Forward Industries Launches $4B ATM Offering to Expand Solana Treasury

Forward Industries (FORD) has initiated a $4 billion at-the-market (ATM) equity offering program with the SEC to support its Solana (SOL) treasury and business expansion efforts. The funds will be utilized for:

Working capital
Business expansion
Increasing SOL holdings

The company will sell new shares through Cantor Fitzgerald, enhancing its ability to scale its crypto strategy. Recently, Forward completed a $1.65 billion deal, accumulating over 6.8 million SOL, marking the largest Solana-focused treasury raise to date.

Kyle Samani, chairman of Forward, emphasized the flexibility and efficiency of the ATM offering in aligning with the firm's crypto strategy. Currently, Forward holds the largest Solana treasury among publicly traded firms, surpassing DeFi Development Corp’s 2.02 million SOL.

Despite these strategic moves, Forward's share price decreased by over 9.5% to $33.70 on Wednesday.