Forum Markets, Incorporated · NASDAQ:FRMM
Forum Markets — 180 Life Sciences — Investor Presentation (July 2025)
30 slides from Forum Markets's investor presentation, Jul 30, 2025
Slide 1: Project Eureka Investor Presentation
Strictly Private & Confidential Project Eureka Investor Presentation July 2025
Slide 2: Disclaimer
Disclaimer Strictly Private & Confidential 2 This presentation has been prepared by 180 Life Sciences Corp. (“180 Life Sciences” or the “Company”) solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of t
Slide 3: Section 351 Exchange
Section 351 Exchange Strictly Private & Confidential 3 Section 351 of the Internal Revenue Code of 1986, as amended (the “Code”), generally provides that no gain or loss will be recognized by a transferor if property is transferred to a corporation by one or more transferors solely in exchange for s
Slide 4: Agenda
II. Why Ethereum 9 IV. Appendix 26 I. Executive Summary 5 III. Strictly Private & Confidential Opportunity Overview 15
Slide 5: I. Executive Summary
I. Executive Summary Strictly Private & Confidential
Slide 6: Offering Summary: Common Equity
Offering Summary: Common Equity Strictly Private & Confidential 6 ▪ July 28, 2025 Expected Pricing Date ▪ 180 Life Sciences Corp. (NASDAQ: ATNF) Issuer / Incorporation ▪ ~$430 Million Deal Size / Notional ▪ $2.65 per share Purchase Price ▪ ~1.08x Implied mNAV ▪ Private Placement in Public Equity (“P
Slide 7: Executive Summary
Executive Summary Situation Overview ▪ 180 Life Sciences Corp. (NASDAQ: ATNF) (“ATNF” or the “Company”) seeks to raise approximately $430 million to establish an Ethereum (“ETH”) treasury through the issuance of shares of its common stock and pre - funded warrants » Investors are expected to have th
Slide 8: Key Considerations
8 Strictly Private & Confidential Key Considerations (1) Declared effective on 06/20/25 (2) Received shareholder approval on 07/24/25 Attractive Investor Entry Point ▪ ~1.08x Implied mNAV Efficient Access to Future Capital ▪ $500 Million Universal Shelf Registration Statement (1) ▪ 1 Billion Authori
Slide 9: II. Why Ethereum
Strictly Private & Confidential II. Why Ethereum
Slide 10: Why Ethereum?
Why Ethereum? Ethereum is a foundational digital asset of the emerging global financial system ETH = Upside in Stablecoins ETH = Upside in Tokenization ETH = Institutional Blockchain Infrastructure Strictly Private & Confidential 10
Slide 11: The Case for Ethereum
The Case for Ethereum Overview Ethereum is laying the foundation for the next - generation global financial system ▪ By leveraging decentralized infrastructure, Ethereum offers a transformative alternative to legacy systems ▪ Ethereum enhances financial systems by offering transparency, composabilit
Slide 12: The Case for Ethereum (cont'd)
The Case for Ethereum (cont’d) As demand for ETH increases, it is also positioned to become a global store of value 01 Growing demand for stablecoin 02 More stablecoins put to work on Ethereum 03 Greater use of ETH as collateral 04 ETH price and Ethereum security strengthen 05 More institutions buil
Slide 13: BTC (Digital Gold) vs ETH (Digital Oil)
BTC (Digital Gold) ETH (Digital Oil) Currently 0.85%; Halves every 4 years Currently 0.68%; Max issuance cap of 1.51%; potentially deflationary Issuance (Inflation) Capped at 21 Million; faces long - term incentive and potential security risks No cap; predictable issuance ensuring sustainable incent
Slide 14: Ethereum's Multi-Faceted Investment Narrative
Ethereum’s Multi - Faceted Investment Narrative “Robinhood Shares Hit All - Time High as Firm Unveils Tokenized Stocks, Ethereum L2” June 30, 2025 “Deutsche Bank is building a tokenization platform on zkSync – a high - speed, cost - efficient blockchain built on top of Ethereum – to help asset manag
Slide 15: III. Opportunity Overview
Strictly Private & Confidential III. Opportunity Overview
Slide 16: Investment Highlights
16 Strictly Private & Confidential Investment Highlights 03 04 Crypto Native Alpha Speed Entry at a ~1.08x implied mNAV , with ~99% of proceeds dedicated to acquiring ETH Clean pro forma capital stack with no long - term debt on balance sheet or senior equity instrument overhang 01 Attractive Entry
Slide 17: Institutional Grade, Onchain Native Investor
17 Strictly Private & Confidential Institutional Grade, Onchain Native Investor ▪ With capital deployed across 75+ crypto - native companies, Electric Capital has purpose - built internal infrastructure to responsibly participate onchain at institutional scale ▪ $3B+ in assets under management (AUM)
Slide 18: Strategic Framework for Potential Use of Proceeds
18 Capacity (USD) Target Annual Return Description Activity Billions 3% Earn protocol token emissions and transaction fees for securing the network Staking Billions 3.5% Additional rewards for securing protocols beyond Ethereum Restaking Billions 3 to 4% Lend to short sellers, traders seeking levera
Slide 19: Etherealize Partnership Offers Potential for Additional mNAV
Etherealize Partnership Offers Potential for Additional mNAV and Strategic Benefits 3 Etherealize's strategic partnerships with key ecosystem players can provide ongoing marketing and amplification for the Company’s Treasury Strategy 2 Company and Etherealize seek to manage regulated assets for new
Slide 20: New DeFi Council to Lead Ethereum Strategy
New DeFi Council to Lead Ethereum Strategy Ethereum pioneers: Inventors of key DeFi protocols, $65B+ in total value locked, billions in transaction volume Sreeram Kannan Founder & CEO, EigenLayer ▪ Creator of EigenLayer, the #1 restaking protocol with ~$15B restaked ETH ▪ Professor at University of
Slide 21: New DeFi Council to Lead Ethereum Strategy (cont'd)
New DeFi Council to Lead Ethereum Strategy (cont’d) Ethereum pioneers: Inventors of key DeFi protocols, $65B+ in total value locked, billions in transaction volume Jeff Frase Business Development, Etherealize ▪ Former Managing Director at Goldman Sachs, Lehman Brothers, and JPMorgan with 35 years of
Slide 22: The Company's New Directors
22 Strictly Private & Confidential The Company’s New Directors Strengthening capital - raising engine with veteran investment leaders Jason New Future Director Vice Chairman & Managing Director, Lazard ▪ Senior Advisor, Harbour Island Digital ▪ Founder of Novawulf Digital Management ▪ Former Directo
Slide 23: Current Board of Directors and Management Team
23 Strictly Private & Confidential Current Board of Directors and Management Team (1) The Company anticipates that Dr. Steinman will resign upon the closing of the proposed offering. Currently the board is comprised of less than a majority of independent directors. The Company expects to regain comp
Slide 24: Ethereum Treasury Company: Value Proposition
Ethereum Treasury Company: Value Proposition Project Eureka Hybrid Equity Multiple Avenues to Tap into Attractive Capital from Favorable Sources Experienced investors to lead capital markets efforts going forward and leverage capital markets expertise to tap into appropriate funding mechanisms Prefe
Slide 25: ATNF at a Glance
ATNF - at - a - Glance Operates at the intersection of iGaming and digital content Current Business ▪ In September 2024, acquired a crypto - enabled Gaming Technology Platform ▪ Began transition into an interactive entertainment, digital content & crypto focused company Potential Applications ▪ iGam
Slide 26: IV. Appendix
Strictly Private & Confidential IV. Appendix
Slide 27: Equity financing options: ATM and others
Cons Pros Description ▪ Limited to current market prices with no special selling efforts ▪ Generally smaller size than traditional offerings ▪ Creates public disclosure and potential overhang ▪ Subject to market fluctuations ▪ Minimal market impact by selling into natural trading flow ▪ Flexibility
Slide 28: Risk Factors
Risk Factors Strictly Private & Confidential 28 Risks related to our proposed ETH treasury strategy and holdings ▪ The Company’s financial results and the trading price of its common stock may be affected by the market prices of ETH, which are highly volatile. ▪ Investing in ETH will expose the Comp
Slide 29: Risk Factors (cont'd)
Risk Factors (cont’d) Strictly Private & Confidential 29 Risks related to our proposed offerings ▪ The trading price on Nasdaq for the Company’s common stock following the closing of the proposed PIPE (including common stock and Pre - Funded Warrants) offering will be affected by factors that are ma
Slide 30: Thank You
Thank You Strictly Private & Confidential
180 Life Sciences — Investor Presentation (July 2025) on 6ix