Forward Industries (FORD) Stock Rallies on $4B Share Program for Solana Treasury Push

TLDR

Table of Contents

Forward Industries (FORD) filed a $4 billion at-the-market equity program with the SEC to fund its Solana treasury expansion
Proceeds will support SOL purchases, working capital, and income-generating assets acquisition
Cantor Fitzgerald will serve as sales agent with no minimum sale requirements, providing flexible capital raising
The company has already accumulated over 6.8 million SOL tokens in what it calls the largest Solana treasury raise
Stock dropped 6.27% to $35.01 in pre-market trading following the announcement

Forward Industries just dropped a major filing that caught the market’s attention. The company submitted a $4 billion at-the-market equity program with the SEC on Wednesday.

Forward Industries (NASDAQ: FORD) announced a $4 billion at-the-market (ATM) equity offering program and has filed with the SEC, enabling flexible capital raising to support its Solana treasury strategy, general corporate purposes, and growth initiatives.…
— Wu Blockchain (@WuBlockchain) September 17, 2025

The move gives Forward Industries a massive war chest for its Solana-focused strategy. The filing became effective on September 17, 2025, opening the door for flexible fundraising.

Stock price took an immediate hit in pre-market trading. Shares fell 6.27% to $35.01 on the Nasdaq after the announcement.

The ATM program works through Cantor Fitzgerald as the sales agent. They’ll handle share sales in open-market transactions when the company decides to tap the program.

Forward Industries made it clear where the money will go. The proceeds will fund SOL purchases, working capital needs, and income-generating asset acquisitions.

There’s no minimum sale requirement built into the deal. This structure gives Forward Industries control over timing and amount of capital raised.

The company has already made waves in the Solana space. It completed what it describes as the largest Solana treasury raise to date.

Solana Strategy Takes Center Stage

Forward Industries has accumulated more than 6.8 million SOL tokens already. The new ATM program provides ammunition to scale that position further.

Chairman Kyle Samani explained the strategy behind the filing. He said the program offers a flexible way to raise and deploy capital for Solana expansion.

The approach aligns with Forward Industries’ long-term vision. The company wants to build a large-scale Solana treasury operation.

Market conditions will likely drive when and how much of the program gets used. The flexible structure lets management time sales strategically.

Forward Industries can use proceeds immediately after each sale. There’s no escrow or trust arrangement holding up access to funds.

SEC Filing Details Flexible Structure

The registration statement sits on Form S-3 with full transparency. Investors can review the prospectus before making decisions about the stock.

Sales will happen through “at-the-market” transactions in regular trading. This approach typically causes less market disruption than large block sales.

The automatic shelf registration provides ongoing access to capital markets. Forward Industries can tap into funding as opportunities arise.

No specific dollar amount needs to be raised under the agreement. This gives the company maximum flexibility in execution.

Cantor Fitzgerald will use commercially reasonable efforts to complete sales. The arrangement follows standard practices for ATM programs.

The filing covers general corporate purposes beyond just Solana purchases. Working capital and other capital expenditures are also planned uses.

Forward Industries encouraged investors to read the full prospectus. The document contains all material terms and conditions of the offering.

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