Forward Industries Launches $4 Billion Equity Offering to Boost Solana Treasury

According to Cointelegraph, Nasdaq-listed Forward Industries has initiated an at-the-market (ATM) equity offering program valued at up to $4 billion. This strategic move provides the company with the flexibility to sell shares over time, supporting its treasury strategy centered around Solana. The announcement on Wednesday detailed that Forward Industries will issue and sell common stock through Cantor Fitzgerald, acting as its sales agent. The offering is facilitated under an automatic shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC), allowing large, publicly traded companies to raise capital swiftly and with flexibility. Despite the maximum amount being set at $4 billion, the company emphasized that actual sales will depend on prevailing market conditions. Forward Industries plans to allocate proceeds from the share sales for general corporate purposes, including working capital, growth initiatives, and expanding its Solana (SOL) treasury holdings. Kyle Samani, chairman of the company's board of directors, highlighted the offering as a flexible and efficient mechanism to raise and deploy capital for its Solana treasury strategy. "The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision," Samani stated. The company's Solana treasury strategy was initially announced on September 8, securing $1.65 billion in cash and stablecoin commitments to build its SOL stash, with support from crypto heavyweights such as Galaxy Digital, Jump Crypto, and Multicoin Capital. Following the announcement, Forward Industries embarked on an immediate Solana buying spree, with Galaxy Digital purchasing $306 million in Solana tokens in a single day to bolster Forward Industries' holdings. Currently, treasury data tracker Solana Strategic Reserve indicates that Forward Industries leads among SOL treasury companies, holding $1.6 billion in tokens. The company's efforts are part of a broader trend, as Solana Strategic Reserve reports that SOL treasuries have surpassed 17.11 million SOL tokens, valued at over $4 billion, reflecting growing institutional interest in Solana. A total of 17 companies have adopted Solana reserve strategies, including Sharps Technology, the DeFi Development Corp, and Upexi.