Forward Industries Secures $25M to Boost Solana Holdings

Forward Industries Inc., a Solana-focused digital asset treasury company, has raised $25 million in gross proceeds through a securities purchase agreement. The funding will be used to expand its holdings of SOL, the native token of the Solana blockchain.

The offering involves the sale of 3,125,000 shares of common stock at $8.00 per share, with an institutional investor acting as the sole placement agent. Forward Industries intends to use the net proceeds for acquiring additional SOL tokens and increasing its treasury holdings.

As a Solana-focused company, Forward Industries' strategy involves buying, holding, staking, trading, and investing in SOL and related digital assets within the Solana ecosystem. The company has partnerships with Galaxy Digital and Jump Crypto, which have backed its digital asset treasury strategy.

The transaction is expected to close on or about Thursday, subject to customary closing conditions. A prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission.