Forward Industries Raises $25M To Buy More Solana

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure TL;DR Forward Industries has agreed to sell 3.125 million shares to one institutional investor at $8 each. The registered direct offering is expected to raise about $25 million before fees. The company says it intends to use the net proceeds to acquire additional SOL for its corporate treasury. Forward Industries is going back to the equity market to grow its Solana treasury. The Nasdaq-listed company has entered into a registered direct offering with a single institutional investor, agreeing to sell 3.125 million common shares at $8 apiece. Gross proceeds are expected to come to approximately $25 million before fees and expenses. The Capital Has A Specific Destination: More SOL Forward says it intends to use the net proceeds to acquire additional SOL. That makes the financing unusually straightforward from a crypto perspective. The company is issuing equity, receiving cash and planning to convert the resulting capital into a larger Solana position. Forward describes itself as a Solana-focused digital-asset treasury company and says its objective is not simply to increase the absolut...