Forward Industries raises $25M in direct offering to buy Solana

Forward Industries, Inc. (NASDAQ: FWDI) announced a registered direct offering of 3,125,000 shares of common stock at $8.00 per share to an institutional investor, according to a press release.

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 SOL, the native token of the Solana blockchain network.

The offering is expected to close on or about September 24, 2026, subject to customary closing conditions.

"This financing is designed to expand Forward's SOL treasury while increasing SOL per share - the measure of growth that matters most to our shareholders," said Ryan Navi, Chief Investment Officer of Forward Industries. "Our focus remains on disciplined capital allocation and translating treasury growth into meaningful value for our shareholders."

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering. The shares are being offered under a shelf registration statement on Form S-3ASR declared effective by the Securities and Exchange Commission on September 17, 2025.

Forward Industries describes its business strategy as acquiring, holding, staking, and trading SOL and related digital assets. The company launched its digital asset treasury strategy in September 2025 following a private placement transaction.

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