SAN FRANCISCO–(BUSINESS WIRE)–Forge Global Holdings, Inc. (“Forge,” or the “Company”) (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, technology, and investment solutions for the private market, announced today that the DoD Accelerator fund, managed by Accuidity Capital Management (“Accuidity”), has made its inaugural defense-sector investment: a $6 Million Series A funding round in Baxter Aerospace. Baxter Aerospace is a Utah-based advanced manufacturing and aerospace system integrator focused on delivering real-time sensing and resilient communications to defense, intelligence, and emergency response customers.

Baxter Aerospace operates at the intersection of edge connectivity, unmanned aerial systems, and precision manufacturing. The company’s current efforts center around:

• Deployable Communications Kits – Baxter is provisioning aircraft and field-deployed platforms with broadband satellite communications systems to support austere operations across firefighting, disaster response, and defense missions. These systems incorporate compact, mobile terminals enabled by leading low Earth orbit (“LEO”) networks, procured through formal reseller agreements and operated on a wide array of U.S. government public safety use cases.
• BA-1 Dragonfly Unmanned Aircraft – A Group 3 VTOL (vertical takeoff and landing) unmanned aircraft (“UAS” or “unmanned aerial system”) purpose-built for persistent ISR (“intelligence, surveillance and reconnaissance”) and data relay, Dragonfly features thrust vectoring, modular payloads, and over 12 hours of endurance. It supports situational awareness in comms-denied environments, aligning with next-generation CONOPs across defense and public safety operations.
• Precision Components for Energy Systems – Leveraging its vertically integrated factory, Baxter also manufactures bespoke, ultra-high-reliability components for the fusion and nuclear energy sectors, serving customers in defense and critical infrastructure.

“The DoD Accelerator was founded specifically to support companies like Baxter—technically capable, revenue-generating, and punching way above their weight in the defense ecosystem,” said Scott Bledsoe, DoD Accelerator General Partner. “Their forward-deployed communications kits and long-endurance UAS platform solve urgent operational problems for military and government users.”

The DoD Accelerator is a fund targeting early-stage growth companies with transformative dual-use technologies and real revenue traction. Managed by experienced operators from the defense domain and senior investment professionals, the DoD Accelerator provides funding that enables companies to unlock direct pathways to defense procurement and fielded impact.

The investment will support rapid production scale-up for both the Dragonfly Unmanned Aircraft and the Deployable Communications Kits, expand field operations, and enhance Baxter’s ability to respond rapidly to government demand.

“The DoD Accelerator is the ideal partner as we expand into multiple defense programs,” said Michael Baxter, President and Co-Founder of Baxter Aerospace. “Their experience and deep advisory network are accelerating our next phase of growth as we develop products specifically for the armed forces of the U.S. and our firefighters.”

About Forge

Forge (NYSE: FRGE) is a leading provider of marketplace infrastructure, data services, technology, and investment solutions for private market participants. Forge Securities LLC (FSEC) is a registered broker-dealer and a Member of FINRA that operates an alternative trading system. Learn more about Forge at forgeglobal.com.

About Accuidity

Accuidity Capital Management (“Accuidity”) is a wholly owned subsidiary of Forge Global Holdings, Inc. Accuidity is the investment manager of the DoD Accelerator fund and holds an equity interest in the general partner of the fund. Learn more about Accuidity at Accuidity.com or by contacting info@accuidity.com.

About Baxter Aerospace

Founded in the wake of the 2017 Eagle Creek Fire, Baxter Aerospace engineers and manufactures high-performance UAS platforms and comms systems optimized for austere and dynamic environments. With deep experience in LEO terminal integration and in-house design/build capabilities, Baxter is bridging operational needs across defense, intelligence, and emergency response sectors.

Forward-Looking Statements

This press release contains “forward-looking statements,” which generally are accompanied by words such as “believe,” “may,” “could,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “target,” “goal,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “forecast,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict, indicate, or relate to future events or trends or Forge’s future financial or operating performance, or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the acquisition of Accuidity and its expected benefits and synergies, including the impact of the acquisition on Forge’s current and future product offerings, business and financial results and condition. Forward-looking statements are predictions, projections, and other statements about future events that are based on current expectations and assumptions and, as a result, while considered reasonable by Forge and its management, are subject to risks and uncertainties that may cause actual results to differ materially from current expectations, including but not limited to the risks and uncertainties associated with the integration of the Accuidity business and whether Forge will achieve its desired or expected business, operational and financial outcomes from the acquisition. You should carefully consider the risks and uncertainties described in Forge’s documents filed, or to be filed, with the SEC. There may be additional risks that Forge presently does not know of or that it currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect Forge’s expectations, plans, or forecasts of future events and views as of the date of this press release. Forge anticipates that subsequent events and developments will cause its assessments to change. However, while Forge may elect to update these forward-looking statements at some point in the future, Forge specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Forge’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Disclaimer

This is not a recommendation, offer, solicitation of an offer, or advice to buy or sell securities by “FSEC” or any of its affiliates, nor an offer of brokerage services in any jurisdiction where FSEC is not permitted to offer brokerage services.

Contacts

Media Inquiries:
Lindsay Riddell
press@forgeglobal.com

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