Forward Industries (NASDAQ: FORD), a major company that has adopted a strategy similar to MicroStrategy, announced its new move to acquire additional Solana.
Accordingly, the company took action to purchase an additional $4 billion worth of altcoins.
According to the official announcement, Forward Industries has filed an S-3 registration statement with the U.S. Securities and Exchange Commission (SEC) and announced that it will sell $4 billion worth of stock (ATM Program) to support its Solana (SOL) treasury strategy.
Forward Industries stated that it intends to use the net proceeds from the ATM Program, if any, for general corporate purposes, such as working capital, acquiring more Solana, acquisition of income-producing assets and/or other capital expenditures.
Kyle Samani, Chairman of Forward Industries, said: “With this offering, Forward Industries has a flexible and efficient mechanism to raise and systematically deploy capital to support our Solana treasury strategy. Having recently completed our largest-ever Solana-focused digital asset treasury investment and initial acquisition of over 6.8 million SOL, the ATM Program enhances our ability to continue to grow this position, strengthen our balance sheet, and pursue growth initiatives aligned with our long-term vision.”
As you may recall, Nasdaq-listed Forward Industries announced a few days ago that it had purchased 6.8 million SOL at an average price of $232, for a total cost of $1.58 billion.
The company states that it aims to be the world’s leading Solana treasury company and deliver long-term value to its shareholders.
*This is not investment advice.