Forward Industries, Inc. (NASDAQ: FWDI) closed a registered direct offering with an institutional investor, raising gross proceeds of approximately $25 million, according to a company statement dated Sept. 24, 2026.

The Austin, Texas-based company sold 3,125,000 shares of common stock at $8.00 per share. Net proceeds, after placement agent fees and other offering expenses, are intended primarily for the acquisition of additional Solana (SOL) digital assets.

Ryan Navi, Chief Investment Officer of Forward, said the company "secured substantial institutional capital in a single transaction on terms we believe are favorable, without adding ongoing balance sheet obligations." He added that the financing is intended to "expand our SOL treasury and increase SOL per share."

A.G.P./Alliance Global Partners served as the sole placement agent for the offering. The shares were offered under a shelf registration statement on Form S-3ASR, declared effective by the U.S. Securities and Exchange Commission on Sept. 16, 2025.

Forward describes itself as a Solana-focused digital asset treasury company with a strategy that includes buying, holding, staking, and investing in SOL and related digital assets. The company launched its digital asset treasury strategy in September 2025 following a private placement transaction.