Forward Industries Raises $25M to Boost Solana Holdings

Forward Industries, a Nasdaq-listed company, is raising $25 million through a registered direct offering to bolster its Solana (SOL) treasury. The company plans to sell 3.125 million common shares at $8 each.

The net proceeds from the sale will be used to acquire additional SOL for Forward's corporate treasury. This move follows the company's focus on accumulating and growing its Solana position, with a goal of increasing exposure per fully diluted share.

Forward Industries has chosen to apply a strategy similar to that used by Bitcoin-focused companies, which use public-market financing to accumulate digital assets and let investors value the company as an amplified treasury vehicle.

The offering is expected to close on or around September 24, subject to customary conditions. While there's no guarantee that Forward will buy exactly $25 million of SOL, the direction of travel is clear: the company is raising capital specifically to increase its SOL holdings.