Forward Industries, a Nasdaq-listed firm, has initiated an at-the-market (ATM) equity offering program with a potential value of up to $4 billion. This initiative offers the company the flexibility to gradually sell shares as part of its strategy focused on Solana.
On Wednesday, Forward Industries announced that the program enables the issuance and sale of common stock via sales agent Cantor Fitzgerald.
This offering operates under an automatic shelf registration statement with the US Securities and Exchange Commission (SEC), allowing large, publicly traded companies to raise capital quickly and flexibly.
Although the total offering amount is $4 billion, the company stated that actual sales will depend on market conditions.
Forward Industries to allocate part of funds for Solana acquisitions
The proceeds from the share sales will fund general corporate initiatives, including working capital, growth opportunities, and expanding its treasury holdings in Solana (SOL).
Kyle Samani, chairman of the board, indicated that the offering provides Forward Industries with a flexible, efficient way to raise and allocate capital for its Solana strategy.
“The ATM Program enhances our capacity to continue scaling our position, strengthen our financial foundation, and pursue growth strategies aligned with our long-term goals,” Samani remarked.
On September 8, Forward Industries unveiled its Solana treasury strategy, securing $1.65 billion in cash and stablecoin commitments to expand its SOL inventory, led by notable crypto entities like Galaxy Digital, Jump Crypto, and Multicoin Capital.
This led to a buying surge in SOL tokens, with Galaxy Digital purchasing $306 million in Solana tokens in a single day for Forward Industries’ collection.
Currently, treasury data tracker Solana Strategic Reserve indicates that Forward Industries is at the forefront of SOL treasury holdings, with $1.6 billion in tokens.
Related: Nasdaq-listed Helius announces $500M funding for Solana treasury
Solana treasury firms reach $4 billion in SOL tokens
Forward Industries is part of a larger trend as other companies build Solana-focused treasuries. On Tuesday, Solana Strategic Reserve announced that SOL treasuries surpassed 17.11 million SOL tokens for the first time, valued at over $4 billion, reflecting a growing institutional interest in Solana.
Seventeen companies have adopted Solana reserve strategies, including Sharps Technology, the DeFi Development Corp., and Upexi.
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