Recent Updates — FORD
Forward Industries completed a registered direct offering of 3,125,000 shares at $8.00 per share on September 24, 2026, generating approximately $25 million in gross proceeds. The company intends to use the net proceeds primarily to acquire additional Solana (SOL) for its digital asset treasury strategy, along with working capital and general corporate purposes. A.G.P./Alliance Global Partners served as the exclusive placement agent, receiving a 5% cash fee plus reimbursement of legal expenses up to $50,000. The company operates in the digital asset investment sector, specifically functioning as a Solana-focused treasury company.
Forward Industries, Inc. issued a press release on September 15, 2026, announcing an updated non-binding proposal to acquire all outstanding common stock of SkyAI, Inc. The offer allows SkyAI shareholders to elect cash or Forward common stock at a fixed exchange ratio of 0.306 Forward shares per SkyAI share, implying consideration of $2.13 per SkyAI share based on Forward's September 14 closing price of $6.95. This represents a 50% premium to SkyAI’s prior close of $1.42. The company requested a response from SkyAI’s Board by September 25, 2026. The transaction remains subject to due diligence and regulatory approvals. Forward Industries operates as a Solana-focused digital asset treasury company.
Forward Industries reported fiscal third quarter results ending June 30, 2026, with revenue increasing more than fourfold to $10.8 million from $2.5 million in the prior year period. The company recorded a net loss of $69.0 million, or $0.80 per share, compared to a net loss of approximately $850,000 in the same quarter last year. This deterioration was primarily driven by a $49.8 million unrealized loss on digital assets and a $15.2 million impairment charge reflecting fair value adjustments. Operating expenses included $3.1 million in stock-based compensation within SG&A. The company expanded its Solana treasury holdings to approximately 7.8 million SOL equivalents as of August 3, 2026, while repurchasing over 2.5 million shares during the quarter. Forward Industries operates as a digital asset treasury company focused on acquiring and staking Solana.