FORUM MARKETS Inc (FRMM): M&A transaction — ETHZilla acquires 15% stake in Satschel for $15M in cash and stock

FORUM MARKETS Inc

ETHZilla invested $5 million cash and $10 million in restricted common stock for 15% of Satschel, owner of Liquidity.io ATS.
The deal grants ETHZilla exclusive rights to list Ethereum L2 tokens on Liquidity.io's regulated platform.
ETHZilla receives a board seat at Satschel and a right of first refusal on future equity offerings for five years.
Transaction closed on October 22, 2025; Satschel shares are subject to a six-month lock-up.

item 1.01 item 2.01 item 3.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.98

FORUM MARKETS Inc completed an acquisition involving Satschel, Inc. for $5 million in cash and 556,174 shares of common stock with an agreed value of $10 million (closed 2025-10-22).

Action: acquisition
Counterparty: Satschel, Inc.
Consideration: $5 million in cash and 556,174 shares of common stock with an agreed value of $10 million
Closing: 2025-10-22

Exact text from the filing

Agreement, Satschel sold us shares of its Class A Common Stock representing 15% of its fully-diluted capitalization (the “ Satschel Securities ”), in consideration for (a) $5 million in cash; and (b) 556,174 shares of our common stock with an agreed value of $10 million, which are subject to a six month lock-up (the “ Satschel Shares ”). The Purchase

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FORUM MARKETS Inc filing history →

Source: SEC EDGAR

accession 0001213900-25-101418

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