Forward Industries, Inc., a Nasdaq-listed top Solana treasury company, announced today that it has filed a $4 billion at-the-market (ATM) equity offering program with the U.S. Securities and Exchange Commission (SEC).
According to the announcement, the company plans to use any money raised for general purposes. This includes funding day-to-day operations, growing its Solana holdings, buying income-generating assets, or other business investments.
“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 of Forward Industries. He also added that the ATM Program gives more flexibility to increase Solana holdings, improve the financial position, and support growth plans.
Any share sales under this program will be handled by Cantor Fitzgerald, acting as the sales agent under an agreement dated September 16, 2025. The offering is part of an automatic shelf registration that became effective right away.
Notably, there is no minimum number of shares required to be sold. This gives Forward Industries the flexibility to raise capital gradually, depending on market conditions.
Solana treasury expansion
Forward Industries is committed to the Solana ecosystem. This filing follows a $1.65 billion private investment in public equity (PIPE) financing last week, led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which enabled Forward to begin building its Solana treasury.
As per Yahoo Finance, Forward Industries’ stock closed at $37.35, down around 4% in the latest session. Earlier, the stock touched a low of $33.50, falling $3.85 (10.31%). At the time of writing, Solana’s current price stood at $234.35, experiencing a minor decrease of 0.63%, as per CoinMarketCap.
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