German construction sector still in recession, civil engineering only bright spot
NEW YORK - Forward Industries, Inc. (NASDAQ:FORD), whose stock has surged over 346% in the past year according to InvestingPro data, announced Monday it has secured $1.65 billion in commitments for a private investment in public equity offering to establish a Solana-focused digital asset treasury strategy. The company’s shares are currently trading near their 52-week high of $16.72.
The financing, led by Galaxy Digital (NASDAQ:GLXY), Jump Crypto, and Multicoin Capital, represents the largest Solana-focused digital asset treasury company raise to date, according to a company press release.
Kyle Samani, co-founder and Managing Partner of Multicoin Capital, will become Chairman of the Board of Directors upon closing of the transaction. Chris Ferraro of Galaxy and Saurabh Sharma of Jump Crypto will join as Board observers.
"Our strategy to build an active Solana treasury program underscores our conviction in the long-term potential of SOL and our commitment to building shareholder value by directly participating in its growth," said Michael Pruitt, CEO of Forward Industries.
The three lead investors will provide both capital and strategic support to help Forward Industries structure and execute its Solana treasury strategy. Galaxy Asset Management will offer trading, lending, and risk management services, while Jump Crypto will contribute its engineering expertise in Solana infrastructure.
Cantor Fitzgerald & Co. is serving as lead placement agent with Galaxy Investment Banking as co-placement agent and financial advisor.
Forward Industries, which has historically operated as a design company serving medical and technology clients with annual revenues of $25.2 million, is positioning itself to become a leading publicly traded institutional participant in the Solana blockchain ecosystem. InvestingPro analysis shows the company maintains moderate debt levels with a current ratio of 1.51, though it has faced profitability challenges in recent quarters.
The company plans to release additional updates regarding the PIPE financing and treasury activities in the near term, according to the statement. With a market capitalization of $28.1 million, Forward Industries presents an interesting transformation case. Discover more key metrics and 8 additional ProTips with InvestingPro.
In other recent news, Forward Industries, Inc. announced several corporate developments involving stock conversion and executive changes. On August 8, 2025, the company reported that Forward Industries (Asia-Pacific) Corporation converted 610 shares of Series A-1 Preferred Stock into 81,333 shares of common stock. This conversion was valued at $610,000 and was executed at a conversion price of $7.50 per share. The transaction was carried out under Section 3(a)(9) of the Securities Act of 1933, which exempts it from registration requirements. Following this conversion, 4,315 shares of Series A-1 Preferred Stock remain outstanding, all held by Forward Industries (Asia-Pacific) Corporation. These recent developments were disclosed through a press release and an SEC filing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.