Forward Industries plans to raise $25 million to increase its SOL holdings.

September 23 - Solana treasury company Forward Industries announced that it has signed a securities purchase agreement with an institutional investor to issue 3.125 million shares of common stock at $8 per share, expecting to raise approximately $25 million in total.

Forward Industries stated that the net proceeds from this offering will be used to purchase more SOL to expand the company's SOL treasury size, while also increasing the SOL holdings per fully diluted share. The offering is expected to close on or about September 24, subject to customary closing conditions. Forward Industries currently holds approximately 8.16 million SOL, having previously made increasing and staking SOL a core part of its corporate digital asset treasury strategy.