Can anything shut down the Gold rally?
NEW YORK - Forward Industries, Inc. (NASDAQ:FORD), whose stock has surged over 650% year-to-date according to InvestingPro data, announced Wednesday it has filed an automatic shelf registration statement with the SEC that includes an at-the-market equity offering for up to $4 billion. The company, currently valued at $3.16 billion, intends to use proceeds to support its Solana token strategy and other corporate purposes.
The filing comes after Forward Industries recently completed what it describes as "the largest Solana-focused digital asset treasury raise to date" and initial purchases of more than 6.8 million SOL tokens. The company’s stock has shown significant momentum, trading between $3.10 and $46.00 over the past 52 weeks, with InvestingPro analysis indicating the stock is currently in overbought territory.
"Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy," said Kyle Samani, Chairman of the Board of Directors, in a press release statement.
The ATM program will be conducted through Cantor Fitzgerald & Co., which will sell shares on mutually agreed terms. The shares will be issued under Forward’s automatic shelf registration statement filed September 17, which became effective upon filing.
Forward Industries, traditionally a design company serving medical and technology firms for over 60 years, initiated its Solana treasury strategy in September 2025. The company states this strategy is supported by industry investors including Galaxy Digital, Jump Crypto, and Multicoin Capital.
The company noted that potential investors should review the registration statement and prospectus for more information before making investment decisions. Forward Industries also cautioned that its statements contain forward-looking elements subject to risks and uncertainties, including the volatile nature of cryptocurrency prices and regulatory considerations.
In other recent news, Forward Industries has made significant financial moves, including acquiring 6,822,000 Solana tokens at an average price of $232 per token, amounting to approximately $1.58 billion. This purchase is part of the initial deployment of proceeds from a recently closed private investment in public equity (PIPE) financing, which raised around $1.65 billion. The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, marking the largest Solana-focused digital asset treasury raise to date. The company plans to use these funds primarily for its cryptocurrency treasury operations and working capital. Additionally, Forward Industries reported corporate developments, including the conversion of 610 shares of Series A-1 Preferred Stock into 81,333 shares of common stock, under specific exemptions from registration requirements. These strategic financial decisions highlight Forward Industries’ commitment to expanding its digital asset strategy.
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