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Investing.com -- Forward Industries Inc (NASDAQ:FORD) stock plunged 20% on Tuesday after the company filed a resale prospectus supplement with the SEC, allowing previous private placement investors to resell their shares.
The self-described "leading Solana treasury company" announced that the resale prospectus supplement registers shares of common stock previously issued in its September 2025 private placement. The filing became automatically effective upon submission and permits selling stockholders to resell securities from time to time, with Forward Industries receiving no proceeds from these potential sales.
In a separate announcement, the company’s Board of Directors authorized a share repurchase program of up to $1 billion of its outstanding common stock on November 3. The program, set to expire on September 30, 2027, allows for repurchases through various methods including open-market purchases, block trades, and privately negotiated transactions.
"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. "While the resale registration is a normal post-PIPE process, launching a buyback program alongside it sends a clear message — we are committed to building long-term shareholder value and believe in the potential of Solana technology for capital market applications."
The company noted that the repurchase program doesn’t obligate it to buy any specific number of shares and may be modified or terminated at any time. Forward Industries stated it would determine the timing, amount, and method of repurchases based on market conditions, share price, and regulatory requirements.
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