Gold prices dip as December rate cut bets wane; economic data in focus
NEW YORK - Forward Industries, Inc. (NASDAQ:FORD) announced Monday its board of directors has authorized a $1 billion share repurchase program, effective through September 30, 2027. The announcement comes as the stock has experienced significant volatility, with InvestingPro data showing a dramatic 283% return over the past year despite recent weakness, with shares down nearly 12% in the past week.
The company, which describes itself as "the leading Solana treasury company," said the repurchases may be executed through open-market purchases, block trades, privately negotiated transactions including accelerated share repurchases, and may include Rule 10b5-1 trading plans.
Forward Industries simultaneously filed a resale prospectus supplement with the SEC to register certain shares of common stock previously issued in its September 2025 private placement. The filing allows selling stockholders to resell securities from time to time, with no proceeds going to the company.
"Today’s announcement reflects our confidence in both Forward Industries’ differentiated strategy and the underlying strength of Solana’s ecosystem," said Kyle Samani, Chairman of the Board, in the press release statement.
The company noted the repurchase program does not obligate it to buy any specific number of shares and can be modified, suspended or terminated at any time. Forward Industries will determine the timing, amount and method of repurchases based on market conditions, share price, and regulatory requirements.
Forward Industries has historically operated as a design company serving medical and technology companies, but in September 2025 initiated what it calls a "Solana treasury strategy" focused on acquiring SOL cryptocurrency. InvestingPro analysis indicates the company is currently overvalued with weak financial fundamentals, including negative EBITDA of $5.01 million and operating with moderate debt levels. Despite these challenges, the stock has surged nearly 90% over the past six months, reflecting investor interest in its cryptocurrency pivot. Discover more insights and 11 additional ProTips for FORD on InvestingPro.
In other recent news, Galaxy Digital reported a record third-quarter profit, with net income reaching $505 million, a significant increase from the previous quarter’s $30.7 million. The company posted diluted earnings per share of $1.01 and adjusted earnings per share of $1.12, with adjusted EBITDA rising 198% to $629 million. Meanwhile, Forward Industries has accumulated 6,871,599 Solana (SOL) tokens as part of its treasury strategy, deploying approximately $1.59 billion to purchase the tokens at an average cost of $232.08 each. Nearly all of these holdings are staked through its validator infrastructure. Forward Industries also announced the formation of a 25-member Crypto Advisory Board to provide strategic counsel on its Solana-focused digital asset treasury strategy. Additionally, Forward Industries has extended the deadline to file its initial resale registration statement with the SEC by 30 days, following a Waiver and Consent agreement with major shareholders. The extension was attributed to recent volatility in the Solana and broader digital asset markets.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.