<p><em>Clear Street 啓動覆蓋，給予買入評級和 11.00 美元的目標價</em></p>
<p>, /PRNewswire/ -- Forum Markets, Incorporated (納斯達克: FRMM) 是一個通過對現實世界資產進行代幣化來現代化資本市場的數字資產平台，今天宣佈 Clear Street 已對該公司的普通股啓動覆蓋，給予買入評級和每股 11.00 美元的目標價。</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>該研究報告由 Brian Dobson、Justin Pan 和 Greg Pendy 撰寫，於 2026 年 5 月 11 日發佈。Clear Street 的啓動覆蓋突顯了 Forum 作為一個受監管的公共市場平台在以太坊上對機構級現實世界資產進行代幣化的地位，以及公司在代幣化之前將資本投入到產生收入的資產（包括汽車貸款、製造住房融資和航空資產）的戰略，以在構建大規模變現這些資產的基礎設施的同時，產生短期收益收入。Clear Street 估計其 11.00 美元的目標價有約 145% 的上漲空間，基於其對 2027 年約 211% 收入增長的預期。</p>
<p>“我們歡迎 Clear Street 對 Forum Markets 的覆蓋啓動，” 董事長兼首席執行官 McAndrew Rudisill 表示。“Forum 在短時間內取得了顯著進展——我們建立了資產來源合作伙伴關係，推出了首個代幣化產品，建立了汽車貸款倉庫設施，並建立了 AI 基礎設施橋接融資來源管道——所有這些都反映了我們認為可實現的清晰擴展路徑。來自 Clear Street 這樣公司的獨立研究覆蓋有助於將 Forum 的故事傳達給更廣泛的機構投資者，並在我們發展的早期階段驗證平台的理論。”</p>
<p>Clear Street 的報告提到幾個關鍵投資考慮因素，包括 Forum 在航空航天、製造住房、汽車信貸和 AI 芯片橋接融資方面的實時資本部署；通過對 Karus、Zippy 和 Liquidity.io 母公司 Satschel, Inc.的股權投資支持的垂直整合的來源到分銷模型；以及包括在 2026 年 4 月退休約 28% 流通股的實質資本回報活動。報告還指出，Forum 的股票交易價格約為 Clear Street 淨資產價值估計的 0.46 倍。</p>
<p>Clear Street 研究報告的副本可通過 Clear Street 的分發渠道獲取。希望獲取報告的投資者應聯繫他們的 Clear Street 代表。</p>
<p><strong>關於 Forum Markets, Incorporated</strong></p>
<p>Forum Markets, Incorporated (納斯達克: FRMM) 是一個通過對機構級現實世界資產進行代幣化來現代化資本市場的數字資產平台。該公司將產生現金的資產結構化並引入基於區塊鏈的基礎設施，以解鎖流動性，擴大投資者的訪問權限，並實現更高效的首次發行和二級市場活動。Forum 將傳統資產管理原則與可擴展的數字市場架構相結合，構建一個新的框架，以便於現實世界價值的來源、訪問和交易。有關更多信息，請訪問 ir.forum-markets.com。</p>
<p><strong>前瞻性聲明</strong></p>
<p>本新聞稿包含 1995 年《私人證券訴訟改革法案》所定義的 “前瞻性聲明”，包括關於公司股票回購預期收益的聲明、之前的私募和相關交易、之前的場外交易、股票回購計劃的金額、時機和資金來源、普通股回購可能不會在公司預期的時間框架內或以公司預期的方式進行的事實、關於公司資本結構、資源和所有權結構的預期、關於未來業績和公司增長的預期收益；公司執行其計劃的能力、公司將持有的資產、公司當前和預期的收益策略以及未來業績。前瞻性聲明受到許多風險和不確定性的影響，其中許多超出了公司的控制範圍，實際結果可能會有重大差異。適用的風險和不確定性包括但不限於，本文所述的擬議交易可能無法及時完成或根本無法完成；未能實現股票回購計劃、之前宣佈的私募、可轉換票據的銷售及相關交易的預期收益，包括公司實現盈利運營的能力；ETH 市場價格的波動將影響公司的會計和財務報告；政府對加密貨幣的監管；公司回購普通股的能力、時機、購買價格，以及回購可能不會在股票回購計劃下進行的事實；證券法律或法規的變化；商業、市場、金融、政治和監管條件的變化；與公司場外交易相關的風險，包括公司償還該設施的能力、相關的契約和擔保權益；與公司之前宣佈的自動取款機（ATM）發行相關的風險，包括可能對公司股價施加的下行壓力；與公司運營和業務相關的風險，包括以太坊及其他加密貨幣價格的高度波動性；公司股價可能與數字資產價格相關的風險；公司所處行業競爭加劇的風險；與數字資產普遍存在的重大法律、商業、監管和技術不確定性相關的風險；與美國和外國税務目的下對加密資產的處理相關的風險、對未來業績、增長和預期收購的預期；涉及公司的潛在訴訟；全球經濟狀況；地緣政治事件和監管變化；獲取額外融資的機會，以及可能缺乏此類融資的風險；以及公司未來籌集資金的能力和此類融資的條款，包括由此造成的稀釋，以及在公司截至 2025 年 12 月 31 日的財政年度的 10-K 表格年報中識別的風險和不確定性，以及公司可能向 SEC 提交的補充風險因素和其他信息，包括在公司於 2025 年 7 月 30 日和 2025 年 8 月 11 日向 SEC 提交的 8-K 表格當前報告的第 8.01 項下披露的內容。讀者被提醒不要對這些聲明過於依賴。投資者還應注意，根據美國公認會計原則（GAAP），某些加密資產必須按公允價值計量，變動在每個報告期內計入淨收入。這些公允價值調整可能導致公司資產負債表和損益表在各期之間出現重大波動。鼓勵讀者查閲公司向 SEC 提交的文件，網址為 www.sec.gov，以討論這些及其他風險和不確定性。本新聞稿中的前瞻性聲明僅在本文件日期時有效，公司不承擔更新任何前瞻性聲明的義務，除非法律要求。</p>
<p>來源：Forum Markets, Incorporated</p>

FRMM

<p>Clear Street 已經開始對 Forum Markets, Inc.（納斯達克代碼：FRMM）進行覆蓋，給予 “買入” 評級，目標價為每股 11.00 美元，暗示潛在上漲幅度約為 145%。報告強調了 Forum 將現實世界資產進行代幣化的戰略及其創收舉措。首席執行官 McAndrew Rudisill 對此覆蓋表示歡迎，強調公司在資產來源和基礎設施開發方面的進展。報告還指出，Forum 的股票交易價格約為 Clear Street 淨資產價值估算的 0.46 倍。投資者可以通過 Clear Street 的渠道訪問完整報告</p>

<p><em>Clear Street Initiates with Buy Rating and $11.00 Price Target</em></p>
<div class="lb-trans"><p><em>Clear Street 啓動覆蓋，給予買入評級和 11.00 美元的目標價</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 (納斯達克: FRMM) 是一個通過對現實世界資產進行代幣化來現代化資本市場的數字資產平台，今天宣佈 Clear Street 已對該公司的普通股啓動覆蓋，給予買入評級和每股 11.00 美元的目標價。</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>該研究報告由 Brian Dobson、Justin Pan 和 Greg Pendy 撰寫，於 2026 年 5 月 11 日發佈。Clear Street 的啓動覆蓋突顯了 Forum 作為一個受監管的公共市場平台在以太坊上對機構級現實世界資產進行代幣化的地位，以及公司在代幣化之前將資本投入到產生收入的資產（包括汽車貸款、製造住房融資和航空資產）的戰略，以在構建大規模變現這些資產的基礎設施的同時，產生短期收益收入。Clear Street 估計其 11.00 美元的目標價有約 145% 的上漲空間，基於其對 2027 年約 211% 收入增長的預期。</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>“我們歡迎 Clear Street 對 Forum Markets 的覆蓋啓動，” 董事長兼首席執行官 McAndrew Rudisill 表示。“Forum 在短時間內取得了顯著進展——我們建立了資產來源合作伙伴關係，推出了首個代幣化產品，建立了汽車貸款倉庫設施，並建立了 AI 基礎設施橋接融資來源管道——所有這些都反映了我們認為可實現的清晰擴展路徑。來自 Clear Street 這樣公司的獨立研究覆蓋有助於將 Forum 的故事傳達給更廣泛的機構投資者，並在我們發展的早期階段驗證平台的理論。”</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 的報告提到幾個關鍵投資考慮因素，包括 Forum 在航空航天、製造住房、汽車信貸和 AI 芯片橋接融資方面的實時資本部署；通過對 Karus、Zippy 和 Liquidity.io 母公司 Satschel, Inc.的股權投資支持的垂直整合的來源到分銷模型；以及包括在 2026 年 4 月退休約 28% 流通股的實質資本回報活動。報告還指出，Forum 的股票交易價格約為 Clear Street 淨資產價值估計的 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 研究報告的副本可通過 Clear Street 的分發渠道獲取。希望獲取報告的投資者應聯繫他們的 Clear Street 代表。</p>
</div><p><strong>About Forum Markets, Incorporated</strong></p>
<div class="lb-trans"><p><strong>關於 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 (納斯達克: FRMM) 是一個通過對機構級現實世界資產進行代幣化來現代化資本市場的數字資產平台。該公司將產生現金的資產結構化並引入基於區塊鏈的基礎設施，以解鎖流動性，擴大投資者的訪問權限，並實現更高效的首次發行和二級市場活動。Forum 將傳統資產管理原則與可擴展的數字市場架構相結合，構建一個新的框架，以便於現實世界價值的來源、訪問和交易。有關更多信息，請訪問 ir.forum-markets.com。</p>
</div><p><strong>Forward-Looking Statements</strong></p>
<div class="lb-trans"><p><strong>前瞻性聲明</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>本新聞稿包含 1995 年《私人證券訴訟改革法案》所定義的 “前瞻性聲明”，包括關於公司股票回購預期收益的聲明、之前的私募和相關交易、之前的場外交易、股票回購計劃的金額、時機和資金來源、普通股回購可能不會在公司預期的時間框架內或以公司預期的方式進行的事實、關於公司資本結構、資源和所有權結構的預期、關於未來業績和公司增長的預期收益；公司執行其計劃的能力、公司將持有的資產、公司當前和預期的收益策略以及未來業績。前瞻性聲明受到許多風險和不確定性的影響，其中許多超出了公司的控制範圍，實際結果可能會有重大差異。適用的風險和不確定性包括但不限於，本文所述的擬議交易可能無法及時完成或根本無法完成；未能實現股票回購計劃、之前宣佈的私募、可轉換票據的銷售及相關交易的預期收益，包括公司實現盈利運營的能力；ETH 市場價格的波動將影響公司的會計和財務報告；政府對加密貨幣的監管；公司回購普通股的能力、時機、購買價格，以及回購可能不會在股票回購計劃下進行的事實；證券法律或法規的變化；商業、市場、金融、政治和監管條件的變化；與公司場外交易相關的風險，包括公司償還該設施的能力、相關的契約和擔保權益；與公司之前宣佈的自動取款機（ATM）發行相關的風險，包括可能對公司股價施加的下行壓力；與公司運營和業務相關的風險，包括以太坊及其他加密貨幣價格的高度波動性；公司股價可能與數字資產價格相關的風險；公司所處行業競爭加劇的風險；與數字資產普遍存在的重大法律、商業、監管和技術不確定性相關的風險；與美國和外國税務目的下對加密資產的處理相關的風險、對未來業績、增長和預期收購的預期；涉及公司的潛在訴訟；全球經濟狀況；地緣政治事件和監管變化；獲取額外融資的機會，以及可能缺乏此類融資的風險；以及公司未來籌集資金的能力和此類融資的條款，包括由此造成的稀釋，以及在公司截至 2025 年 12 月 31 日的財政年度的 10-K 表格年報中識別的風險和不確定性，以及公司可能向 SEC 提交的補充風險因素和其他信息，包括在公司於 2025 年 7 月 30 日和 2025 年 8 月 11 日向 SEC 提交的 8-K 表格當前報告的第 8.01 項下披露的內容。讀者被提醒不要對這些聲明過於依賴。投資者還應注意，根據美國公認會計原則（GAAP），某些加密資產必須按公允價值計量，變動在每個報告期內計入淨收入。這些公允價值調整可能導致公司資產負債表和損益表在各期之間出現重大波動。鼓勵讀者查閲公司向 SEC 提交的文件，網址為 www.sec.gov，以討論這些及其他風險和不確定性。本新聞稿中的前瞻性聲明僅在本文件日期時有效，公司不承擔更新任何前瞻性聲明的義務，除非法律要求。</p>
</div><p>SOURCE Forum Markets, Incorporated</p>
<div class="lb-trans"><p>來源：Forum Markets, Incorporated</p>
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