<p><em>Clear Street 启动覆盖，给予买入评级和 11.00 美元的目标价</em></p>
<p>, /PRNewswire/ -- Forum Markets, Incorporated (纳斯达克: FRMM) 是一个通过对现实世界资产进行代币化来现代化资本市场的数字资产平台，今天宣布 Clear Street 已对该公司的普通股启动覆盖，给予买入评级和每股 11.00 美元的目标价。</p>
<p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2919621/forum_logo_and_monogram_black_Logo.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2919621/forum_logo_and_monogram_black_Logo.jpg"/></p>
<p>该研究报告由 Brian Dobson、Justin Pan 和 Greg Pendy 撰写，于 2026 年 5 月 11 日发布。Clear Street 的启动覆盖突显了 Forum 作为一个受监管的公共市场平台在以太坊上对机构级现实世界资产进行代币化的地位，以及公司在代币化之前将资本投入到产生收入的资产（包括汽车贷款、制造住房融资和航空资产）的战略，以在构建大规模变现这些资产的基础设施的同时，产生短期收益收入。Clear Street 估计其 11.00 美元的目标价有约 145% 的上涨空间，基于其对 2027 年约 211% 收入增长的预期。</p>
<p>“我们欢迎 Clear Street 对 Forum Markets 的覆盖启动，” 董事长兼首席执行官 McAndrew Rudisill 表示。“Forum 在短时间内取得了显著进展——我们建立了资产来源合作伙伴关系，推出了首个代币化产品，建立了汽车贷款仓库设施，并建立了 AI 基础设施桥接融资来源管道——所有这些都反映了我们认为可实现的清晰扩展路径。来自 Clear Street 这样公司的独立研究覆盖有助于将 Forum 的故事传达给更广泛的机构投资者，并在我们发展的早期阶段验证平台的理论。”</p>
<p>Clear Street 的报告提到几个关键投资考虑因素，包括 Forum 在航空航天、制造住房、汽车信贷和 AI 芯片桥接融资方面的实时资本部署；通过对 Karus、Zippy 和 Liquidity.io 母公司 Satschel, Inc.的股权投资支持的垂直整合的来源到分销模型；以及包括在 2026 年 4 月退休约 28% 流通股的实质资本回报活动。报告还指出，Forum 的股票交易价格约为 Clear Street 净资产价值估计的 0.46 倍。</p>
<p>Clear Street 研究报告的副本可通过 Clear Street 的分发渠道获取。希望获取报告的投资者应联系他们的 Clear Street 代表。</p>
<p><strong>关于 Forum Markets, Incorporated</strong></p>
<p>Forum Markets, Incorporated (纳斯达克: FRMM) 是一个通过对机构级现实世界资产进行代币化来现代化资本市场的数字资产平台。该公司将产生现金的资产结构化并引入基于区块链的基础设施，以解锁流动性，扩大投资者的访问权限，并实现更高效的首次发行和二级市场活动。Forum 将传统资产管理原则与可扩展的数字市场架构相结合，构建一个新的框架，以便于现实世界价值的来源、访问和交易。有关更多信息，请访问 ir.forum-markets.com。</p>
<p><strong>前瞻性声明</strong></p>
<p>本新闻稿包含 1995 年《私人证券诉讼改革法案》所定义的 “前瞻性声明”，包括关于公司股票回购预期收益的声明、之前的私募和相关交易、之前的场外交易、股票回购计划的金额、时机和资金来源、普通股回购可能不会在公司预期的时间框架内或以公司预期的方式进行的事实、关于公司资本结构、资源和所有权结构的预期、关于未来业绩和公司增长的预期收益；公司执行其计划的能力、公司将持有的资产、公司当前和预期的收益策略以及未来业绩。前瞻性声明受到许多风险和不确定性的影响，其中许多超出了公司的控制范围，实际结果可能会有重大差异。适用的风险和不确定性包括但不限于，本文所述的拟议交易可能无法及时完成或根本无法完成；未能实现股票回购计划、之前宣布的私募、可转换票据的销售及相关交易的预期收益，包括公司实现盈利运营的能力；ETH 市场价格的波动将影响公司的会计和财务报告；政府对加密货币的监管；公司回购普通股的能力、时机、购买价格，以及回购可能不会在股票回购计划下进行的事实；证券法律或法规的变化；商业、市场、金融、政治和监管条件的变化；与公司场外交易相关的风险，包括公司偿还该设施的能力、相关的契约和担保权益；与公司之前宣布的自动取款机（ATM）发行相关的风险，包括可能对公司股价施加的下行压力；与公司运营和业务相关的风险，包括以太坊及其他加密货币价格的高度波动性；公司股价可能与数字资产价格相关的风险；公司所处行业竞争加剧的风险；与数字资产普遍存在的重大法律、商业、监管和技术不确定性相关的风险；与美国和外国税务目的下对加密资产的处理相关的风险、对未来业绩、增长和预期收购的预期；涉及公司的潜在诉讼；全球经济状况；地缘政治事件和监管变化；获取额外融资的机会，以及可能缺乏此类融资的风险；以及公司未来筹集资金的能力和此类融资的条款，包括由此造成的稀释，以及在公司截至 2025 年 12 月 31 日的财政年度的 10-K 表格年报中识别的风险和不确定性，以及公司可能向 SEC 提交的补充风险因素和其他信息，包括在公司于 2025 年 7 月 30 日和 2025 年 8 月 11 日向 SEC 提交的 8-K 表格当前报告的第 8.01 项下披露的内容。读者被提醒不要对这些声明过于依赖。投资者还应注意，根据美国公认会计原则（GAAP），某些加密资产必须按公允价值计量，变动在每个报告期内计入净收入。这些公允价值调整可能导致公司资产负债表和损益表在各期之间出现重大波动。鼓励读者查阅公司向 SEC 提交的文件，网址为 www.sec.gov，以讨论这些及其他风险和不确定性。本新闻稿中的前瞻性声明仅在本文件日期时有效，公司不承担更新任何前瞻性声明的义务，除非法律要求。</p>
<p>来源：Forum Markets, Incorporated</p>

FRMM

<p>Clear Street 已经开始对 Forum Markets, Inc.（纳斯达克代码：FRMM）进行覆盖，给予 “买入” 评级，目标价为每股 11.00 美元，暗示潜在上涨幅度约为 145%。报告强调了 Forum 将现实世界资产进行代币化的战略及其创收举措。首席执行官 McAndrew Rudisill 对此覆盖表示欢迎，强调公司在资产来源和基础设施开发方面的进展。报告还指出，Forum 的股票交易价格约为 Clear Street 净资产价值估算的 0.46 倍。投资者可以通过 Clear Street 的渠道访问完整报告</p>

<p><em>Clear Street Initiates with Buy Rating and $11.00 Price Target</em></p>
<div class="lb-trans"><p><em>Clear Street 启动覆盖，给予买入评级和 11.00 美元的目标价</em></p>
</div><p>, /PRNewswire/ -- Forum Markets, Incorporated (Nasdaq: FRMM), a digital asset platform modernizing capital markets through the tokenization of real-world assets, today announced that Clear Street has initiated coverage of the company's common stock with a Buy rating and a price target of $11.00 per share.</p>
<div class="lb-trans"><p>, /PRNewswire/ -- Forum Markets, Incorporated (纳斯达克: FRMM) 是一个通过对现实世界资产进行代币化来现代化资本市场的数字资产平台，今天宣布 Clear Street 已对该公司的普通股启动覆盖，给予买入评级和每股 11.00 美元的目标价。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://mma.prnewswire.com/media/2919621/forum_logo_and_monogram_black_Logo.jpg" alt="" original-src="https://mma.prnewswire.com/media/2919621/forum_logo_and_monogram_black_Logo.jpg"/></p>
<p>The research report, authored by Brian Dobson, Justin Pan, and Greg Pendy, was published on May 11, 2026. Clear Street's initiation highlights Forum's position as a regulated, public-market platform for tokenizing institutional-grade real-world assets on Ethereum, and the company's strategy of deploying capital into revenue-generating assets — including auto loans, manufactured housing finance, and aviation assets — prior to tokenization in order to generate near-term yield income while building the infrastructure to monetize those assets at scale. Clear Street estimates approximately 145% upside to its $11.00 price target, underpinned by its outlook for approximately 211% revenue growth in 2027.</p>
<div class="lb-trans"><p>该研究报告由 Brian Dobson、Justin Pan 和 Greg Pendy 撰写，于 2026 年 5 月 11 日发布。Clear Street 的启动覆盖突显了 Forum 作为一个受监管的公共市场平台在以太坊上对机构级现实世界资产进行代币化的地位，以及公司在代币化之前将资本投入到产生收入的资产（包括汽车贷款、制造住房融资和航空资产）的战略，以在构建大规模变现这些资产的基础设施的同时，产生短期收益收入。Clear Street 估计其 11.00 美元的目标价有约 145% 的上涨空间，基于其对 2027 年约 211% 收入增长的预期。</p>
</div><p>&#34;We welcome Clear Street's initiation of coverage of Forum Markets,&#34; said McAndrew Rudisill, chairman and chief executive officer. &#34;Forum has made significant progress in a short period of time — we have built asset origination partnerships, launched our first tokenized product, established our auto loan warehouse facility, and established an AI infrastructure bridge financing origination pipeline – all of which we believe reflects a clear and achievable path to scale. Independent research coverage from a firm of Clear Street's caliber helps communicate the Forum story to a broader institutional investor audience and validates the platform thesis at this early stage of our development.&#34;</p>
<div class="lb-trans"><p>“我们欢迎 Clear Street 对 Forum Markets 的覆盖启动，” 董事长兼首席执行官 McAndrew Rudisill 表示。“Forum 在短时间内取得了显著进展——我们建立了资产来源合作伙伴关系，推出了首个代币化产品，建立了汽车贷款仓库设施，并建立了 AI 基础设施桥接融资来源管道——所有这些都反映了我们认为可实现的清晰扩展路径。来自 Clear Street 这样公司的独立研究覆盖有助于将 Forum 的故事传达给更广泛的机构投资者，并在我们发展的早期阶段验证平台的理论。”</p>
</div><p>The Clear Street report cites several key investment considerations, including Forum's live capital deployment across aerospace, manufactured housing, auto credit, and AI chip bridge financing; a vertically integrated origination-through-distribution model supported by equity stakes in Karus, Zippy, and Liquidity.io parent Satschel, Inc.; and material capital return activity including the retirement of approximately 28% of shares outstanding in April 2026. The report also notes that Forum shares trade at approximately 0.46x Clear Street's net asset value estimate.</p>
<div class="lb-trans"><p>Clear Street 的报告提到几个关键投资考虑因素，包括 Forum 在航空航天、制造住房、汽车信贷和 AI 芯片桥接融资方面的实时资本部署；通过对 Karus、Zippy 和 Liquidity.io 母公司 Satschel, Inc.的股权投资支持的垂直整合的来源到分销模型；以及包括在 2026 年 4 月退休约 28% 流通股的实质资本回报活动。报告还指出，Forum 的股票交易价格约为 Clear Street 净资产价值估计的 0.46 倍。</p>
</div><p>A copy of the Clear Street research report is available through Clear Street's distribution channels. Investors who would like access to the report should contact their Clear Street representative.</p>
<div class="lb-trans"><p>Clear Street 研究报告的副本可通过 Clear Street 的分发渠道获取。希望获取报告的投资者应联系他们的 Clear Street 代表。</p>
</div><p><strong>About Forum Markets, Incorporated</strong></p>
<div class="lb-trans"><p><strong>关于 Forum Markets, Incorporated</strong></p>
</div><p>Forum Markets, Incorporated (Nasdaq: FRMM) is a digital asset platform modernizing capital markets through the tokenization of institutional-grade real-world assets on Ethereum. The company structures and brings cash-generating assets onto blockchain-based infrastructure to unlock liquidity, broaden investor access, and enable more efficient primary issuance and secondary market activity. Forum integrates traditional asset management principles with scalable digital market architecture as it builds a new framework for how real-world value is originated, accessed, and traded. For more information, please visit ir.forum-markets.com.</p>
<div class="lb-trans"><p>Forum Markets, Incorporated (纳斯达克: FRMM) 是一个通过对机构级现实世界资产进行代币化来现代化资本市场的数字资产平台。该公司将产生现金的资产结构化并引入基于区块链的基础设施，以解锁流动性，扩大投资者的访问权限，并实现更高效的首次发行和二级市场活动。Forum 将传统资产管理原则与可扩展的数字市场架构相结合，构建一个新的框架，以便于现实世界价值的来源、访问和交易。有关更多信息，请访问 ir.forum-markets.com。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性声明</strong></p>
</div><p>This press release contains &#34;forward-looking statements&#34; within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the expected benefits of the company's stock repurchase, prior private placements and related transactions, prior OTC transaction, the amount, timing, and sources of funding for its stock repurchase program, the fact that common stock share repurchases may not be conducted in the timeframe or in the manner the company expects, expectations regarding the capitalization, resources and ownership structure of the company, the expected benefits of the expectations with respect to future performance, and growth of the company; the ability of the company to execute its plans, the assets to be held by the company, the company's current and anticipated yield strategies, and future performance. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the company's control, and actual results may differ materially. Applicable risks and uncertainties include, among others, the risk that the proposed transactions described herein may not be completed in a timely manner or at all; failure to realize the anticipated benefits of the stock repurchase program, previously announced private placements, sale of convertible notes, and related transactions, including the company's ability to achieve profitable operations; fluctuations in the market price of ETH that will impact the company's accounting and financial reporting; government regulation of cryptocurrencies; the company's ability to repurchase shares of common stock, the timing thereof, purchase price thereof, and the fact that repurchases may not be undertaken under the stock repurchase program; changes in securities laws or regulations; changes in business, market, financial, political and regulatory conditions; risks relating to the company's OTC transaction, including the company's ability to repay such facility, covenants associated therewith and security interests associated therewith; risks relating to the company's previously announced ATM offering, including potential downward pressure on the company's stock price associated therewith; risks relating to the company's operations and business, including the highly volatile nature of the price of Ether and other cryptocurrencies; the risk that the company's stock price may be correlated to the price of digital assets; risks related to increased competition in the industries in which the company does and will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, expectations with respect to future performance, growth and anticipated acquisitions; potential litigation involving the company; global economic conditions; geopolitical events and regulatory changes; access to additional financing, and the potential lack of such financing; and the company's ability to raise funding in the future and the terms of such funding, including dilution caused thereby, as well as those risks and uncertainties identified and those identified under the heading &#34;Risk Factors&#34; in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, as well as the supplemental risk factors and other information the company has or may file with the SEC, including those disclosed under Item 8.01 of the Current Reports on Form 8-K filed by the company with the SEC on July 30, 2025 and August 11, 2025. Readers are cautioned not to place undue reliance on these statements. Investors should also be aware that under U.S. generally accepted accounting principles (GAAP), certain crypto assets must be measured at fair value, with changes recognized in net income for each reporting period. These fair value adjustments may cause significant fluctuations in the company's balance sheet and income statement from period-to-period. Readers are encouraged to read the company's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the company undertakes no obligation to update any forward-looking statements except as required by law.</p>
<div class="lb-trans"><p>本新闻稿包含 1995 年《私人证券诉讼改革法案》所定义的 “前瞻性声明”，包括关于公司股票回购预期收益的声明、之前的私募和相关交易、之前的场外交易、股票回购计划的金额、时机和资金来源、普通股回购可能不会在公司预期的时间框架内或以公司预期的方式进行的事实、关于公司资本结构、资源和所有权结构的预期、关于未来业绩和公司增长的预期收益；公司执行其计划的能力、公司将持有的资产、公司当前和预期的收益策略以及未来业绩。前瞻性声明受到许多风险和不确定性的影响，其中许多超出了公司的控制范围，实际结果可能会有重大差异。适用的风险和不确定性包括但不限于，本文所述的拟议交易可能无法及时完成或根本无法完成；未能实现股票回购计划、之前宣布的私募、可转换票据的销售及相关交易的预期收益，包括公司实现盈利运营的能力；ETH 市场价格的波动将影响公司的会计和财务报告；政府对加密货币的监管；公司回购普通股的能力、时机、购买价格，以及回购可能不会在股票回购计划下进行的事实；证券法律或法规的变化；商业、市场、金融、政治和监管条件的变化；与公司场外交易相关的风险，包括公司偿还该设施的能力、相关的契约和担保权益；与公司之前宣布的自动取款机（ATM）发行相关的风险，包括可能对公司股价施加的下行压力；与公司运营和业务相关的风险，包括以太坊及其他加密货币价格的高度波动性；公司股价可能与数字资产价格相关的风险；公司所处行业竞争加剧的风险；与数字资产普遍存在的重大法律、商业、监管和技术不确定性相关的风险；与美国和外国税务目的下对加密资产的处理相关的风险、对未来业绩、增长和预期收购的预期；涉及公司的潜在诉讼；全球经济状况；地缘政治事件和监管变化；获取额外融资的机会，以及可能缺乏此类融资的风险；以及公司未来筹集资金的能力和此类融资的条款，包括由此造成的稀释，以及在公司截至 2025 年 12 月 31 日的财政年度的 10-K 表格年报中识别的风险和不确定性，以及公司可能向 SEC 提交的补充风险因素和其他信息，包括在公司于 2025 年 7 月 30 日和 2025 年 8 月 11 日向 SEC 提交的 8-K 表格当前报告的第 8.01 项下披露的内容。读者被提醒不要对这些声明过于依赖。投资者还应注意，根据美国公认会计原则（GAAP），某些加密资产必须按公允价值计量，变动在每个报告期内计入净收入。这些公允价值调整可能导致公司资产负债表和损益表在各期之间出现重大波动。鼓励读者查阅公司向 SEC 提交的文件，网址为 www.sec.gov，以讨论这些及其他风险和不确定性。本新闻稿中的前瞻性声明仅在本文件日期时有效，公司不承担更新任何前瞻性声明的义务，除非法律要求。</p>
</div><p>SOURCE Forum Markets, Incorporated</p>
<div class="lb-trans"><p>来源：Forum Markets, Incorporated</p>
</div>

Forum 宣布 Clear Street 开始对其进行分析师覆盖 | FRMM 股票新闻