlying restricted stock units (RSUs). Each PSU and RSU represents a contingent right to one share of Common Stock. The PSUs vest in three equal tranches once specified stock price targets are met within five years of grant and certain calendar dates are reached, subject to continued employment. The RSUs vest in one-third installments on August 1 of 2026, 2027 and 2028, also requiring continued employment.
Rudisill McAndrew reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc Chief Executive Officer Rudisill McAndrew received a large equity grant in the form of common stock-based awards. The filing shows 1,884,979 shares of Common Stock as a grant or award at a stated price of $0.00 per share, bringing his directly held total to 1,884,979 shares.
Footnotes explain this consists of 1,130,987 shares underlying performance-based restricted stock units (PSUs) and 753,992 shares underlying restricted stock units (RSUs), each unit representing a contingent right to one share. The PSUs vest in three equal tranches if specified stock price targets are met within five years and certain dates are reached, subject to continued employment. The RSUs vest in one-third installments on August 1 of 2026, 2027 and 2028, also requiring continued employment.
The filing also lists indirect holdings of 3,773 shares each held by BER I LLC, GER I LLC and MRR I LLC, and 45,283 shares held by Pelagic Capital Advisors LLC. McAndrew is managing partner or founder of these entities and may be deemed to beneficially own their holdings, but he disclaims beneficial ownership except to the extent of his pecuniary interest.
New Jason Griffin reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc director Jason Griffin New reported an equity grant of company stock. He received 241,918 shares of Common Stock as a grant or award, raising his directly held position to 241,918 shares.
Footnotes explain these are restricted stock units. They consist of 41,918 shares that will vest in full on the date of the company’s 2026 Annual Meeting of Stockholders, and 200,000 shares that vest in two equal installments: half on the 2026 Annual Meeting date and half on the first anniversary of the grant date, in each case contingent on his continued service. In addition, 56,603 shares are held indirectly through New Island Capital LLC, an entity he founded and manages, although he disclaims beneficial ownership beyond his pecuniary interest.
Heter Crystal Jane reported acquisition or exercise transactions in this Form 4 filing.
FORUM MARKETS Inc director Crystal Jane Heter reported an award of 241,918 shares of Common Stock in the form of restricted stock units (RSUs). The award brings her reported direct holdings to 241,918 shares.
According to the footnote, 41,918 RSUs will vest in full on the date of the company’s 2026 Annual Meeting of Stockholders, assuming she continues to serve through that date. The remaining 200,000 RSUs will vest in two equal installments: half on the 2026 Annual Meeting date and half on the first anniversary of the grant date, also conditioned on continued service.
Forum Markets, Incorporated approved new equity awards for its CEO, McAndrew Rudisill, and CFO, John Saunders, to tie their compensation more closely to long-term share performance. Each package mixes performance stock units and restricted stock units granted under the 2025 Omnibus Incentive Plan.
Mr. Rudisill received a one-time initial equity award valued at $4,285,500 and a pro-rated 2025 annual award valued at $898,194, while Mr. Saunders received an equity award valued at $750,000. Sixty percent of each award is in performance stock units that vest only if share price hurdles of $5.00, $7.50, and $10.00 are met within five years, and after minimum time-based vesting periods.
The remaining restricted stock units vest in three equal installments on the first, second, and third anniversaries of August 1, 2025, contingent on continued employment. The awards include protections on termination without cause and accelerated vesting mechanics in connection with a qualifying change in control, further reinforcing retention objectives for the senior leadership team.
Forum Markets, Incorporated, formerly ETHZilla and 180 Life Sciences, has transformed from biotech and iGaming into a financial technology company focused on tokenizing real-world assets (RWAs) on Ethereum-based infrastructure.
The company now centers on originating and financing income-generating assets, then issuing tokenized securities that may trade on platforms such as Liquidity.io, where it holds a 15% fully‑diluted stake in the parent. This strategy depends heavily on large ETH holdings, staking and DeFi deployment, and carries significant regulatory, custody, volatility and investment company status risks. As of December 31, 2025, roughly 79% of assets were tied to ETH and related digital holdings.
Forum Markets, Incorporated reported its first meaningful revenue as a digital asset and real‑world asset tokenization platform, generating GAAP revenue of $2.4 million in Q4 2025 and $6.5 million for full year 2025. Despite this ramp, heavy operating and non‑cash items drove a full‑year net loss from continuing operations of $443.5 million, or $(54.32) per basic share, and an Adjusted EBITDA loss of $218.5 million. The balance sheet expanded sharply, with total assets of $306.3 million at year‑end, including $61.6 million of digital assets and $181.0 million of staking receivables, against total liabilities of $66.9 million. Management highlighted 2025 as a foundation‑building year and issued 2026 revenue guidance of $18–$26 million and a 2027 AUM target of $300–$400 million, aiming to move toward positive cash flow in 2027 as yield, tokenization fees, and asset management economics develop.