Forward Industries announces $1.65B private placement in cash, stablecoin

Forward Industries (FORD) announced $1.65B in cash and stablecoin commitments for a private investment in public equity offering led by Galaxy Digital (GLXY), Jump Crypto, and Multicoin Capital to initiate a Solana (SOL-USD)-focused digital asset treasury strategy, aligning the Company with the fast-growing Solana ecosystem. C/M Capital Partners, LP, one of the Company’s largest existing shareholders, is also a participant in this transaction. Galaxy, Jump Crypto, and Multicoin will provide both capital and strategic support to help Forward Industries structure and execute its Solana treasury strategy and with the goal of positioning it as the leading publicly traded institutional participant in the Solana ecosystem. Leveraging this leading group of sponsors, Forward Industries aims to generate differentiated onchain returns and build long-term shareholder value through active participation in the Solana ecosystem.Upon the closing of the PIPE, Kyle Samani, co-Founder and Managing Partner of Multicoin, is expected to become Chairman of the Board of Directors. Chris Ferraro, President and Chief Investment Officer of Galaxy, and Saurabh Sharma, Chief Investment Officer at Jump Crypto are also expected to join as Board observers.