Forward Industries, trading as FORD on Nasdaq, filed an automatic shelf registration with the U.S. SEC that includes an at-the-market equity prospectus allowing sales of up to $4 billion in common stock.
The parties named are Forward Industries and Cantor Fitzgerald, with a sales agreement and the Form S-3 registration filed on Sept 17, 2025, covering offerings under U.S. law.
The company says it plans to use the program as a flexible way to raise cash for its Solana treasury strategy and other needs.
Cantor Fitzgerald will act as sales agent and may sell shares from time to time under mutually agreed terms without any required fixed number of shares.
Why is the company doing this?
Forward Industries says any funds raised through the ATM Program would be used for general corporate purposes. That includes working capital and pursuing its Solana token strategy.
The company also plans to use proceeds to buy income-generating assets to grow its business and to cover other capital spending needs.
Company leaders say the program gives them a way to add capital as opportunities arise without a single large offering.
How will the sales work?
Under the sales agreement, Cantor Fitzgerald is not required to sell any fixed number of shares. Instead, the agent will use commercially reasonable efforts to place shares in the market based on mutually agreed terms.
The registration filing makes the offering automatic upon effectiveness of the Form S-3. Forward Industries says there is no current plan to place funds into escrow, trust or like arrangements tied to the program.
Recent Solana buys and strategy
The company points to recent moves to build its Solana treasury. Executives say Forward Industries has completed a major Solana-focused raise and has already bought more than 6.8 million SOL.
The ATM is meant to let the firm scale that position over time and to support the broader treasury approach that centres on Solana and related income-producing assets.
Investor information and documents
Forward Industries notes that the registration statement and prospectus are available on the SEC website. Potential investors are urged to read those materials before considering any purchase.
The company also says investors may request copies of the documents directly from the firm at no cost. Contact details were provided in the filing for Forward Industries’ headquarters in Hauppauge, New York and for a phone line for requests.
What management says?
Kyle Samani, chairman of the board, said the ATM Program offers a more efficient way to raise capital and deploy it in steps. He framed the program as a tool to scale the company’s Solana holdings, bolster the balance sheet and back longer-term goals.
The company said it will continue to act methodically rather than rush into large one-time sales.
Regulatory and legal note
Forward Industries emphasised that the press release and registration do not represent an offer to sell or a solicitation to buy securities in any jurisdiction where such a sale would be unlawful before registration or qualification.
The firm repeated that the securities, if sold, will be offered only by means of the prospectus that forms part of the registration statement.
Market and timing considerations
Because the ATM program allows sales over time, the pace and size of any actual share placement will depend on market conditions, investor demand and the company’s needs.
Cantor Fitzgerald will work with Forward Industries to decide on timing and execution. There is no guarantee that Forward Industries will sell any shares under the program or that proceeds will be raised.
Forward Industries says the ATM Program gives it optionality. If it chooses to use the facility, it could buy more SOL, add income assets and fund routine operations without a single large equity event.
The company plans to move carefully and to disclose material transactions in line with SEC rules.
Also Read: Nasdaq Listed Forward Industries Raises $1.65B To Build A Solana Treasury, Shares Rise 10%