Forward Industries, listed on Nasdaq, has initiated an at-the-market (ATM) equity offering program that could raise up to $4 billion, allowing the company to strategically sell shares over time to bolster its Solana-focused treasury.
On Wednesday, Forward Industries announced the launch of this program, enabling the issuance and sale of common stock via sales agent Cantor Fitzgerald.
This offering is facilitated under an automatic shelf registration statement submitted to the US Securities and Exchange Commission (SEC), allowing large, publicly traded companies to efficiently raise capital with greater flexibility.
Although the upper limit is set at $4 billion, the company indicated that actual sales may depend on market conditions.
Forward Industries to allocate part of the funds for Solana acquisitions
According to the announcement, proceeds from the share sales will serve general corporate purposes, including working capital, growth projects, and expanding its Solana (SOL) treasury holdings.
Kyle Samani, chairman of the company’s board, stated that this offering provides Forward Industries with a versatile and effective means to raise and allocate capital for its Solana strategy.
“The ATM Program bolsters our capacity to scale that position, enhance our balance sheet, and pursue growth initiatives in line with our long-term vision,” Samani mentioned.
Forward Industries revealed its Solana treasury strategy on Sept. 8, securing $1.65 billion in cash and stablecoin commitments to expand its SOL holdings, spearheaded by notable crypto firms like Galaxy Digital, Jump Crypto, and Multicoin Capital.
This announcement triggered a SOL purchasing surge, with Galaxy Digital acquiring $306 million in Solana tokens in a single day to contribute to Forward Industries’ reserve.
As of this writing, treasury data tracker Solana Strategic Reserve indicated that Forward Industries is at the forefront of SOL treasury firms, holding $1.6 billion in tokens.
Related: Nasdaq-listed Helius secures $500M funding for Solana treasury
Solana treasury firms achieve $4 billion in SOL tokens
Forward Industries is among several companies actively cultivating a strategic treasury centered on Solana tokens. On Tuesday, the Solana Strategic Reserve reported that SOL treasuries surpassed 17.11 million SOL tokens for the first time, valued at over $4 billion, highlighting growing institutional interest in Solana.
In total, 17 companies have adopted Solana reserve strategies, including Sharps Technology, the DeFi Development Corp., and Upexi.
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