Nasdaq-listed company Forward Industries has applied for a market sale (ATM) equity issuance plan of up to $4 billion, allowing the company to flexibly sell shares in batches to support its treasury strategy focused on Solana.
On Wednesday, Forward Industries announced that the plan will allow it to issue and sell common stock through sales agent Cantor Fitzgerald.
This issuance is based on an automatic shelf registration statement submitted to the U.S. Securities and Exchange Commission (SEC). Automatic shelf registration allows certain large public companies to raise funds quickly and flexibly.
Although the maximum amount listed is $4 billion, the company noted that the sale of shares may or may not occur, depending on market conditions.
According to the announcement, the proceeds from the share sales will be used for general corporate purposes. This includes working capital, growth plans, and expanding its Solana (SOL) treasury holdings.
Kyle Samani, Chairman of the Board of Forward Industries, stated that this issuance provides Forward Industries with a flexible and efficient mechanism to raise and deploy funds for its Solana treasury strategy.
"The ATM plan enhances our ability to continue to expand that position, strengthen our balance sheet, and advance our growth plans in line with our long-term vision," Samani said.
Forward Industries announced its Solana treasury strategy plan on September 8, securing $1.65 billion in cash and stablecoin commitments to build its SOL reserves, led by cryptocurrency giants such as Galaxy Digital, Jump Crypto, and Multicoin Capital.
The announcement subsequently triggered a buying spree for SOL, with Galaxy Digital purchasing $306 million worth of Solana tokens in one day to deposit into Forward Industries' reserves.
As of the time of writing, the treasury data tracker Solana Strategic Reserve shows that Forward Industries ranks first among SOL treasury companies, holding tokens worth $1.6 billion.
Forward Industries is not the only company committed to establishing a strategic treasury focused on Solana tokens. On Tuesday, Solana Strategic Reserve indicated that the SOL treasury has surpassed 17.11 million SOL tokens for the first time. These tokens are valued at over $4 billion, indicating growing institutional interest in Solana.
A total of 17 companies have implemented Solana reserve strategies, including Sharps Technology, DeFi Development Corp., and Upexi.
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Original: “Forward Industries plans to sell up to $4 billion in shares to expand Solana (SOL) treasury”
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