Forward Industries (FORD), a publicly-traded design and manufacturing company, has announced a $4 billion at-the-market (ATM) equity offering program with the SEC as it builds out a Solana (SOL) treasury.
The proceeds will be allocated for working capital, business expansion, and increasing its SOL holdings, according to a Wednesday announcement. This offering allows Forward to sell new shares gradually through Cantor Fitzgerald, the appointed agent for the program.
This move follows Forward’s recent completion of what it claims to be the largest Solana-focused treasury raise to date. The company has already secured over 6.8 million SOL as part of a $1.65 billion initiative to establish the crypto treasury.
Kyle Samani, Forward’s chairman, described the ATM offering as “a flexible and efficient mechanism” to enhance the company’s crypto strategy and fortify its balance sheet.
The firm aims to optimize its SOL-per-share through proactive treasury management. Data from CoinGecko indicates that Forward Industries has the largest Solana treasury among publicly traded companies, surpassing DeFi Development Corp’s 2.02 million SOL treasury.
Forward’s share price dropped over 9.5% in early trading to $33.70 on Wednesday.
