Forward Industries Raises $25 Million to Bolster Solana Treasury

Forward Industries, a Solana treasury company based in Austin, Texas, has raised $25 million through a registered direct offering to expand its Solana holdings. The company sold 3,125,000 shares of common stock at $8 each on September 24, with the funds primarily intended for purchasing additional SOL.

The offering was made under Forward's shelf registration statement on Form S-3ASR, which was declared effective by the U.S. Securities and Exchange Commission in September 2025. A.G.P./Alliance Global Partners acted as the sole placement agent.

Forward Industries aims to increase the exposure of SOL backing each share, with Chief Investment Officer Ryan Navi stating that this is 'the measure of growth that matters most to our shareholders.'

The company has not set a timeline for deploying the proceeds, but warned that deployment timing, placement fees, and SOL volatility pose material risks to shareholders.