Forum Markets pays $12 million for aircraft engine, targets five-engine aviation portfolio
PALM BEACH, Fla., July 16. Forum Markets, Incorporated (Nasdaq: FRMM) acquired an aircraft engine for approximately $12 million, the company disclosed, advancing a plan to assemble an aviation portfolio of five engines. The Palm Beach digital asset platform said a second engine acquisition is expected to close in the coming weeks.
PALM BEACH, Fla., July 16. Forum Markets, Incorporated (Nasdaq: FRMM) acquired an aircraft engine for approximately $12 million, the company disclosed, advancing a plan to assemble an aviation portfolio of five engines. The Palm Beach digital asset platform said a second engine acquisition is expected to close in the coming weeks.
Pending transaction and portfolio goal
The additional purchase is in progress, according to the company's release. Forum Markets did not name the seller, disclose a price for the pending deal, or set a closing date beyond "coming weeks." The five-engine figure represents the company's stated portfolio target.
No details on how the engines will be leased, operated, or otherwise monetized were included in the announcement. Forum Markets disclosed no financing terms tied to the $12 million completed transaction.
Engine platform selection
The company said its acquisitions are concentrated in what it described as the most widely used engine platform in the market. Forum Markets cited scale and repeatable deal flow as the basis for that focus. It did not identify the manufacturer, model type, or specific application associated with the platform in its release.
Concentrating on that platform, as the company framed it, is intended to support ongoing deal activity. No operator relationships or maintenance arrangements were disclosed.
Forum Markets background
Forum Markets describes itself as a digital asset platform. It trades on Nasdaq under the ticker FRMM and is headquartered in Palm Beach, Florida. The aviation portfolio represents a move into physical assets for the company.
No executives were quoted in the release. No revenue projections, asset valuations beyond the acquisition cost, or targeted returns from the engine portfolio appeared in the company's announcement.