Linqto: documentary claim register

documentedLinqto, Inc. is a Delaware corporation and the parent of Linqto Texas, LLC. ¹

documentedLinqto Texas filed a voluntary Chapter 11 petition on July 7, 2025, in the Southern District of Texas, case 25-90186; Linqto, Inc., Liquidshares and Liquidshares Manager were affiliated debtors. ¹

documentedLinqto Texas's July 2025 corporate ownership statement identified Linqto, Inc. as its 100% equity holder. ¹

documentedLinqto's board created a General Committee on March 13, 2025, with the board powers delegable under Delaware law. ¹

documentedLinqto Texas's July 2025 consent authorized Sullivan & Cromwell as special regulatory and corporate counsel, Jefferies as investment banker, Triple P TRS as financial adviser and Epiq as claims and noticing agent. ¹

documentedThe consolidated top-100 customer-claims list accompanying the July 2025 petition listed Sky Ventures Limited first at $5,035,002. ¹

documentedThe four Linqto debtors shared a service address at 101 Metro Drive, Suite 335, San Jose in July 2025; Linqto, Inc.'s separate case was 25-90187 within jointly administered case 25-90186. ²

documentedIn July 2025 the restructuring officer described Investment Management and QP as inactive with minimal assets and intended for dissolution; Linqto had owned 100% of Trustline, which was dissolved before the petition. ²

documentedCathy Siciliano joined Linqto's executive leadership as chief operating officer with the new management team. ²

documentedThe restructuring declaration says the SEC's Division of Enforcement notified Linqto in October 2024 of an investigation into possible federal securities-law violations. ²

documentedThe declaration says a FINRA examination of Linqto Capital was referred to Enforcement in December 2024 and the investigation remained ongoing in July 2025. ²

documentedThe restructuring declaration says customer-facing operations were indefinitely suspended on March 13, 2025 after management's review of structural and compliance deficiencies. ²

documentedLiquidshares Manager was Liquidshares' managing member; Linqto's chief administrative officer Jesus Ancheta managed Liquidshares Manager. ²

documentedThe retained EDGAR name search returned Linqto Liquidshares under CIK 0001841356 and Linqto Capital under CIK 0001878121. ⁵

documentedDavid Paul signed Liquidshares' August 1, 2022 Form D as chief financial officer. ⁶

documentedThe statement names Adam Warren as maintaining Linqto's books from March 2025, after David Paul, whose bookkeeping service ran from May 2020 to March 2025. ⁷

documentedThe statement also lists Rawdon Messenger, growth chief April 18, 2024–February 7, 2025; Nurani, director March–May 2025; Paul, finance and administration chief May 15, 2020–May 2, 2025; Mark Perez, investment chief April 18–October 1, 2024; Susan Woodard, compliance chief August 12–December 2, 2024; and Elisa Zoli Lai, marketing chief December 6, 2022–February 7, 2025. ^{7 8}

qualification

Bookkeeping ended for Paul in March 2025, while his officer tenure is listed through May 2; those are distinct capacities.

documentedThe statement lists Linqto Capital among businesses in which Linqto had an interest, with a business-existence date of March 26, 2021. ⁷

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedThe statement lists Linqto Investment Management among businesses in which Linqto had an interest, with a business-existence date of November 29, 2021. ⁷

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedThe statement lists Liquidshares Manager among businesses in which Linqto had an interest, with a business-existence date of January 21, 2020. ⁷

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedThe statement lists Linqto QP among businesses in which Linqto had an interest, with a business-existence date of October 29, 2020. ⁷

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedThe statement lists Linqto Texas among businesses in which Linqto had an interest, with a business-existence date of April 7, 2025. ⁷

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedThe statement lists Primary Markets Limited among businesses in which Linqto had an interest within six years before bankruptcy, without a percentage or business-existence dates. ⁷

qualification

The filing’s broad interest category does not specify equity percentage, dates or whether the interest continued at filing.

documentedThe statement lists Linqto addresses in San Jose from February 2022, Pacific Grove from October 2022, New York from January 2025 and Washington from November 2023 to June 2025. ⁷

documentedThe interested-parties schedule lists Lilly D'Angelo among current or former directors and officers, alongside named Linqto leadership, without dates or a specific office for her. ¹¹

qualification

The list does not establish D’Angelo’s particular office or tenure.

documentedThe shareholder schedule lists Matthew Le Merle and a PENSCO account for his IRA; the merger announcement separately identifies him as BCSA chairman. ¹¹

qualification

A retirement account and its beneficiary are separate legal capacities; this listing does not provide a percentage.

documentedThe interested-parties schedule lists JPMorgan, SVB, Uphold Wallet and TD Bank under debtor banking relationships and Sandton Master Fund VI as DIP lender. ¹¹

qualification

The schedule is a debtor-wide interested-party list and does not establish which debtor held which account.

documentedThe schedule's vendors include Plaid, Modern Treasury, Forge Trust, Forge Securities, Carta, Hiive, Zanbato, Caplight, Deloitte, RSM, Lowenstein and 5W PR. ¹¹

qualification

The vendor listing proves only the listed case role, not services delivered, common ownership or involvement in allegations.

documentedThe schedule's professionals include Sullivan & Cromwell, Portage Point, Schwartz, Jefferies, ThroughCo, Katten, Force 10, Breakpoint, Epiq and CRCFO. ¹¹

qualification

Professional roster membership is not proof of participation in every disputed transaction.

documentedThe shareholder schedule lists the David G Huey and Carla S Hudson Revocable Trust dated July 27, 2021 among current or former shareholders. ¹¹

qualification

The named revocable trust is the listed holder; personal shareholder status and trustee appointments are not established by the name alone.

documentedThe July 19, 2026 complaint gives the four debtors' principal place of business and service address as P.O. Box 2859, Sunnyvale, California 94087. ¹⁵

documentedThe Federal Home Loan Bank of San Francisco's November 2024 SEC filing identifies it as a federally chartered U.S. corporation, file 000-51398, EIN 94-6000630, with offices at 333 Bush Street, San Francisco. ¹⁶

documentedThe July 31, 2026 bank-account schedule lists Silicon Valley Bank accounts for Linqto Inc, Liquidshares and Linqto Texas, and JPMorgan Chase accounts for Liquidshares. ¹⁷

documentedThe U.S. Trustee appointed the Official Committee of Unsecured Creditors on July 18, 2025. ¹⁸

qualification

The appointment paragraph establishes the committee and its appointment date; it does not establish a Deaton financing objection. His customer-representation and objection roles have separate evidence.

documentedThe settlement filing identifies Schwartz PLLC as debtors' counsel and Orrick, Herrington & Sutcliffe and Brown Rudnick as committee co-counsel. ¹⁸

documentedLinqto Texas's statement of financial affairs identifies parent Linqto, Inc., EIN 27-1350332, as the parent of its consolidated tax group. ¹⁹

documentedLinqto Texas's statement reports no operating income, an April 2025 registered-agent address in Houston, bookkeeping by Adam Warren from March 2025, and financial-statement work by Charles River CFO from April 7 to July 7, 2025. ¹⁹

documentedLinqto Texas's statement identifies Linqto Inc as its 100% equityholder and F. Daniel Siciliano as manager at the petition date, with no reported changes or insider distributions in the preceding year. ¹⁹

documentedHard Yaka Ventures LP's May 2022 Form D identifies the Delaware fund's general partner as Hard Yaka Ventures GP LLC and Robert Gregory Kidd as its manager; the bankruptcy shareholder list separately connects the fund to Linqto Inc. ^{20 11}

documentedThe SEC's 2019 order identifies RSM US LLP, formerly McGladrey, as a Chicago accounting and advisory firm, PCAOB-registered and the U.S. member of RSM International. ^{22 7}

documentedThe Epiq docket identifies July 25, 2025 entry 127 as Linqto Texas's employment application with exhibits and a proposed order; it is not itself a shareholder register. ²³

documentedThe SEC's 2005 order identifies Deloitte & Touche LLP as a Delaware LLP headquartered in New York and PCAOB-registered from October 22, 2003. ^{25 7}

documentedOn January 23, 2026, Sarris filed an emergency reconsideration and unsealing motion in the bankruptcy case as an interested party, through Stephen Lemmon. ²⁷

documentedThe disclosure statement says Linqto retained Sullivan & Cromwell in February 2025 to cooperate with investigations and assess compliance; management also found no effective accredited-investor verification system. ²⁹

documentedA retained court-docket record identifies Jeremy Rosenthal as Society Pass's independent director: he submitted a May 20, 2026 declaration supporting its Chapter 11 petitions and appeared with its CEO at the August 3 creditors' meeting. The record names Gabrielle Hamm and Veronica Polnick, also involved in Linqto's cases, as debtor attorneys. ³³

documentedLinqto, Inc. filed its Chapter 11 petition on July 7, 2025 in the Southern District of Texas as case 25-90187, jointly administered under 25-90186 before Judge Alfredo Perez. ³³

documentedIn a 2019 SEC order, RSM undertook to hire an independent consultant within 120 days to review auditor-independence quality controls at its own expense. The order concerns unrelated audit clients, not Linqto. ²²

outcome

The SEC order required an independent consultant to be retained within 120 days to review RSM’s auditor-independence controls at its expense. The retained order does not establish subsequent implementation or identify Linqto as an affected audit client.

documentedThe disclosure statement records court approval of the block-trade motion at the August 5, 2025 hearing, establishing procedures for selling or transferring private-company securities held by Liquidshares. ²⁹

documentedThe disclosure statement lists the initial July 18, 2025 creditors' committee as Sky Ventures Limited, Charles Hejny, Mariann Dickman Raab, Ricardo Ledesma, Robert Pazdera, Melanie Huscroft, Ardi Family Trust, Consort Partners and Impact Tech. It names Brown Rudnick and Orrick as legal counsel and Alvarez & Marsal North America as financial adviser. ²⁹

documentedLinqto's financial-affairs statement reports $31,581.26 paid to Plaid in the 90 days before the petition and describes Plaid as a know-your-customer/anti-money-laundering platform provider. This supports an identity-checking service role, not custody of customer cash. ⁷

documentedLinqto's financial-affairs statement reports $27,750 paid to Modern Treasury in the 90 days before the petition and describes it as a software provider. The record does not specify a role in custody or movement of customer funds. ⁷

documentedThe consolidated bankruptcy creditor list includes Plaid with a vendor claim of $31,000.01. A listed claim is distinct from the pre-petition payment total. ¹

documentedA September 23, 2025 amended ownership filing identifies Robert Gregory Kidd as sole owner and manager of Goldeneye 1995 LLC, which beneficially owned 357,815,000 USBC shares, approximately 92.1%. Its listed Nevada address matches Hard Yaka Ventures LP's address; these are separate entities. ³⁵

documentedKnow Labs' June 2025 announcement identifies Goldeneye as Greg Kidd's affiliate and describes Kidd as Hard Yaka co-founder and CEO, Vast Bank majority shareholder and former Ripple chief risk officer. It names Lowenstein Sandler as buyer's counsel; that engagement is separate from the firm's work for Linqto. ³⁶

documentedThe PCAOB's 2020 RSM inspection report, issued December 16, 2021, places seven of 15 inspected public-company audits in Part I.A because RSM lacked sufficient evidence for its audit opinion. The cited deficiencies mainly concern controls, revenue and loan-loss allowances; Linqto is not named. ³⁹

documentedAn executive-data biography describes Jared Reed as Linqto chief architect, with software work for Intuit, Digital Insight and Linqto, and as founder of Stiq Joy Games and co-founder of a software consultancy. It gives no dates for that chief-architect role. ⁴¹

documentedEquifax's SEC company record identifies a Georgia corporation, CIK 33185 and SEC file 001-06605. Its relevance here is the announced 2022 LawLogix transaction, rather than any documented direct Linqto relationship. ⁴²

documentedSociety Pass's SEC company record identifies a Nevada corporation, CIK 1817511 and SEC file 001-41037, with a Singapore business address. Its link to Linqto is shared independent director Jeremy Rosenthal, rather than common control. ⁴³

documentedSociety Pass's SEC filing index records a May 14, 2026 report under the bankruptcy item and repeated listing-compliance reports, including May 20, 2026. The index supports filing dates and categories; it does not by itself explain every underlying notice's outcome. ⁴³

documentedSusan Lawson Woodard's regulatory history lists Linqto CCO and Linqto Capital general securities principal from August–December 2024, previously EquityBee CCO and EquityBee Securities CEO from October 2021–August 2024, and US CCO at Hiive and The Hive Company from December 2024. Her report contains no disclosure events. ⁴⁶

qualification

The retained FINRA PDF contains partial-range/OCR warnings; no disclosure event appears in the retained report summary, which is not a universal clean-screen certification.

documentedSpencer Robert Francis's regulatory employment record lists Linqto Capital representative and Linqto investment specialist from August 2022–November 2024, StartEngine private-equity work from November 2024–January 2025, and Francis LLC from March 2025. His actual Linqto broker registration began December 2022; the report contains no disclosure events. ⁴⁷

qualification

Employment began August 2022 but regulatory registration began December 2022; the partially extracted/OCR report is a dated snapshot.

documentedNicholas Stephen Henderson's regulatory history lists Linqto Capital and Linqto employment from July 2022–August 2025, Linqto Investment Management adviser representation from January–September 2023, Hard Yaka investment analyst from July–December 2021, and Jefferies research associate from August 2025. It also records a 2019 Keiretsu internship and no disclosure events. Actual broker registration at Linqto Capital ran December 2022–January 2025, a different interval from the employment history. ⁴⁸

qualification

Employment to August 2025 differs from broker registration ending January 2025; the retained FINRA PDF has partial-range/OCR limits.

documentedA 2022 university profile describes Adam Henderson as a Keiretsu Forum founding member, COO/head of global partnerships and adviser to a Keiretsu Capital real-estate fund. Those career connections do not imply Keiretsu's responsibility for Linqto's conduct. ⁴⁹

documentedA retained company profile identifies Carla Hudson as Linqto CFO, accounting-firm partner at Bianchi, Kasavan and Pope, Monterey County Bank director and former National Association of Accountants president/director, with earlier Touche Ross work. The profile does not date these roles. ¹⁴

documentedLinqto announced Elisa Zoli Lai as CMO on January 24, 2023, citing earlier We Are Giant, Facebook/Meta and Procter & Gamble marketing work. The financial-affairs statement dates her Linqto start December 6, 2022, so the announcement date is not treated as her employment start. ⁵⁵

qualification

Announcement and employment-start dates differ and are preserved separately.

documentedThe January 24, 2023 announcement identifies Leo LaForce as Linqto chief revenue officer at that time. Absence from a later financial-affairs list does not establish a precise departure date. ⁵⁵

documentedAn executive-data profile dates David Paul's Linqto CFO start May 15, 2020; the financial-affairs statement gives the same start and an end of May 2, 2025. The profile's current-role label is therefore outdated for this edition. ⁵⁶

documentedLinqto's March 14, 2025 announcement says new management began internal investigations in response to regulatory inquiries and hired outside counsel including Sullivan & Cromwell to coordinate them. ⁵⁷

documentedThe same March 14 announcement says new management paused platform transactions until the compliance situation was clarified. This announcement date differs from the February 27 account-freeze date alleged in other records. ⁵⁷

documentedThe SEC's August 27, 2019 RSM order found prohibited nonaudit services or employment relationships involving affiliates of at least 15 audit clients in 2014–2015, including funds, broker-dealers and public companies. It does not identify Linqto as an affected client. ²²

response

RSM consented to the SEC order without admitting or denying the findings.

documentedAn executive-data profile identifies Cathy Siciliano as Linqto COO and lists Stanford and Harvard Business School degrees. Its March 13, 2025 timestamp is a profile-entry date, not sufficient evidence of her appointment's effective date. ⁵⁸

qualification

A profile timestamp is not evidence of appointment effectiveness.

documentedSociety Pass announced an April 16, 2026 Nasdaq delinquency notice for late filing of its 2025 annual report. The company said the notice had no immediate listing effect but failure to regain compliance could lead to delisting; this is a potential consequence rather than a completed delisting in that notice. ⁵⁹

response

Society Pass said the Nasdaq notice had no immediate listing effect and described a compliance process. Potential delisting was a risk if compliance was not regained, rather than a completed outcome in that announcement.

documentedA retained investor-course biography describes Greg Kidd as Hard Yaka founder, early investor/adviser to Ripple and other technology companies, and Global ID co-founder/CEO. This is biography, not evidence that those companies participated in Linqto's alleged conduct. ⁶¹

documentedLinqto's August 2025 financial-affairs statement identifies Linqto Texas, LLC by employer identification number 33-4525745. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedLinqto's August 2025 financial-affairs statement identifies Linqto Liquidshares, LLC by employer identification number 84-4378976. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedLinqto's August 2025 financial-affairs statement identifies Linqto Liquidshares Manager, LLC by employer identification number 84-4388214. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedLinqto's August 2025 financial-affairs statement identifies Linqto Capital, LLC by employer identification number 87-1265380. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedLinqto's August 2025 financial-affairs statement identifies Linqto Investment Management, LLC by employer identification number 87-3783975. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedLinqto's August 2025 financial-affairs statement identifies Linqto QP, LLC by employer identification number 85-3792375. ⁷

qualification

Identity fields are taken from the stated retained filing or registry account; they do not establish ownership, solvency or a current business role.

documentedFINRA identifies the current firm as SB1 Capital Markets Inc., CRD 154132 and SEC broker-dealer file 8-68611, incorporated in Delaware. Its report describes the September 2025 succession from SpareBank 1 Capital Markets Inc. without a change of ownership or control. ⁶²

documentedHard Yaka Ventures LP’s May 2022 Form D identifies it as a Delaware limited partnership formed in 2022, SEC filer CIK 0001927559. ²⁰

documentedComplii FinTech Solutions Ltd’s retained interim report identifies the company as incorporated and domiciled in Australia, with ABN 71 098 238 585; its cover also uses the full suffix “Limited”. ⁶³

documentedThe retained SEC index names Alpha Compute Corp as CIK 0001095435 and lists former names AlphaTON Capital Corp (filings through April 20, 2026), Portage Biotech Inc. (through September 3, 2025), Bontan Corp Inc. (through August 7, 2013) and Dealcheck Com Inc. (through April 21, 2003). ³¹

documentedSandton Capital Solutions Offshore Fund VI, LP’s March 2024 Form D identifies a Cayman Islands exempted limited partnership formed in 2024, SEC filer CIK 0002014566. ⁶⁴

documentedSean Bowden’s retained FINRA registration history identifies Pickwick Capital Partners, LLC with firm CRD 130672. ⁶⁵

documentedSean Bowden’s retained FINRA registration history identifies Symbridge Capital LLC with firm CRD 307430. ⁶⁵

documentedSean Bowden’s retained FINRA registration history identifies Arctic Securities LLC with firm CRD 174423. ⁶⁵

documentedThe SEC’s August 27, 2019 RSM order censured the firm, imposed a cease-and-desist order and required a $950,000 civil penalty for auditor-independence violations involving other audit clients. The order does not identify Linqto as an affected client. ²²

qualification

This 2019 matter concerns other clients and predates the reported Linqto engagement.

response

RSM consented to the order without admitting or denying the findings, except jurisdiction.

outcome

The order required payment within 30 days; the retained order does not establish subsequent payment or implementation.

documentedGoldeneye 1995 LLC reports Nevada as its place of organization in the September 2025 amended ownership filing. ³⁵

documentedSonder Holdings Inc. reports Delaware incorporation and employer identification number 85-2097088 in its September 2025 current report. ⁶⁶

documentedLinqto, Inc. was Linqto Texas's managing member; Daniel Siciliano signed the July 6, 2025 consent as Linqto's CEO. ¹

documentedDan Siciliano, Nikkl's cofounder and CEO, became Linqto's CEO and a director on January 2, 2025. ²

documentedThe July 2025 declaration describes Siciliano as independent director and chair of Federal Home Loan Bank of San Francisco, Nikkl cofounder and CEO, Silicon Valley Directors' Exchange cofounder and chair, former American Immigration Council chair and Optemy founder. ²

qualification

These external roles contextualize Siciliano’s experience; they do not transfer Linqto allegations to those institutions.

documentedThe bank's November 13, 2024 filing reports F. Daniel Siciliano's re-election as an independent director for a four-year term beginning January 1, 2025, and identifies his Stanford CodeX and Rock Center affiliations. ⁴

documentedAlphaTON Capital announced on February 10, 2026 that it elected F. Daniel Siciliano as an independent director and audit and governance committee chair following Steven Mintz's resignation. ⁵

documentedAlphaTON's February 2026 biography identifies Siciliano as a former chair of the Council of Federal Home Loan Banks and the San Francisco bank, a bank director since February 2017, SVDX chair, and founder or leader of LawLogix and Nikkl. ⁵

documentedSilicon Valley Directors' Exchange lists Dan Siciliano in its board section. ⁶

documentedEquifax announced a definitive agreement on July 21, 2022 to acquire LawLogix, a provider of employment-verification and immigration case-management software, from Hyland. This is a later transaction involving a company previously co-founded by Dan Siciliano, rather than a direct transaction with Linqto. ⁷

documentedOn June 3, 2025, the General Committee established a Special Subcommittee of Alison Kutler, Norman Reed and Jeremy Rosenthal to investigate matters involving Linqto and related parties, including current and former directors and officers. ¹

documentedThe restructuring declaration says Victor Jiang and Karim Nurani resigned from Linqto's board on May 30, 2025, and identified John Deaton, Gavin Solomon and Adam Thompson as board observers. ²

documentedLinqto contemplated acquiring Nikkl as Nikkl personnel joined management, but Nikkl withdrew around March 11, 2025; no purchase or sale agreement was executed. ²

qualification

A contemplated acquisition and incoming management roles do not establish an executed corporate acquisition.

documentedThe CRO declaration identifies Katten Muchin Rosenman as independent special counsel acting at the sole direction of Linqto's Special Subcommittee, including its internal investigation. ⁴

documentedThe bankruptcy court's August 6, 2025 order denied Sapien Group USA and affiliates' emergency venue-transfer motion after an August 5 hearing; the four debtor cases remained in Texas. ^{5 6}

outcome

The court denied transfer; the Linqto cases remained in the Southern District of Texas.

documentedOn July 16, 2025, Sapien Group USA sought to transfer Linqto's bankruptcy cases to Delaware and attached Victor Jiang's declaration in support. ¹⁰

documentedVictor Jiang filed a January 16, 2026 objection to confirmation of Linqto's plan as an interested shareholder, with a related reference to the Jones motion. ¹⁰

documentedOn May 21, 2025, Linqto shareholder H. Gavin Solomon demanded an annual shareholder meeting under Delaware corporate law. He asserted that no compliant annual meeting had occurred since at least January 31, 2020. ¹¹

documentedVictor Jiang identifies himself in his July 16, 2025 declaration as founder and managing partner of Sapien Group USA LLC and its affiliates, a major Linqto shareholder. ¹¹

documentedSolomon signed the May 21, 2025 meeting demand as Herbert Gavin Solomon, a Linqto shareholder with certificate CS-127. He demanded a meeting by June 24 and reserved the right to petition Delaware's Court of Chancery. His letter also records Linqto's May 9 announcement scheduling the meeting for June 24, while criticizing missing meeting particulars. ¹¹

documentedSarris's supplemental objection records January 21 and January 23, 2026 orders restricting access to his exhibits, including a Nikkl capitalization table. His filing characterizes that sealing as concealing conflicts; sealing alone does not adjudicate the alleged conflicts. ⁷

documentedSarris disputed Linqto's January 2026 public accusations about his conduct, accounting problems and potentially undisclosed marketer payments. He called the accusations false and unsupported, including the statement that he had rigged the platform against more than 13,000 customers. ⁷

documentedIn a September 17, 2025 letter, Solomon complained that Linqto shareholders had received no Chapter 11 update and demanded a shareholder meeting or town hall and an explanation of the plan's consequences for common and preferred holders. ¹²

response

Bankruptcy counsel Samuel Schwartz replied on September 19 that Linqto was presumed insolvent, shareholders were out of the money, and officers' and directors' duties ran to creditors unless solvency was established. This is counsel's stated position responding to Solomon, not a separate court finding on every duty.

documentedThe July 2025 authorization identified Linqto Liquidshares and Linqto Liquidshares Manager as Delaware subsidiaries and authorized Chapter 11 filings. ¹

documentedThe stipulation says Liquidshares' Ripple-proceeds account moved from Silicon Valley Bank to Customers Bank around September 10, 2025; the account also held approximately $641,000 of dividends and distributions from other issuers at the petition date. ²

documentedThe disclosure statement says Liquidshares held roughly $19.23 million of Ripple tender proceeds, including interest, and $641,000 from other portfolio-company distributions in a money-market account at Silicon Valley Bank, a First-Citizens division, at the petition date. The account was segregated from other accounts but was neither restricted nor escrow. ³

qualification

The First-Citizens SVB division holding the 2025 account is distinct from the failed SVB and its former holding company.

documentedLinqto Texas authorized Breakpoint Partners as restructuring adviser, including Jeffrey S. Stein's appointment as chief restructuring officer. ¹

documentedThe General Committee ratified the Debtors’ engagement agreement with Breakpoint effective June 3, 2025, under which Breakpoint agreed to designate Jeffrey Stein as chief restructuring officer. The Committee also designated him a nonvoting ex officio member and adviser of the Special Subcommittee. Stein stated that he was not on the Board or General Committee, not a legal manager or equity holder of any debtor, and a member of Breakpoint. ²

documentedLiquidshares' Schedule H lists Inc, Texas and Liquidshares Manager as co-debtors; Schedule G lists no executory contracts or leases. Jeffrey Stein signed the schedules on September 22, 2025. ³

documentedA July 9, 2025 financing report names Schwartz as bankruptcy counsel, Portage Point Partners as restructuring adviser, Jefferies as investment banker and ThroughCo Communications as communications adviser, with Jeffrey Stein as CRO and Breakpoint managing partner. ⁴

documentedSonder's September 2025 filing describes Jeffrey Stein as Linqto CRO since May 2025, Breakpoint co-founder/managing partner since April 2025 and Stein Advisors founder/managing partner since July 2010. It lists ongoing roles at Sunnova, Tribune Resources, Philadelphia Energy Solutions, Ditech and Ambac Financial Group, plus earlier Rite Aid and GWG restructuring roles. ⁶

qualification

The May 2025 CRO biography date precedes June 3 contract ratification; appointment/service and ratification are different events.

documentedLinqto Texas authorized a July 5, 2025 financing commitment with Sandton Capital Solutions Master Fund VI, LP and a senior secured superpriority debtor-in-possession loan agreement. ¹

documentedJohn Deaton and represented creditors objected on July 29, 2025 to DIP financing and use of Ripple proceeds; approximately 186 customers filed joinders or similar objections, including about 90 represented creditors. Sapien and affiliates filed a limited objection on August 12. ⁶

outcome

The parties negotiated the September settlement; later confirmation approved a customer-treatment plan without resolving all individual civil claims.

documentedThe September 2025 motion recounts a requested DIP commitment of up to $60 million and interim authorization for $10 million on July 8, 2025, with joint and several superpriority claims against the debtors. ⁶

documentedThe stipulation reported $10 million of DIP obligations plus fees and costs at its date, and recounted interim liens over debtor cash, deposit accounts, securities and other collateral. ⁶

documentedThe term sheet provided that Liquidshares would remain holder of record of portfolio securities, existing equity interests would be cancelled, and new series equity issued to the liquidating trust. ⁶

documentedThe July 8, 2025 interim DIP order names all four Linqto debtors as borrowers from Sandton Capital Solutions Master Fund VI, LP, with a $60 million facility commitment and $10 million interim borrowing limit. ⁷

documentedThe interim order grants senior priming liens over DIP collateral, subject to the carve-out and its stated terms; the September settlement later changed the collateral treatment of platform securities and proceeds. ⁷

documentedThe docket records the February 13, 2026 order approving the disclosure statement and confirming the joint Chapter 11 plan in the four jointly administered Linqto cases. ⁹

documentedThe confirmation order preserves A.O.H. Driedijk Holding and Jaimin Bhatt's ability to seek class-claim allowance and additional non-rescission securities damages, subject to objections; it does not release debtors' federal or state securities-law liability. ¹⁰

documentedThe confirmation order preserves SEC police and regulatory powers against nondebtors and states that liquidating Linqto debtors receive no discharge under section 1141(d)(3). ¹⁰

documentedOn April 21, 2026, the bankruptcy court overruled Jan Kleipool's emergency objection seeking to move his recovery from the default closed-end fund allocation to the liquidating trust after missing the election deadline. ¹¹

response

At the March 19, 2026 hearing, the debtors and Special Committee argued that allowing Kleipool to change his election would have securities-law implications.

outcome

The court overruled Kleipool’s emergency objection and denied the requested relief on April 21, 2026.

documentedThe confirmed plan provides for a holdback of platform securities to fund repayment of the DIP facility and the wind-down budget. First proceeds of that liquidation or financing must pay allowed DIP claims in cash until fully paid. ¹⁰

documentedThe plan requires a segregated Exited Customer Cash Pool by the effective date, prohibits commingling, limits its use to allowed exited-customer claims and bars liens or claims against that pool. ¹⁰

documentedThe confirmed plan defines a facility of up to $25 million with Sandton Capital Solutions Master Fund VI, LP as DIP lender. Its definition prints the agreement date as September 25, 2024, an apparent inconsistency with the 2025 case and financing chronology that should not be silently corrected. ¹⁰

qualification

The printed 2024 agreement year is retained as a source inconsistency; it is not used as a genuine 2024 DIP transaction date.

documentedThe plan identifies docket 712 as the final order authorizing secured superpriority post-petition financing and use of cash collateral, together with liens and administrative-priority claims. ¹⁰

documentedThe disclosure statement records that the court overruled objections and approved the settlement, Ripple-proceeds and DIP motions on October 3, 2025. Settlement and proceeds orders were entered that day, and the final DIP order on October 6. ¹⁰

documentedA February 6, 2026 company announcement says the bankruptcy court confirmed Linqto's plan after more than 95% customer support. The written confirmation order was entered February 13; confirmation does not itself mean the plan became effective or distributions began. ^{13 14}

qualification

Confirmation was announced February 6, the order entered February 13, and effectiveness remained a separate condition.

outcome

The latest retained September 29 account says the plan was still not effective.

documentedThe plan provides that on its effective date Liquidshares becomes wholly owned by the liquidating trust, existing equity is cancelled, and new series equity is issued to the trust tied to platform assets. Liquidshares remains record owner and the liquidating trustee becomes its sole manager. This is a conditional plan structure, not an already effective transfer. ^{10 14 8}

qualification

The ownership and manager changes depend on the plan’s effective date; the latest retained status report says effectiveness had not occurred.

response

Retained reporting checked September 29, 2026 says the confirmed Linqto plan had not yet become effective and no replacement effective date appeared in the filings reviewed. The estate blamed Forge's refusal to serve; Forge denied both appointment and causation. Confirmation therefore did not establish commencement of plan distributions.

outcome

The proposed ownership transfer was not represented as completed in the retained September 29 status account.

documentedIn denying Kleipool’s late election change, the court found the notices adequately mailed and said he had not rebutted proper service. It reasoned that a new post-confirmation exchange from closed-end fund interests to liquidating-trust interests would fall outside the plan’s securities-registration exemption and prejudice implementation. ¹¹

qualification

This ruling concerned Kleipool’s requested late change, rather than a finding that all customer elections or plan distributions had occurred.

response

Kleipool alleged interference with his email and postal mail and argued excusable neglect; the court rejected the requested relief.

outcome

His emergency objection was overruled on April 21, 2026.

documentedThe 2024 transaction-support agreement contemplated Linqto surviving a merger with BCSA Merger Sub I and becoming a wholly owned subsidiary of Blockchain Coinvestors Acquisition Corp. I, with Linqto equity exchanged for BCSA shares. ^{1 2}

qualification

The merger was proposed, not completed; Linqto terminated the agreement September 26, 2024.

outcome

Linqto terminated the merger agreement on September 26, 2024; this record does not show a completed merger.

documentedOn April 9, 2024 Linqto and BCSA announced a definitive merger agreement under which Linqto would become BCSA's wholly owned subsidiary, subject to approvals including both companies' shareholders. ^{3 2}

qualification

The agreement required closing conditions and was terminated September 26, 2024.

outcome

Linqto terminated the agreement September 26, 2024 and agreed to a $5 million termination fee.

documentedThe April 2024 merger announcement names Lowenstein Sandler as Linqto's legal adviser, Seward & Kissel as BCSA's counsel and 5W PR as Linqto's communications contact. ³

documentedBCSA's SEC filing reports that Linqto terminated their business-combination agreement on September 26, 2024 and agreed to pay a $5 million termination fee within 30 days; the transaction did not complete. ²

documentedBCSA's historical team biography lists Matthew Le Merle as managing director and board chair, Fifth Era and Keiretsu fund-manager partner, and chair of Concept Art House, Securitize Europe and Universal Protocol Alliance and vice chair of SFOX. These are time-bound biographical roles, not direct Linqto ownership links. ⁴

qualification

Historical career roles do not imply direct common control with Linqto.

documentedThe July 2025 restructuring declaration listed Adam Henderson as board chairman and Dan Siciliano, Bill Sarris, Alison Kutler, Norman Reed and newly appointed independent director Jeremy Rosenthal as directors. ¹

documentedLinqto's October 19, 2023 announcement names Norman Reed as a new director and compensation-committee chair, an early Linqto investor and then interim Binance.US CEO. It describes prior work at the New York Federal Reserve and SEC, eight years as DTCC managing director, and general-counsel roles at Omgeo and Ripple. ²

documentedThe restructuring declaration says Bill Sarris resigned as CEO on January 2, 2025, was terminated as an employee on March 10, and remained a director at the petition date. In January 2026 the committee also described him as a current equity holder. ^{1 2 3}

qualification

This later account conflicts with February and April 2024 company materials naming Endoso CEO; the record does not resolve who exercised ultimate authority throughout 2024.

response

Contemporaneous February 2024 announcement says Sarris became executive chairman and Endoso CEO.

documentedLinqto began in 2010 as Bill Sarris's technology and software business serving financial technology firms and later developed a platform for indirect private-company investments. ¹

documentedLinqto's August 2025 financial-affairs statement lists petition-date holdings of 18% for Liquidshares, 7% for William Sarris and 7% for Conrad Corporation as trustee of the Conrad Discretionary Trust. ⁴

qualification

The stated percentages are a petition-date company filing, not a complete capitalization table or ultimate beneficial-ownership determination.

documentedThe April 2024 proposed BCSA merger valued Linqto at approximately $700 million enterprise value, subject to adjustments, with existing common shares exchanged for BCSA shares. ^{5 6}

qualification

The $700 million figure is the proposed transaction’s implied enterprise value, not cash proceeds or a completed valuation.

outcome

The proposed merger was terminated September 26, 2024.

documentedLinqto's April 9, 2024 employee FAQ identifies Joseph Endoso as the current CEO who would continue leading the company after the proposed merger. ⁵

qualification

This contemporaneous CEO description conflicts with the later restructuring narrative that Sarris resigned only January 2, 2025.

documentedThe disclosure statement describes Linqto as founded by Bill Sarris in 2010 for financial-technology software development, later evolving into a platform for indirect private-company and pre-IPO investment. ¹⁰

documentedLinqto's 2016 conference profile lists Sarris as CEO/co-founder and board chair, Vicki Lawrence as COO/co-founder and board secretary, Carla Hudson as CFO, Jared Reed as CTO, Erik Thomas as chief architect and Scott Tatro as VP of innovation, with Nurani on the board. ¹¹

documentedThe restructuring declaration described Linqto, Inc. as the direct or indirect parent of Linqto Texas, Liquidshares, Liquidshares Manager, Linqto Capital, Linqto Investment Management and Linqto QP. ¹

documentedCapital's regulatory report lists Linqto, Incorporated as sole owner from March 2021, in the '75% or more' ownership band, directing management and policy. ²

qualification

The regulatory ownership band should not be restated as an exact percentage; “sole owner” is the report’s capacity description.

documentedCapital's report lists Sean Bowden as CEO and compliance chief from December 2024 and principal operating officer and financial principal from July 2025, in an ownership band below 5%. ²

qualification

The below-5% field does not establish an exact shareholding; the listed operating and financial capacities have different start dates.

documentedCapital's regulatory report identifies a Delaware LLC formed January 2, 2021, CRD 314557 and SEC 8-70775, with a New York main office and SEC/FINRA approval from December 1, 2022. The report gives Linqto Capital as its doing-business-as name. ²

documentedFrom February 2020 until the March 2025 shutdown, Liquidshares acquired private-company securities or fund interests and offered customers units in series intended to confer indirect economic exposure. ¹

qualification

The declaration also says the platform stopped customer-facing operations on March 13, 2025; its background dates operation until March 14.

documentedThe restructuring declaration described revenue as the difference between Liquidshares' securities purchase price and the price of units sold to customers; revenue funded operations, insiders and marketing through promoters and influencers. ¹

documentedThe restructuring officer reported $10,221,635.06 net revenue from March 6, 2025 to the petition date through block sales of inventory not allocated to customers, with issuer transfer restrictions and securities exemptions applying. ¹

documentedThe declaration says exit events could yield shares transferred to customers' brokerage accounts or cash to accounts for their benefit; since April 2023 customers could also sell units back to Liquidshares. ¹

documentedLinqto provided management, financial, tax and administrative services to affiliates, including through an Expense Sharing Agreement with Linqto Capital. ¹

documentedLiquidshares' August 2022 Form D identifies a Delaware LLC formed in 2020, then using a Sunnyvale business address. ⁴

qualification

Form D is an issuer notice claiming an exemption; the SEC does not certify the notice’s accuracy or legal compliance.

documentedLiquidshares' August 2022 Form D identifies Joseph Endoso, CRD 4685036, in its sales-compensation section and associates him with Rainmaker Securities, CRD 132995. ⁴

qualification

The compensation-section listing does not by itself prove actual personal commission payment to Endoso.

documentedThe August 2022 Form D explains a Rainmaker fee of 2.5% of sales across all special-purpose vehicles, capped at $100,000 monthly, and says subscriptions through the internet portal did not directly involve or compensate registered sales representatives. ⁴

qualification

The filing lists zero commissions in the numeric field but separately explains Rainmaker’s fee arrangement; the two fields must be read together.

documentedLiquidshares' August 2022 Form D claimed Rule 506(c) for Alloy-1 series units, with a first sale on July 29, a $307,209 offering and $10,021 sold at filing. ⁴

qualification

The amount sold is as of the filing, not final cumulative fundraising.

documentedThe statement's notes say the latest audited financials omitted issuer securities held by Liquidshares, and that customer cash balances were outside the estates and could be withdrawn. ⁵

qualification

The notes distinguish withdrawable customer cash from customer investment claims and issuer securities.

documentedThe April 2024 employee FAQ refers to member interests issued by Liquidshares series vehicles representing economic exposure to Linqto stock. ⁸

qualification

Series member interests create described economic exposure, not a direct shareholder relationship for every customer.

documentedLiquidshares' April 23, 2024 Form D reports $225,041 sold in its Liquid Death-1 series offering, without naming a sales intermediary. ⁹

qualification

Absence of an intermediary name in one notice is not proof that all sales lacked brokers.

documentedCapital's regulatory report says it did not maintain customer accounts, funds or securities with third parties and disclosed no control-by-agreement or external individual financing arrangements; it did use external record-archiving providers. ²

qualification

Custody and third-party archival services are different arrangements; these statements do not describe the entire Linqto group’s customer cash custody.

documentedThe debtors' July 2026 complaint says Liquidshares held shares and interests in shareholding entities, purportedly allocated them to series sold to customers, and held securities of 111 issuers valued above $500 million at the petition date, including approximately $16 million reserved for its own account. ¹⁰

documentedLinqto Capital's CEO-signed 2025 exemption report asserts that it was not operational, held no customer funds or securities, and carried no customer accounts during the reporting period. ¹⁴

documentedLiquidshares' amended schedules acknowledge that its certificate lacked the Delaware statutory provisions for a protected series LLC and its purported series were not properly formed. ¹⁷

documentedThe disclosure statement says Inc operated the platform from February 2020 to March 14, 2025, initially lent Liquidshares acquisition money, housed corporate functions and staff, and received Liquidshares service fees while Liquidshares held the securities. ¹⁹

documentedThe disclosure statement says Liquidshares collected a 10% fee called a brokerage commission from April 2023 to August 2024, booked it to Capital, and later called it a redemption fee. ¹⁹

documentedAn archived February 12, 2025 Linqto FAQ says customer cash was held in a JPMorgan Chase omnibus account in Liquidshares' name for customers' benefit. ²⁰

documentedThe confirmation order provides that debtors and plan successors will remain record holders of platform securities on issuer registers, subject to existing transfer, redemption and first-refusal restrictions. Assumption of identified contracts does not eliminate issuer rights or give each customer direct registered ownership. ¹⁹

qualification

Existing issuer restrictions remain enforceable; the order does not establish a separate parent-subsidiary assertion merely by describing record holdings.

documentedMike Huskins, Nikkl's cofounder and chief legal officer, initially joined as Linqto Capital's general counsel and became Linqto, Inc.'s general counsel on March 25, 2025. ¹

documentedThe statement lists Henderson, Kutler, Norman Reed, Rosenthal, Sarris and Siciliano as directors and Ancheta, Bowden, Huskins, Jared Reed, Cathy Siciliano and Warren as officers at filing. ²

qualification

The SOFA identifies filing-date capacities; zero-percent officer entries should not override the separate current-or-former shareholder list.

documentedAlpha Compute Corp reported that Michael Huskins was elected to its board and audit committee on August 17, 2026. The company said the board determined he was independent. ³

documentedAlpha Compute's August 2026 biography describes Michael Huskins as Linqto's chief legal officer since January 2025, previously Nikkl co-founder and chief legal officer from January 2022 to January 2025, Twilio head of product operations from August 2014 to May 2022, and McKinsey associate principal from November 2007 to August 2014. ³

qualification

The January 2025 biography start differs from the March 25, 2025 general-counsel appointment described in the restructuring declaration; capacities and dates are not equated.

documentedFormer chief revenue officer Gene Zawrotny sued Linqto, Bill Sarris and Joe Endoso on October 7, 2024, alleging compliance failures and retaliation in Santa Clara County case 24CV449128. The restructuring declaration describes Endoso as president in October 2024. ^{1 2}

qualification

These are allegations in an employment complaint, not findings on the merits.

outcome

A retained docket summary reports a June 9, 2025 order compelling arbitration and staying the action, followed by a July 2025 bankruptcy stay and plaintiff opposition; no merits disposition is shown.

documentedThe statement lists Zawrotny's employment lawsuit, Nurani and Krilanovich severance arbitrations, an IRS 2022-tax-year examination and Datasite's nonpayment suit as pending at filing. ³

qualification

These are filing-time pending labels. The retained Zawrotny docket later records compelled arbitration and stays, without a merits award.

documentedThe August 2025 interested-parties schedule lists current or former shareholders including Liquidshares, Sarris, Endoso, Conrad as trustee, Henderson, Hard Yaka Ventures, Nurani, Vicki Sarris, Erik Thomas, the Shawn and Norman Reed Living Trust, Sapien Ventures Fund No. 1, Slemmer, Jared Reed, Drogin and Jiang, without percentages. ²

qualification

The list combines current and former holdings, without percentages or dates; listed trust vehicles must not be replaced by assumed personal ownership.

documentedThe shareholder schedule separately lists Conrad as trustee for H G Solomon Discretionary Trust and for Conrad Discretionary Trust. ²

qualification

Conrad appears in distinct trustee capacities; they should remain separately identified even though the corporate trustee is one entity.

documentedThe November 3, 2021 director-interest notice identifies Gavin Solomon as Conrad's sole director and secretary, a shareholder of Conrad, and beneficiary of Conrad Discretionary Trust and H G Solomon Discretionary Trust. ³

qualification

The notice says a shareholder, not sole shareholder; personal trust-beneficiary roles do not imply sole control or current ownership.

documentedThe notice records Solomon's Complii directorship from November 3, 2021 and describes him as Pancho director, secretary and shareholder and Gavsol Superannuation Fund beneficiary. ^{3 4}

qualification

The notice is dated 2021; subsequent directorship cessation must accompany any current-role description.

outcome

Solomon ceased as Complii executive director effective March 1, 2023, according to the retained company announcement.

documentedThe shareholder schedule lists Pancho as trustee of Gavsol Superannuation Fund among current or former Linqto shareholders. ²

qualification

The trustee’s listed current-or-former holder status does not quantify beneficial holdings.

documentedAustralia's business register identifies PrimaryMarkets Limited as an Australian public company, ABN 24 136 368 244 and ACN 136 368 244, active from March 31, 2009 and GST-registered from September 1, 2015, with main location NSW 2000. ^{5 6}

qualification

The registry identifies PrimaryMarkets. It does not itself establish Linqto’s interest, which is described separately in Linqto’s financial-affairs statement.

documentedPrimaryMarkets' September 2021 acquisition announcement identifies Gavin Solomon as founder and executive co-chairman, describes a secondary-market platform for private companies and funds, and identifies Helmsec Global Capital as its wholly owned subsidiary. ⁷

documentedThe September 14, 2021 takeover agreement identifies PrimaryMarkets as borrower from Conrad Corporation Pty Limited, owing A$160,263.46 at June 30, 2021, with principal and further interest to be repaid by successful completion. ⁷

documentedComplii's interim report confirms its November 3, 2021 acquisition of all PrimaryMarkets ordinary shares for consideration valued at A$6,623,900, including 105 million issued shares and options. ⁸

documentedComplii's March 1, 2023 director notice records that Herbert Gavin Solomon ceased as executive director that day, receiving payment instead of six months' notice. He had joined in November 2021 following Complii's takeover of PrimaryMarkets. ⁴

documentedThe March 1, 2023 director-interest notice identifies Solomon as a director and secretary, and a shareholder, of Pancho (NSW), and as the sole director and secretary, and a shareholder, of Conrad Corporation, with beneficial trust interests. It records 25,684,852 Complii shares held through Conrad; this is a dated interest disclosure, not evidence of Linqto ownership through either company. ⁴

documentedThe statement lists Charles River CFO, Deloitte and RSM as firms that audited, compiled, reviewed or prepared Linqto's financial records from 2023; service ended July 7, 2025 for Charles River CFO and March 31, 2025 for Deloitte and RSM. ²

qualification

The category includes auditing, compilation, review and preparation; it does not assign each firm a particular audit opinion.

documentedLinqto's statement identifies Blockchain Coinvestors, LLC and Sandton Capital Partners as recipients of financial statements during the two years before filing. ²

documentedLinqto, Inc.'s financial-affairs statement reports gross operating revenue of $48,336,581 in 2023, $58,184,508 in 2024 and $2,687,640 from January 1 to July 7, 2025. ²

qualification

These are Parent’s gross operating revenues before deductions; they are not investor subscription totals, group cash or net profits.

documentedThe statement reports a March 1, 2024 tax payment of $1,921,383.43 connected with Sarris's option exercise. ²

documentedThe statement's notes say Linqto paid Sarris's tax arising from a grant of stock to Ms. Sarris, upon information and belief at his direction. ²

qualification

The note expressly uses “upon information and belief”; it does not identify Ms. Sarris by full name.

documentedThe statement identifies Sarris as a director and former CEO of Liquidshares and reports $471,666.96 in salary and bonuses paid during the year before filing. ²

documentedThe statement identifies Spencer Francis as a former investment specialist and nephew of an unnamed former chief financial officer. ²

qualification

The former CFO is unnamed in this row; identifying that relative as David Paul requires another witness.

documentedThe statement identifies Nick Henderson as senior investment manager and the son of director Adam Henderson. ²

documentedThe statement identifies Nurani as former strategy chief and director and reports $210,421.49 salary and bonuses in the year before filing. ²

documentedThe statement identifies Brian Moran as former chief compliance officer and reports $169,868.12 salary and bonuses in the year before filing. ²

documentedThe statement identifies Mike Huskins as general counsel and general manager of Linqto Capital. ²

qualification

The original says general manager, not chief executive officer.

documentedThe statement identifies Adam Warren as interim chief financial officer. ²

documentedThe statement reports $6,572,330.52 total insider payments and transfers in the year before filing, including $591,593.01 salary and bonuses to CEO Siciliano. ²

qualification

The total covers a one-year insider-payment reporting period, not an allegation that every payment was improper.

documentedThe statement lists six Linqto Capital loan-forgiveness entries between October 2024 and March 2025: $600,000, $861,080.69, $350,000, $475,000, $1,669,209.94 and $350,000. ²

qualification

The global notes explain that debt-forgiveness entries relate to shared services paid or provided by Parent with corresponding affiliate debt; they should not be treated as unaudited cash transfers.

documentedThe statement says Linqto's JPMorgan Chase account ending 4691 was closed September 11, 2024 with no balance. ²

qualification

Closure concerns the identified account only, not all Linqto banking.

documentedThe statement lists prepetition restructuring-service payments to Sullivan & Cromwell, Schwartz and Breakpoint, including $623,125 to Breakpoint on July 7, 2025. ²

documentedThe statement reports $200,000 reimbursement of legal fees to Sandton Capital Solutions Master Fund VI in the 90 days before filing. ²

documentedLinqto Capital's retained SEC index lists four annual X-17A-5 filings: a July 9, 2024 paper filing, an original and amended filing on July 10, 2025, and a March 27, 2026 filing. ⁶

documentedFerrara, CPA signed Linqto Capital's 2025 audit opinion on March 26, 2026 and said the firm had served as its auditor since 2026. ⁷

documentedThe July 2026 operating report says customer-owned cash was excluded from Liquidshares' balance-sheet cash and closing cash, with a small difference caused by requested withdrawals moved to a disbursement account but uncleared at July 31. ⁸

documentedLinqto Capital's 2025 statements report a $1.791 million loss, $2.995 million of member contributions, and closing member equity of $323,000 versus a $881,000 deficit at end-2024; its accumulated deficit was $4.833 million. ⁷

documentedThe July 31, 2026 schedule lists two Customers Bank accounts for Liquidshares, JPMorgan Chase accounts for Liquidshares, Inc and Texas, and an Epiq escrow account for Inc at Citizens Bank. ⁸

documentedThe schedules explain that intercompany debt-forgiveness entries concerned shared services paid for or provided by Linqto Inc, with corresponding debts owed by other debtors. ⁹

documentedThe amended asset schedule reports $19,927,109.54 of Liquidshares cash, including $19,884,010.12 in a Silicon Valley Bank money-market account, and identifies JPMorgan Chase customer cash to which the debtor has no title. ¹⁰

documentedLiquidshares' amended investment schedule reports $665,346,732.96 in investments, including marked-to-market Circle stock of $106,642,323.48 and CoreWeave stock of $2,788,362, alongside smaller public-stock positions. ¹⁰

documentedLinqto Capital's restated 2023 statements report a March 31, 2025 approval converting $1.669 million owed to Liquidshares at December 31, 2023 into capital retroactively, plus $3.136 million of parent contributions since January 1, 2024. ¹¹

documentedThe restated statements report Linqto Capital's December 31, 2023 regulatory net-capital deficit of $794,000 against a $323,000 minimum, a $1.117 million shortfall, and an amended FOCUS filing on May 14, 2025. ¹¹

documentedLinqto, Inc.'s financial-affairs statement lists $16,000 paid to Brad Kimes and $16,000 paid to John Peak in the 90 days before the July 7, 2025 petition, describing each payment as contractor compensation. ²

qualification

These dated payment entries are distinct from management's January 2026 estimates of effective influencer compensation across Sarris's tenure, which include noncash benefits and alleged nondisclosure.

documentedOn September 2, 2026 federal prosecutors announced Sarris's arrest and an unsealed indictment alleging securities fraud, broker-dealer fraud, wire fraud and conspiracies. The counts were two securities-fraud counts, one broker-dealer-fraud count, one wire-fraud count and two conspiracy counts. ^{1 2}

qualification

The charges are accusations; Sarris is presumed innocent unless and until proven guilty. No later disposition is established by this source.

response

Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy.

outcome

The same announcement reports Endoso’s August 27, 2026 guilty plea and government cooperation; it reports charges, not a Sarris conviction.

documentedProsecutors alleged that the markup scheme brought in more than $450 million from over 13,000 customers by mid-2025 and that Sarris sold customer-allocated shares without notifying customers in January 2025. ^{1 2}

qualification

The amount and customer count describe prosecutors’ alleged scheme, not a judicial loss finding.

response

Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy.

documentedEndoso pleaded guilty before Judge Denise Cote on August 27, 2026 and was cooperating with the government, according to prosecutors' September 2 announcement. His guilty plea covered one securities-fraud count, one broker-dealer-fraud count and two conspiracy counts. ¹

outcome

The retained announcement establishes the plea and cooperation; it does not establish a sentence.

documentedThe August 2025 statement lists pending SEC Enforcement matter SF-04680 and SDNY reference 2025R00335 concerning Liquidshares offerings. ^{3 2}

qualification

Pending was the statement’s filing-time status; September 2026 criminal charges and Endoso’s plea are later developments.

response

Sarris’s lawyer Tim Treanor said he was innocent and would contest the charges. He attributed recovery uncertainty to the subsequent bankruptcy.

outcome

Federal prosecutors later announced charges against Sarris and Endoso’s guilty plea in September 2026.

documentedOn September 9, 2026 the California court ordered Sarris to appear in the charging district and transferred his bail to the Southern District of New York. ⁷

documentedThe retained Rule 5 notice identifies Sarris' arrest around September 2, 2026 as based on the indictment in Southern District of New York case 26-CR-399. ⁸

documentedLinqto's financial-affairs statement lists former roles: Alison Davis, director April 2024–January 2025; Jack Drogin, general counsel and chief regulatory officer November 13, 2023–April 30, 2025; Endoso, director November 2019–January 2025; Travis Jeppson, technology chief October 16, 2023–May 30, 2025; Jiang, director October 2022–May 2025; Joseph Krilanovich, design chief June 17, 2024–February 7, 2025; and Dermot Mee, revenue chief October 21, 2024–May 2, 2025. The statement also describes Endoso as a former president. ^{1 2 3}

qualification

The SOFA dates are debtor-filed historical assertions. Fifth Era Acquisition Corp. I expressly denies Davis was a Linqto director in 2024–2025; that conflict remains unresolved.

response

Fifth Era Acquisition Corp. I states that Davis was not a Linqto director in 2024–2025 and seeks dismissal.

documentedThe merger announcement names Matthew Le Merle as BCSA chairman, Lou Kerner as CEO, Alison Davis as managing director and Mitchell Mechigian as CFO. ⁴

qualification

The announcement alone does not establish that BCSA’s Alison Davis is the same person as Linqto’s former director of that name.

documentedFifth Era Acquisition Corp. I’s annual report identifies Alison Davis and her spouse Matthew Le Merle as founders and managers of Fifth Era and Blockchain Coinvestors, and Davis as BCSA managing director from November 2021 to its November 2024 liquidation. ³

documentedFifth Era Acquisition Corp. I’s annual report describes Alison Davis and her spouse Matthew Le Merle as founders and managers of Fifth Era and Blockchain Coinvestors from inception, with both managing the latter's general partner and investment manager. This does not equate the fund family with its acquisition SPAC. ³

documentedBCSA's historical team biography lists Alison Davis as managing director, Fifth Era and Keiretsu fund-manager partner, and director of Collibra, Fiserv, Janus Henderson and SVB Financial Group, with the listed start dates in 2019, 2014, 2021 and 2020 respectively. It identifies her and Matthew Le Merle as spouses; the page does not establish that every listed role continued through this edition. ⁸

qualification

Historical team-page capacities do not establish all offices remained current; failed SVB, SVB Financial Group and successor SVB division are distinct.

documentedFifth Era Acquisition Corp. I’s March 31, 2026 annual report identifies Alison Davis as its managing director. This SPAC is separate from BCSA and Fifth Era, LLC. ³

qualification

The office is documented at the annual-report date, rather than an assertion of indefinite continued service.

documentedThe statement lists Liquidshares among businesses in which Linqto had an interest, with a business-existence date of January 21, 2020. ¹

qualification

This is a business-existence date, not a proven acquisition date for Parent’s interest.

documentedEndoso's regulatory history lists a Linqto presidency from April 2019, association with Capital from October 2021, an Investment Management adviser-representative role January–August 2023, and prior Rainmaker, Enverra and OTCXN roles. The report identifies Linqto as Capital’s parent and records Capital registrations in January–February and November–December 2024. ¹

qualification

Regulatory employment history reflects reported Form U4 entries, which may not track later office changes; registration periods are separate.

documentedEndoso's regulatory report discloses an outstanding California tax lien of $48,479.39 filed June 13, 2019 relating to 2013–2014 taxes; his statement says amounts remained under discussion with his accountant and the tax authority. ¹

qualification

The broker disputes the amount through ongoing discussions; the lien is not a finding of securities misconduct.

response

Endoso stated the tax liability remained under discussion with his accountant and the California tax authority.

documentedEndoso's regulatory report records Capital registrations in January–February 2024 and November–December 2024, prior Enverra, Rainmaker, KEMA and ABN AMRO registrations, and says he was not currently registered when the report was retained. ¹

qualification

The report separates two Capital registration intervals rather than a continuous January–December 2024 registration.

documentedLinqto announced Ivon Rodriguez's appointment as chief marketing officer on January 12, 2021; the announcement identified Bill Sarris as CEO and Joseph Endoso as chief revenue officer and a director. ²

documentedCapital's regulatory report describes SpareBank 1 Capital Markets as under common control with Capital through Sean Bowden effective December 26, 2024. ¹

qualification

The register describes common control through Bowden; it does not provide a personal ownership percentage in SpareBank 1.

documentedSB1 Capital Markets' BrokerCheck report identifies SB1 Markets AS as foreign parent owning at least 75% from March 2013 and Sean Bowden as CEO and principal operations officer from January 2025, alongside its FINOP and compliance officers. ³

documentedSean Bowden's regulatory employment disclosure lists him as CEO of Digital Asset Consultants, LLC from July 2023, providing digital-asset consulting for 20 hours a week. Its listed New York address matches Linqto Capital's address; a shared address alone does not establish common ownership. ²

documentedThe October 9, 2026 LEI record identifies Sandton Master Fund VI as an active Cayman private fund, registration 2102284, created March 28, 2024, with Intertrust care-of legal address and a Sandton Capital Partners care-of New York headquarters address. ¹

qualification

Care-of addresses are not ownership or management proof; the API offers a separate fund-manager endpoint that is not present in this retained record.

documentedThe March 25, 2024 Form D for Cayman issuer Sandton Capital Solutions Offshore Fund VI, LP identifies Sandton Capital Partners as investment manager, VI GP LLC as general partner, and Rael Nurick and Thomas Hutton Wood as executive officers related to the issuer; the $450 million offering amount covers the issuer and related funds. ^{5 6}

documentedDimitri Korvyakov signed Offshore Fund VI's March 25, 2024 Form D as chief financial officer of its investment manager. ⁶

qualification

The signature title is a filing capacity; it does not assign ownership of the issuer or lender.

documentedSandton's April 17, 2026 adviser filing lists Cayman fund Sandton Fund VI Co-Invest, LP and its general partner, Sandton Capital Solutions VI GP, LLC. The retained extraction omits pages 85–93 and does not identify Linqto's named DIP lender in the extracted portion; a common fund-series name does not establish that these funds are the same entity. ²

qualification

Missing extracted pages prevent equating Co-Invest, the series GP and the separately named Linqto DIP lender.

documentedThe October 9, 2026 GLEIF record identifies Sandton Capital Solutions Master Fund VI, LP by LEI 254900TLHT6DPW6S5E29. ¹

qualification

This identifier belongs to the lending fund, not to Sandton Capital Partners.

documentedSandton Fund VI Co-Invest, LP is reported as organized in the Cayman Islands with SEC Form ADV private fund identification number 805-4762706389. ²

documentedThe July 2026 complaint identifies Forge Global Holdings, Inc. as the Delaware corporation sued by the Linqto debtors, with principal executive offices in San Francisco. ¹

documentedForge Global Holdings' SEC filing reports that Schwab completed its acquisition on March 2, 2026 through merger with Ember-Falcon Merger Sub; Holdings survived as a wholly owned Schwab subsidiary and shareholders received $45 per share. ⁵

documentedAt the March 2, 2026 merger, Forge Holdings' previous directors ceased serving and Richard Wurster, Michael Verdeschi and Jonathan Craig became directors; Wurster became president and CEO and Verdeschi CFO. ⁵

documentedForge's 2022 annual report distinguishes Forge Global, Inc., founded as Equidate in January 2014, from Forge Global Holdings: the operating company became Holdings' direct wholly owned subsidiary in the March 21, 2022 SPAC combination. ³

documentedAt the March 2, 2026 merger, Forge Holdings appointed Wurster, Verdeschi and Craig as directors and named Wurster president/CEO, Verdeschi CFO, Craig and Hecht vice presidents, Tate vice president/secretary, Tellini assistant secretary, Goethe vice president/treasurer and Thacker vice president/controller. ⁵

qualification

These are the survivor corporation's roles at merger completion, not a guarantee of continued office or liability in the Linqto dispute.

documentedForge's answer admits filing of the plan-support and transition-services motion on July 8, its July 10 amendment and entry of the July 13 approval order. It also admits Forge Global, Inc. negotiated forms of the agreements, including a $2 million service fee. The proposed arrangements involved the debtors, Liquidshares, Van Eck, the fund and trustees. ²

documentedThe retained civil docket identifies A.O.H. Driedijk Holding v. Sarris, 1:25-cv-05643, as filed July 9, 2025 in Manhattan, assigned to Lewis Kaplan and referred to Barbara Moses, with last known filing October 2, 2026. ²

documentedLori Maxwell and Anthony DeLuccia filed the original civil complaint against Sarris on July 9, 2025 through John Deaton; later amendment changed the lead plaintiffs and added defendants. ²

outcome

The amended complaint was filed November 17, 2025 with different lead plaintiffs and additional defendants.

documentedSarris moved to disqualify Deaton on July 17, 2025; the docket records denial as moot on October 31 after Deaton withdrew, rather than an adverse disqualification finding. ²

outcome

The October 31, 2025 order denied the motion as moot after Deaton withdrew.

documentedThe civil docket records service on Endoso on December 16, 2025 and Aurora Cassirer's July 28, 2026 appearance for him. ⁷

documentedOn September 17, 2025, Judge Lewis Kaplan appointed the Linqto Investors group as lead plaintiff in the customer securities case and approved Scott+Scott and Catherine Pratsinakis of Dilworth Paxson as co-lead counsel. ²

documentedOn October 31, 2025, Magistrate Judge Barbara Moses closed Sarris's motion to disqualify John Deaton as moot after Deaton withdrew from representing Maxwell and DeLuccia. The court's disposition did not adjudicate the disqualification allegations on their merits. ²

outcome

The disqualification motion was closed as moot on October 31,2025 after Deaton withdrew; no merits ruling on the alleged conflict followed in that disposition.

documentedThe December 11, 2025 scheduling order extended Sarris's response deadline until the new defendants had been served or plaintiffs disclaimed service. September–October docket entries record Timothy Treanor and Arlo Devlin-Brown replacing his previous counsel. ²

documentedThe docket identifies the Linqto debtors and committee's Forge Holdings adversary proceeding as 26-03265, filed July 19, 2026, and records a stipulation filed August 18. ¹

documentedForge's answer admits that the debtors filed Ripple-sale motions on June 26, 2026 and that the court granted them on July 1. The complaint describes the proposed sales as reducing Ripple concentration to meet the closed-end fund's 25% single-company limit and providing wind-down liquidity; Forge does not admit all of that characterization. ³

documentedLiquidshares' amended investment schedule lists ABRA at $280,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ACORNS at $473,126.90, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ADDEPAR at $374,736.28, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ALCHEMY at $234,338.88, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ALGOLIA at $112,350.42, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ALLOY at $86,098.60, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ALTO PHARMACY at $405,500.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ANTHROPIC at $16,711,797.76, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ASAPP at $91,786.25, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ASTRANIS SPACE at $293,073.30, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists AUTOMATION ANYWHERE at $136,682.52, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists AVATHON (FKA SPARKCOGNITION) at $226,746.43, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists AXIOM SPACE at $1,259,938.80, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BIGID at $139,723.79, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BITGO at $358,512.50, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BITPAY at $414,463.50, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BLOCKDAEMON at $462,465.07, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BLOOMREACH at $225,174.60, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BRANCH at $116,832.38, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists BREX at $131,339.21, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CALM at $123,216.75, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CARBON at $456,108.10, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CHAINALYSIS at $768,037.51, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CHIME at $654,827.25, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CITYBLOCK at $37,952.46, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists COHERE at $244,507.25, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CONSENSYS at $86,637.42, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists COPPER at $197,030.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists CYBEREASON at $50,040.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DAILYPAY at $134,580.06, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DAPPER LABS at $97,477.60, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DATABRICKS at $1,188,542.27, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DATAMINR at $154,375.32, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DEEL at $82,854.97, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DEGREED at $142,279.68, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DISCORD at $270,731.07, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DRIVEWEALTH at $211,410.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists DUNE ANALYTICS at $75,348.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists EAT JUST at $232,947.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists EIGHTFOLD.AI at $90,539.19, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists EPIC GAMES at $381,017.05, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists EVENTS.COM at $400,800.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists FANATICS at $233,906.31, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists FIGMENT at $250,418.52, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists GECKO ROBOTICS at $779,845.56, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists GLINT at $850,000.14, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists GROQ at $2,632,102.66, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists H2O.AI at $566,563.19, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists HONEYBOOK at $88,948.74, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists IMPOSSIBLE FOODS at $74,053.27, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ITRUSTCAPITAL at $999,940.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists KORE.AI at $200,116.70, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists LAMBDA LABS at $805,585.75, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists LEDGER at $815,363.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists LIGHTMATTER at $2,461,544.41, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists LIQUID DEATH at $430,577.91, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists LOCUS ROBOTICS at $115,867.02, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists M1 FINANCE at $193,647.15, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists MOTIVE at $219,113.13, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists NEO4J at $85,175.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists OPTORO at $313,057.50, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists PATREON at $106,400.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists PLACER.AI at $211,062.50, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists POLYSIGN at $100,832.37, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists POSTMAN at $104,970.54, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists PROVE IDENTITY at $152,640.81, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists PRYON at $399,159.20, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists QUANTUM SPACE at $499,998.87, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists QUMULO at $144,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists REDWOOD MATERIALS at $416,181.41, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists RELATIVITY SPACE at $2,264.04, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists RIPPLING at $400,590.01, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SAMBANOVA SYSTEMS at $1,597,189.35, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SCALE AI at $687,788.17, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SECURITYSCORECARD at $114,075.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SHIELD AI at $905,206.97, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SINGLESTORE at $161,555.52, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SNAPLOGIC at $246,975.75, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SOLUGEN at $141,009.90, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SPACE PERSPECTIVE at $0.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists STANDARD AI at $75,620.16, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists STRIPE at $2,012,477.69, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists SYNTIANT at $500,073.60, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists TAE TECHNOLOGIES at $278,062.50, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists TANIUM at $222,251.78, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists TEALIUM at $65,625.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists THOUGHTSPOT at $126,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists THRASIO at $250.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists TRADESHIFT at $54,041.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists TURO at $294,966.19, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists UNSTOPPABLE DOMAINS at $402,610.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists UPGRADE at $377,500.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists VARO at $236,629.80, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists VIZ.AI at $238,630.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists WELLHUB (FKA GYMPASS) at $140,685.86, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists WHOOP at $184,306.81, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists WORKRISE at $27,533.04, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists XPANSIV at $163,088.21, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ZINCFIVE at $150,000.00, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ZIPLINE at $1,554,906.81, valued internally as of June 30, 2025 with ownership percentage unknown. ¹

qualification

This is an internally valued June 30, 2025 position in the debtor-prepared schedule; percentage is unknown and legal vehicle identity is limited to the scheduled name.

documentedLiquidshares' amended investment schedule lists ASTERA LABS (ALAB) at $4,391.38, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedLiquidshares' amended investment schedule lists BETTER HOME & FINANCE (BETR) at $9,178.68, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedLiquidshares' amended investment schedule lists BOLT PROJECTS HOLDINGS (BSLK) at $711.00, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedLiquidshares' amended investment schedule lists DRAFTKINGS (DKNG) at $1,257.98, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedLiquidshares' amended investment schedule lists MARQETA (MQ) at $11,874.06, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedLiquidshares' amended investment schedule lists RUBRIK (RBRK) at $10,153.05, using marked-to-market valuation. ¹

qualification

This is the marked-to-market stock position listed in the debtor-prepared amended petition-date schedule; no ownership percentage or issuer conduct is established.

documentedThe Delaware decision identifies Kevin Leiske, Joseph Christopher Lewis, Margaret Slemmer and Robert Gregory Kidd as Hard Yaka Ventures GP managers. The GP is general partner of Hard Yaka Ventures LP, and Kidd is the fund's sole indirect limited partner. ²

documentedAn executive-data profile updated July 13, 2026 describes Margaret Slemmer as Hard Yaka partner and COO and refers to her intervenor status in the 2025 Nevada dispute. Her GP-manager identity is more directly supported by the Delaware decision; the profile does not independently corroborate the merits of that dispute. ³

documentedThe Nevada docket identifies Hard Yaka LLC and Robert Gregory Kidd as plaintiffs, Hard Yaka Ventures GP as defendant, and Leiske, Beldner, Slemmer and Lewis as intervenors in case 2:25-cv-00387. These shared proceeding roles do not prove business association or common control among all parties. ⁴

outcome

The Nevada docket records denial of Hard Yaka LLC’s emergency motion on March 17, 2025 for unmet conferral requirements and an unenforceable state order at removal. On April 28, 2025, sensitive records were sealed and the intervenors’ dismissal motion was pending. Neither entry establishes a merits determination.

documentedOn March 17, 2025, Judge Cristina Silva denied Hard Yaka's emergency motion because meet-and-confer requirements were unmet and the state order was unenforceable at removal. The parties were ordered to confer on expense payments and investments before further motions; the order did not resolve the dispute's merits. ⁴

documentedLinqto’s financial-affairs statement lists Margaret Slemmer as a former director from October 2020 to February 2025. ⁵

qualification

These are debtor-filed historical dates.

documentedLinqto's April 15, 2020 conference announcement names Karim Nurani as chief strategy officer and Greg Kidd as a strategic adviser. Matthew Le Merle and Forge CEO Kelly Rodriques were also announced speakers; shared event participation does not itself establish a business relationship among every speaker. ¹

documentedA retained docket extract records Liquidshares' July 7, 2025 Chapter 11 petition and a disputed employee claim by Karim Nurani. The creditor list does not establish that the claim was allowed or paid. ^{2 3}

documentedRainmaker Securities' regulatory profile identifies Delaware LLC CRD 132995, SEC 8-66667, formed March 9, 2004, with a Coral Gables office. It reports four regulatory and one civil disclosure events and names Rainmaker Group Holdings as its sole member since September 2012. ¹

documentedRainmaker's regulatory disclosure states Rainmaker Group Holdings owns 100% of Rainmaker Securities and Glen Anderson and Greg Martin each own more than 25% of the holding company. It separately says another entity, RCM, is owned 50/50 by them; the percentages should not be conflated. ¹

documentedBrian Moran's regulatory employment history lists Linqto, Inc. chief compliance officer from November 2021 to August 2024, Linqto Capital consultant from May 2021 to December 2024 and Linqto Investment Management adviser representative from March 2022 to September 2023. Broker registration and employment dates are distinct. ²

documentedMoran's employment disclosure lists Cicada Securities chief compliance/operating officer and principal and Fundamental Interactions Neutron Direct CEO/COO from April 2021. It also records prior securities registrations and compliance work elsewhere; those roles do not transfer his later sanction to Linqto. ²

documentedThe same FINRA matter imposed a $10,000 fine, three-month suspension from financial-and-operations-principal functions from November 3, 2025 to February 2, 2026, and examination requalification. It did not impose a general industry suspension in every capacity. ²

qualification

The suspension was limited to FinOP capacity; a requalification condition marked unsatisfied in the snapshot does not establish noncompliance after that snapshot.

outcome

FINRA imposed a $10,000 fine, a FinOP-capacity suspension November 3,2025–February 2,2026 and examination requalification; the source does not establish later compliance with the requalification condition.

documentedA January 10, 2018 FINRA settlement censured Rainmaker, imposed a $30,000 fine and required review of customer-information procedures after missing required customer information in approximately 60 exempt securities transactions. The disclosure says the fine was paid January 29, 2018; this is not a Linqto finding. Rainmaker accepted the findings without admitting or denying them. ¹

response

Rainmaker accepted the 2018 FINRA settlement without admitting or denying the findings.

outcome

The 2018 matter resulted in censure, a $30,000 fine and a customer-information-procedure review undertaking; the report records the fine as paid January 29,2018.

documentedA July 15, 2015 FINRA settlement censured Rainmaker and fined it $125,000 over private-placement diligence and solicitation. Principal Glen Anderson received a $10,000 fine and suspension as a general securities principal from August 3 to October 3, 2015. Those sanctions concern that separate historical proceeding. The settlement was accepted without admitting or denying findings. ¹

response

Rainmaker accepted the private-placement settlement without admitting or denying findings.

outcome

The July 15,2015 settlement imposed $125,000 on Rainmaker; Glen Anderson received a $10,000 fine and suspension as general securities principal August 3–October 3,2015.

documentedThe retained FINRA employment report identifies Cicada Securities as firm CRD 314109. ²

documentedThe retained FINRA employment report identifies Fundamental Interactions Neutron Direct, LLC as firm CRD 322233. ²

documentedThe retained FINRA registration history identifies StartEngine Primary LLC as firm CRD 291773. ⁴

documentedThe retained FINRA registration history identifies EquityBee Securities, LLC as firm CRD 41896. ⁵