Forward Industries Seeks $4B ATM Offering to Increase Solana-Focused Treasury

Core Viewpoint - Forward Industries has filed for a $4 billion at-the-market equity program to support its transition towards digital assets, particularly focusing on Solana [1][2]. Group 1: Equity Program Details - The $4 billion ATM program allows the company to sell shares flexibly through Cantor Fitzgerald & Co. for capital raising [1][2]. - Proceeds from the ATM program will be directed towards general corporate purposes and Solana acquisitions, rather than being held in escrow [2][4]. Group 2: Recent Financial Activities - The company recently completed a $1.65 billion private placement, funding the purchase of 6.8 million Solana (SOL) tokens valued at approximately $1.58 billion, marking the largest Solana-focused digital asset treasury raise to date [3]. - Following the completion of this deal, Forward Industries' stock rose by 15%, indicating strong investor interest in its pivot towards blockchain assets [3]. Group 3: Strategic Goals and Governance Changes - The new ATM program aims to expand Solana treasury holdings, strengthen the balance sheet, and support income-generating investments, providing a flexible mechanism for long-term growth [4][5]. - Recent governance changes include the appointment of Kyle Samani as Chairman and the addition of interim CEO Michael Pruitt to the Board, signaling closer alignment with Solana's institutional backers [6].