Forward Industries in reverse after $4 bln stock sale plans announced

Galaxy Digital

17/09/2025 13:37

** Shares of global design and technology distributor Forward Industries FORD.O down 10.3% premarket to $33.50 as it seeks to raise equity

** Co announces $4 bln ATM (at-the-market) equity sales program to be handled by Cantor Fitzgerald

** It intends to use net proceeds for general purposes, including working capital, and to continue scaling its Solana treasury strategy, among other uses

** FORD shares closed at $16.36, the last business day before co on Sept 8 announced $1.65 bln private placement led by digital assets and data center infrastructure firm Galaxy Digital GLXY.O, and Jump Crypto and Multicoin Capital, to be used to start buying Solana SOL=CCCL tokens

** Hauppauge, New York-based FORD has ~85.1 mln shares outstanding as of Sept 16, per the filing, for about $3.2 bln market cap

** FORD shares have traded as high as $46 (Sept 12) since co's cryptocurrency pivot

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))