- Forward Industries filed for an at-the-market equity offering program, allowing up to $4 billion in potential share sales.
- The funds aim to support its Solana (SOL) treasury strategy, including expanding token holdings and corporate operations.
- Cantor Fitzgerald will act as the sales agent for the stock issuances under an automatic shelf registration with the SEC.
- Forward Industries currently leads Solana treasury firms, holding approximately $1.6 billion in SOL tokens.
- Seventeen companies have now adopted Solana treasury strategies, with total reserves crossing $4 billion in value.
Forward Industries, a company listed on the Nasdaq, has initiated an at-the-market (ATM) equity offering program with a ceiling of $4 billion. This move will let the company sell shares over time as needed to support its strategy to build holdings in Solana (SOL), a major cryptocurrency, and manage general operations.
The company disclosed on Wednesday that share sales may occur through Cantor Fitzgerald as the designated sales agent. This ATM program operates under an automatic shelf registration filed with the U.S. Securities and Exchange Commission (SEC), which enables large public companies to raise capital flexibly.
According to Kyle Samani, chairman of the board, the new program offers a flexible and efficient way to fund Forward Industries’ Solana treasury plan. “The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani stated.
Forward Industries revealed its Solana treasury strategy in September, securing $1.65 billion in cash and commitments from entities like Galaxy Digital, Jump Crypto, and Multicoin Capital. After this announcement, Galaxy Digital reportedly bought $306 million of SOL to add to Forward’s holdings. Current data from the Solana Strategic Reserve shows Forward Industries holds roughly $1.6 billion in SOL tokens, the largest among Solana treasury companies.
A total of 17 firms, including Sharps Technology, DeFi Development Corp., and Upexi, have implemented Solana-focused treasury strategies. According to the Solana Strategic Reserve, token reserves of these companies recently topped 17.11 million SOL, valued at more than $4 billion. This reflects continued and growing institutional interest in the Solana cryptocurrency.
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