Nasdaq-listed Forward Industries (FORD) has filed paperwork for an at-the-market (ATM) equity offering program of up to $4 billion, saying proceeds may be used for general corporate purposes and to expand its Solana (SOL) treasury strategy. The company disclosed that the ATM shares will be issued under an automatic shelf registration statement on Form S-3, which became effective upon filing.
A Business Wire release adds specifics: the ATM shares “will be issued and sold pursuant to the Company’s automatic shelf registration statement on Form S-3 (File No. 333-290312) filed with the SEC on September 17, 2025,” confirming the program’s legal footing and mechanics.
What the money is for
Forward Industries says the net proceeds could go toward working capital, pursuing its Solana token strategy, acquiring income-generating assets, and other capital needs. In short, the offering gives the company flexibility to accumulate more SOL while also funding balance-sheet items and potential investments.
The sales agent on the ATM will be Cantor Fitzgerald & Co., according to multiple market reports, which note the offering can be executed “from time to time” at prevailing market prices—typical of ATM structures designed to raise capital gradually rather than all at once.
How this fits the new “Solana treasury” playbook
This filing caps a very busy September for Forward Industries. Earlier this week, the company announced it now holds more than 6.8 million SOL tokens as it kicks off a dedicated Solana treasury strategy—a clear signal that the firm intends to actively manage crypto assets on its balance sheet, not just dabble.
Coverage across mainstream finance and crypto outlets has framed Forward as a company pivoting toward digital-asset treasury management—with Solana at the center. Reports also highlighted a prior financing wave and leadership changes consistent with that pivot.
Why an ATM, and why now?
An ATM program allows a company to issue new shares in the open market over time, rather than through a single, large overnight deal. That can reduce market impact and give management discretion to scale issuance alongside liquidity and price levels. In Forward’s case, the ATM provides a “flexible mechanism to raise and methodically deploy capital” to its Solana treasury program, as coverage of the filing noted—language that aligns with the company’s press communications.
It’s also notable that the registration statement is automatic and effective on filing, which lets Forward move quickly as market windows open—useful if SOL is volatile or if equity trading conditions improve.
How markets reacted
Initial trading after the announcement was choppy. One early headline flagged shares slipping on the news—common when companies announce potentially dilutive offerings, even if proceeds are earmarked for growth or asset accumulation. (Reactions can swing intraday as details shake out.)
On the crypto side, there was no immediate, direct causality between the ATM filing and SOL’s price action, but the optics matter: if Forward steadily adds to its holdings, it could become one of the more visible corporate Solana treasuries, a narrative markets tend to track closely. Roundups across crypto media emphasized the size of the shelf—“up to $4B”—and the intent to back the Solana push.
The fine print (and why “up to $4B” doesn’t equal $4B tomorrow)
Two key caveats:
- “Up to” is not the same as “raised.” An ATM is a capacity, not a commitment. Management can tap it partially, in tranches, or not at all, depending on market conditions and strategic priorities.
- Shelf statements are broad. The use-of-proceeds language includes general corporate purposes in addition to Solana, giving Forward room to adapt. That’s typical and gives the board optionality.
Why Solana?
Forward’s releases position Solana as the core of its digital-asset thesis. The company frames its strategy around increasing “SOL-per-share,” suggesting it views token accumulation (and staking yields where applicable) as a path to shareholder value—an approach that echoes how some public companies have treated Bitcoin on balance sheets in past cycles. The company’s press updates explicitly tied the ATM capacity to its Solana treasury plans.
Corporate governance and execution
For an initiative of this size, governance and execution will matter. Reports note the company’s evolving leadership and the involvement of well-known crypto market participants. Investors will likely watch the pace of issuance, average sale prices, execution costs, and treasury disclosures (e.g., how much SOL is purchased, at what prices, and how staking or custody is handled). Several outlets have started tracking these milestones as the story develops.
What analysts and the financial press are saying
- Market outlets (RTTNews via Nasdaq; MarketWatch; Investing.com) emphasized the size of the program, the use of proceeds, and the Cantor Fitzgerald agency role. They also pointed to the automatic shelf structure that became effective upon filing.
- Crypto trade press (Cointelegraph, The Block) framed the move as a doubling down on the Solana strategy and highlighted the company’s recent SOL accumulation.
- Press releases carried the legal details—file numbers, the wording around the ATM, and the positioning of Forward as a “Solana treasury company.” These are the primary sources for the company’s official stance.
What to watch next
- Actual issuance vs. capacity. How much of the $4B capacity does Forward tap in the coming weeks and months? ATM activity can show up in subsequent filings and updates.
- Treasury disclosures. Forward has already disclosed >6.8M SOL held. Will that number climb, and will the company publish average purchase prices, staking yields, or custody partners?
- Market impact. If issuance is heavy, equity investors may focus on dilution; if SOL purchases are sizable, crypto traders may watch for treasury footprints on-chain and in order books. (A mix of both effects is possible.)
- Further financing or partnerships. Given the firm’s recent pivot, watch for banking, custody, or asset-management tie-ins that could support larger-scale treasury operations. The media have already chronicled the company’s transformation in that direction.