{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-25-117578","form_type":"8-K","ticker":"FRMM","cik":"0001690080","company_name":"FORUM MARKETS Inc","filed_at":"2025-12-03T23:59:59+00:00","discovered_at":"2026-05-14T18:02:40.154200+00:00","generated_at":"2026-05-16T15:15:51.772928+00:00","sec_items":["1.01","2.01","3.02","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"ETHZilla acquires 20% stake in Karus for $10M; plans AI-driven auto loan tokenization","bullets":["Consideration: $3M cash + $7M in ETHZ common stock (453,721 + 181,488 shares) for 20% fully-diluted interest in Karus.","Karus AI platform trained on 20M+ auto loan outcomes; already processed $5B in loan volume.","First tokenized auto loan portfolios expected to launch in early 2026 via Liquidity.io.","For every $100M deployed in Karus token, ETHZilla expects $9-12M adjusted EBITDA.","ETHZilla to appoint a director to Karus board; shares subject to 3-6 month lock-ups."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-25-117578","json":"https://secwatch.observer/filing/0001213900-25-117578.json","markdown":"https://secwatch.observer/filing/0001213900-25-117578.md","text":"https://secwatch.observer/filing/0001213900-25-117578.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1690080/000121390025117578/0001213900-25-117578-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1690080/000121390025117578/ea0268168-8k_ethzilla.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-16T15:15:51.772928+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"202165b44f874322a898456a939b69b5741de4ba","claim":"FORUM MARKETS Inc entered into Karus Stock Purchase Agreements with certain stockholders of Karus valued at 181,488 shares of common stock valued at $2 million for 310,945 shares of Karus common stock and 44, (effective 2025-12-02).","evidence_excerpt":"On December 2, 2025, ETHZilla Corporation (the “ Company ”, “ we ” and “ us ”), entered into (i) a Purchase and Subscription Agreement (the “ Karus Purchase Agreement ”) with Karus Inc., a Delaware corporation (“ Karus ”), (ii) separate Stock Purchase Agreements (the “ Karus Stock Purchase Agreements ”) with certain stockholders of Karus (the “ Karus Stockholders ”); and (iii) a Series A Preferred Stock Rights Agreement with Karus and certain significant stockholders of Karus (the “ Key Holders ”, and the “ Karus Rights Agreement ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1690080/000121390025117578/0001213900-25-117578-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"certain stockholders of Karus"},{"label":"Value","value":"181,488 shares of common stock valued at $2 million for 310,945 shares of Karus common stock and 44,"},{"label":"Effective","value":"2025-12-02"}],"fact_type":"material_agreement"},{"claim_id":"4511ddcfc3144f53e7b697dfa7fbb21dade0ca0d","claim":"FORUM MARKETS Inc entered into Karus Purchase Agreement with Karus Inc. valued at $3 million cash and 453,721 shares of common stock valued at $5 million for 1,421,464 shares of Karu (effective 2025-12-02).","evidence_excerpt":"On December 2, 2025, ETHZilla Corporation (the “ Company ”, “ we ” and “ us ”), entered into (i) a Purchase and Subscription Agreement (the “ Karus Purchase Agreement ”) with Karus Inc., a Delaware corporation (“ Karus ”), (ii) separate Stock Purchase Agreements (the “ Karus Stock Purchase Agreements ”) with certain stockholders of Karus (the “ Karus Stockholders ”); and (iii) a Series A Preferred Stock Rights Agreement with Karus and certain significant stockholders of Karus (the “ Key Holders ”, and the “ Karus Rights Agreement ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1690080/000121390025117578/0001213900-25-117578-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Karus Inc."},{"label":"Value","value":"$3 million cash and 453,721 shares of common stock valued at $5 million for 1,421,464 shares of Karu"},{"label":"Effective","value":"2025-12-02"}],"fact_type":"material_agreement"},{"claim_id":"8f4a820ba2e1587fe83e62c6b7e0769504032609","claim":"FORUM MARKETS Inc entered into Karus Series A Preferred Stock Rights Agreement with Karus and certain significant stockholders of Karus valued at Sets forth rights of Karus Series A Preferred Stock including liquidation preference, conversion rig (effective 2025-12-02).","evidence_excerpt":"On December 2, 2025, ETHZilla Corporation (the “ Company ”, “ we ” and “ us ”), entered into (i) a Purchase and Subscription Agreement (the “ Karus Purchase Agreement ”) with Karus Inc., a Delaware corporation (“ Karus ”), (ii) separate Stock Purchase Agreements (the “ Karus Stock Purchase Agreements ”) with certain stockholders of Karus (the “ Karus Stockholders ”); and (iii) a Series A Preferred Stock Rights Agreement with Karus and certain significant stockholders of Karus (the “ Key Holders ”, and the “ Karus Rights Agreement ”).","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1690080/000121390025117578/0001213900-25-117578-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"equity purchase"},{"label":"Counterparty","value":"Karus and certain significant stockholders of Karus"},{"label":"Value","value":"Sets forth rights of Karus Series A Preferred Stock including liquidation preference, conversion rig"},{"label":"Effective","value":"2025-12-02"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}