Forward Industries Eyes $4B Share Sale for Solana Push
The move follows the company's recent $1.58 billion investment in SOL tokens, signaling a major strategic pivot into cryptocurrency.
Forward Industries (NASDAQ: FORD), a company historically known for manufacturing protective cases, has signaled a profound strategic shift by filing for a potential $4 billion share sale to fund its expansion into the Solana ecosystem.
This development comes just days after the company made a significant entry into the world of digital assets. On September 15, Forward Industries announced it had , an investment totaling approximately $1.58 billion. The company stated the purchase was made at an average price of $232 per token, instantly making it the largest corporate treasury holder of Solana.
To support this new direction, the company has now filed an "at-the-market" (ATM) equity offering prospectus, allowing it to sell up to over time. This type of offering provides flexibility to raise capital as needed for general corporate purposes, which now prominently includes bolstering its Solana token strategy and acquiring other income-generating assets.
This pivot is a stark departure from the company's traditional business model. Founded in 1961, in designing and distributing custom carrying solutions for the medical, consumer electronics, and industrial sectors. The move into blockchain represents a bold, new growth vector for the legacy firm.
Kyle Samani, Chairman of Forward Industries' board, has framed the initiative as a deliberate strategy to advance the Solana ecosystem while delivering long-term shareholder value. The stated goal is to build the world's largest Solana treasury company. While the strategic push into the fast-growing crypto space presents a significant opportunity, the scale of the ATM offering also raises the prospect of considerable future dilution for existing shareholders, placing the stock on a firm 'watch' list for investors.