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Nasdaq-listed company Forward Industries filed for an at-the-market (ATM) equity offering program of up to $4 billion, giving the company flexibility to sell shares over time to support its Solana-focused treasury strategy.
On Wednesday, Forward Industries announced that the program will allow it to issue and sell common stock through Cantor Fitzgerald as its sales agent.
The offering is being made under an automatic shelf registration statement filed with the US Securities and Exchange Commission (SEC). An automatic shelf registration allows certain large, publicly traded companies to quickly raise capital with flexibility.
While the maximum amount listed is $4 billion, the company noted that sales may or may not occur depending on market conditions.
Forward Industries to use part of the funds on Solana purchases
According to the announcement, proceeds from share sales will be used for general corporate purposes. This includes working capital, growth initiatives and expanding its Solana (SOL) treasury holdings.
Kyle Samani, the chairman of the company’s board of directors, said the offering gives Forward Industries a flexible and efficient mechanism to raise and deploy capital for its Solana treasury strategy.
“The ATM Program enhances our ability to continue scaling that position, strengthen our balance sheet, and pursue growth initiatives in alignment with our long-term vision,” Samani said.
Forward Industries announced its Solana treasury strategy plans on Sept. 8, securing $1.65 billion in cash and stablecoin commitments to build its SOL stash, led by crypto heavyweights like Galaxy Digital, Jump Crypto and Multicoin Capital.
The announcement is followed by an immediate SOL buying spree, with Galaxy Digital buying $306 million in Solana tokens in one day to put in Forward Industries’ stash.
At the time of writing, treasury data tracker Solana Strategic Reserve shows that Forward Industries leads the SOL treasury companies, holding $1.6 billion in tokens.
Related: Nasdaq-listed Helius announces $500M funding for Solana treasury
Solana treasury companies hit $4 billion in SOL tokens
Forward Industries is not alone in its efforts to build a strategic treasury focused on Solana tokens. On Tuesday, Solana Strategic Reserve shows that SOL treasuries reached over 17.11 million SOL tokens for the first time. These tokens are worth over $4 billion, signaling increased institutional interest in Solana.
In total, 17 companies have implemented Solana reserve strategies, including Sharps Technology, the DeFi Development Corp and Upexi.
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