Forward Industries plans to raise 25 million USD and intends to continue increasing its holdings in SOL

According to GlobeNewswire, Nasdaq-listed 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 a price of $8 per share, with total fundraising expected to be approximately $25 million. This issuance is expected to be completed around September 24.

Forward Industries stated that the net proceeds from the fundraising, after deducting related expenses, will be used to purchase more SOL to expand the size of the SOL treasury, while also increasing the number of SOL corresponding to each fully diluted share. A.G.P./Alliance Global Partners is acting as the sole placement agent for this issuance.