Forward Industries plans $25M stock offering to buy Solana

Forward Industries, Inc. (NASDAQ: FWDI) announced it has entered into a securities purchase agreement with an institutional investor for the sale of 3,125,000 shares of common stock at $8.00 per share, according to a press release dated Sept. 23, 2026.

The offering is expected to generate approximately $25 million in gross proceeds before placement agent fees and other expenses. The company said it intends to use the net proceeds to acquire additional Solana (SOL) tokens to expand its SOL treasury holdings.

The offering is expected to close on or about Sept. 24, 2026, subject to customary closing conditions. A.G.P./Alliance Global Partners is acting as sole placement agent.

The shares are being offered under the company's shelf registration statement on Form S-3ASR, which the Securities and Exchange Commission declared effective on Sept. 17, 2025. A prospectus supplement related to the offering is to be filed with the SEC.

Forward Industries describes itself as a Solana-focused digital asset treasury company. The company launched its digital asset treasury strategy in September 2025 following a private placement transaction.

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