
Core Viewpoint - Forward Industries (FORD) has filed a $4 billion at-the-market equity offering program with the SEC to raise funds for working capital, business expansion, and to increase its Solana (SOL) holdings [1][2]. Group 1: Equity Offering - The $4 billion ATM equity offering allows Forward Industries to sell new shares incrementally through Cantor Fitzgerald, providing flexibility in capital raising [1]. - This offering follows the completion of what Forward claims is the largest Solana-focused treasury raise to date, involving the acquisition of over 6.8 million SOL through a $1.65 billion deal [2]. Group 2: Treasury Management - Forward Industries aims to maximize its SOL-per-share through active treasury management, holding the largest Solana treasury among publicly traded firms, significantly larger than the 2.02 million SOL treasury held by DeFi Development Corp [2][3]. - The company's share price experienced a decline of over 9.5%, dropping to $33.70 in early trading following the announcement [3].