Forward Industries launches $4 billion share offering program

Forward Industries Inc. (NASDAQ: FORD) filed a registration statement with the Securities and Exchange Commission for an at-the-market equity offering program to sell up to $4 billion worth of common stock shares.

The company plans to use proceeds from the program for general corporate purposes, including working capital, pursuit of its Solana token strategy, and purchase of income-generating assets. Forward Industries recently acquired more than 6.8 million SOL tokens as part of its digital asset treasury strategy.

"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.

Under the sales agreement dated September 16, 2025, with Cantor Fitzgerald & Co. as the agent, share sales will be conducted as at-the-market offerings. Cantor is not required to sell any specific number or dollar amount of shares but will use commercially reasonable efforts consistent with normal trading practices.

The automatic shelf registration statement on Form S-3 became effective upon filing with the SEC on September 17, 2025. The company describes itself as a global design company serving medical and technology companies that initiated its Solana treasury strategy in September 2025.

Forward Industries' Solana treasury strategy is supported by Galaxy Digital, Jump Crypto, and Multicoin Capital. The company has operated for over 60 years developing products for leading companies and brands before pivoting to include digital asset treasury management.

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