Forward Industries stock rises after $38M Solana buy
Forward Industries stock rose about 17% after the company added more than 500,000 SOL (about $38 million), raising its holdings to about 7.55 million SOL.
Forward Industries reported it added more than 500,000 SOL to its treasury during the fiscal third quarter, spending roughly $38 million at an average price near $79. The purchases increased the company’s Solana holdings to about 7.55 million SOL.
Shares of Forward rose roughly 17% to $4.94 shortly after the market opened. The company’s quarterly report said the acquisitions raised SOL held per share to 0.0729, a roughly 9% increase from the prior quarter.
The report said Forward used multiple capital-raising strategies to fund the purchases and sold 93,642 common shares through an at-the-market offering during the quarter. The company noted an earlier purchase last year of 6.8 million SOL at an average cost around $232 per token.
At Solana trading above $76, Forward’s SOL holdings are valued at about $573 million to $579 million. Because much of the treasury was accumulated at higher prices, the company reported more than $1 billion in unrealized losses at recent market levels.
Forward expects inclusion in the Russell 2000 and Russell 3000 indexes to increase visibility and trading liquidity for its shares. In June the company pursued acquisitions of other publicly traded Solana treasuries, including the Solana Company and Brera Holdings, but those efforts were not successful.
Forward’s chief investment officer Ryan Navi stated in a company release, “Our mandate is simple: maximize SOL per share and create long-term shareholder value.” Navi added that the company uses share repurchases and issuances to manage capital: “By repurchasing shares when Forward trades at a discount to NAV and issuing equity when our shares trade at a premium, we dynamically allocate capital in a way that compounds SOL per share and enhances long-term intrinsic value.”
On the market, SOL has gained about 3.3% in the past 24 hours but remains more than 74% below its all-time high of $293. Forward’s stock is down about 26% over the past six months and trades roughly 89% below its 52-week high of $46.
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