Insider Transactions at Forge Global on January 12, 2026
On 12 January 2026, Catherine M. Dondzila, Chief Accounting Officer of Forge Global, executed the sale of 666 shares of the company’s common stock. The transaction was recorded at a transaction price of $0.00 because the shares were withheld to satisfy federal and state tax withholding requirements associated with the settlement of restricted‑stock units (RSUs). The sale reduced Dondzila’s remaining holdings to 48 185 shares, down from 48 851 shares reported after her prior sale on 10 December 2025.
While the reporting format classifies the event as a “sell,” the economic reality is that it was a tax‑related liquidation rather than a discretionary market sale. The shares were not sold to investors at market price; rather, the company retained them to cover the tax liability generated by the vesting of RSUs.
1. Contextualising the Transaction
The timing of the sale is notable because it follows a period of aggressive insider selling by senior executives, most notably CEO Rodriques Kelly. Kelly’s two sales on 12 January (2 943 shares) and an earlier sale on 29 December (19 519 shares) suggest a pattern of liquidity events that may be tied to Forge Global’s recent restructuring and its designation as the liquidating trustee for the Linqto case. The cumulative effect of these sales is a modest net liquidation of shares among the company’s top executives.
Key Market Indicators (as of 12 January 2026) • Current share price: $44.64 (0.07 % decline from the previous close) • 52‑week high/low range: $45.10 / $42.30 • Price‑to‑earnings ratio: –9.05 (negative due to negative earnings) • Annual price gain: 273 % (highly volatile performance)
The near‑par value of the shares ($0.0001 par) and the $0.00 transaction price underscore that the moves are not driven by market pricing but by compensation‑related tax planning.
2. Dondzila’s Historical Insider Activity
Dondzila’s insider trading history between May 2025 and December 2025 includes four sales, each involving 576–616 shares and executed at $0.00. The pattern reflects the vesting schedule of RSUs rather than discretionary market exits. Her holdings have decreased progressively from 50 584 shares in September 2025 to 48 185 shares in January 2026. No buy transactions have been reported, reinforcing the view that her activity is compensation‑driven.
Table 1 – Dondzila’s Transactions (May 2025 – January 2026)
Date Shares Sold Price Purpose 2025‑05‑?? 616 $0.00 RSU settlement 2025‑?? 576 $0.00 RSU settlement 2025‑12‑10 666 $0.00 RSU settlement 2026‑01‑12 666 $0.00 RSU settlement
3. Broader Insider Activity and Market Sentiment
Forge Global’s insider landscape is characterised by significant selling from the CEO and CFO, counterbalanced by occasional purchases by the CFO in December 2025. The net effect is a small overall liquidation of executive shares.
Investor sentiment, measured through social‑media analytics, shows a +50 sentiment score and a buzz level of 99.45 %. These metrics suggest that public discourse remains largely neutral, with a moderate level of activity but no signs of panic or exuberance.
The negative price‑to‑earnings ratio and the sizeable annual price gain reflect the company’s high volatility, which can present both upside and downside opportunities as Forge Global navigates its restructuring and court‑appointed trustee responsibilities.
4. Implications for Investors
- Tax‑related sales do not signal distress: The $0.00 transaction price indicates that these sales are driven by tax compliance, not by an attempt to move the market.
- Limited impact on share price: The current price of $44.64, barely affected by insider activity, remains within a tight range between its 52‑week high and low.
- Monitoring required for discretionary sales: While routine RSU settlements are benign, investors should watch for large discretionary sells or buys, which could provide early signals of management confidence or concern.
- Strategic positioning: Professionals may consider holding or incrementally buying shares during periods of low volatility, while remaining vigilant for regulatory developments that could influence liquidity or valuation.
5. Summary of Key Transactions (Table 2)
| Date | Owner | Transaction Type | Shares | Price per Share | Security |
|---|---|---|---|---|---|
| 2026‑01‑12 | Dondzila Catherine M. (Chief Accounting Officer) | Sell | 666.00 | N/A | Common Stock, $0.0001 par |
| 2026‑01‑12 | Rodriques Kelly (Chief Executive Officer) | Sell | 2 943.00 | N/A | Common Stock, $0.0001 par |
| N/A | Rodriques Kelly (Chief Executive Officer) | Holding | 4 718.00 | N/A | Common Stock, $0.0001 par |
The data above are sourced from SEC filings and market reports as of 12 January 2026.
Conclusion The recent insider transactions by Forge Global’s Chief Accounting Officer and CEO should be interpreted as routine tax‑related events linked to RSU settlements and liquidity needs associated with the company’s restructuring. These activities have not materially influenced the share price and do not constitute a bearish signal regarding the firm’s fundamentals. Investors are advised to maintain vigilance over future executive trades, particularly any large discretionary moves, while considering the company’s high volatility and ongoing restructuring when forming investment strategies.
