Forward Industries, Inc., the design firm turned Solana-focused treasury company, today announced an automatic shelf registration and an at-the-market (ATM) equity offering program that could raise up to $4 billion in common stock sales.
Under the newly filed registration (Form S-3, File No. 333-290312), Forward has included an ATM prospectus that covers the potential sale of shares (the “ATM Shares”) through Cantor Fitzgerald & Co., which is acting as sales agent under a Sales Agreement dated September 16, 2025.
Sales made under the program would be conducted as “at the market offerings” under Rule 415(a)(4) of the Securities Act and, according to the agreement, Cantor will use commercially reasonable efforts to sell shares on mutually agreed terms, but is not obliged to sell any specific number or dollar amount.
Accelerating Solana Treasury Strategy
Forward says any net proceeds from the ATM Program, if realized, will be used for general corporate purposes, including working capital; advancing its Solana token (SOL) strategy; buying income-generating assets to grow the business; and other capital expenditures. The company’s move follows its September 2025 decision to pursue a dedicated Solana treasury strategy and its initial purchases of more than 6.8 million SOL.
“Through this offering, Forward Industries gains a flexible and efficient mechanism to raise and methodically deploy capital in support of our Solana treasury strategy,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries. “Having recently completed the largest Solana-focused digital asset treasury raise to date and initial purchases of more than 6.8 million SOL, 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.”
The ATM Shares, if sold, will be offered pursuant to Forward’s automatic shelf registration statement, which the company says became effective upon filing with the U.S. Securities and Exchange Commission on September 17, 2025. The company noted there is no arrangement for funds to be held in escrow, trust or a similar arrangement in connection with the program.
Forward Industries highlighted that its Solana treasury strategy is backed by leading investors and operating partners, including Galaxy Digital, Jump Crypto and Multicoin Capital. The company, a global design firm that has worked with top medical and technology companies for more than 60 years, said the initiative is aimed at increasing SOL-per-share through bespoke strategies and active treasury management.
