Forward Industries, Inc. (NASDAQ: FORD) announced on September 17 that it has filed an automatic shelf registration statement with the U.S. Securities and Exchange Commission, allowing for the sale of up to $4 billion in common stock through an at-the-market equity program.
The Hauppauge, New York-based company, which describes itself as a Solana-focused treasury firm, said proceeds from any sale would be used for general corporate purposes, including expanding its holdings of the Solana token (SOL), funding working capital, and pursuing income-generating assets.
Details of the Offering
The filing, effective immediately upon submission to the SEC, includes a prospectus covering the potential issuance of the shares. Sales will be made under a Sept. 16 sales agreement with Cantor Fitzgerald & Co., which will act as agent.
According to the agreement, Cantor is not obligated to sell a specific number of shares or raise a particular amount of money. Transactions will be conducted in accordance with SEC Rule 415(a)(4), which governs “at the market offerings.”
Forward Industries noted there are no escrow or trust arrangements tied to the program. Additionally, funds will be received directly by the company if shares are sold. The company also noted that the flexibility of the arrangement would allow it to deploy capital incrementally as market conditions evolve.
Solana Treasury Expansion
Forward Industries has been building a position in Solana as part of its digital asset strategy. Earlier this year, the firm reported raising what it described as the largest Solana-focused digital asset treasury to date, with initial purchases of more than 6.8 million SOL tokens.
In a statement, Chairman Kyle Samani said the at-the-market program provides the company with a mechanism to expand that strategy and strengthen its balance sheet while pursuing additional growth initiatives.
Investor Information
The shares will be issued under the company’s Form S-3 registration statement, filed Sept. 17 with the SEC under file number 333-290312. Interested investors can review the filing, along with the accompanying prospectus and the sales agreement, on the SEC’s website. Copies are also available by request from Forward Industries’ corporate office.
