Forward Industries, Inc. (NASDAQ: FWDI) filed a Current Report on Form 8-K on November 9, 2026, announcing an amendment to its sales agreement with Cantor Fitzgerald & Co. and the addition of Barclays Capital Inc. as a new sales agent. The amended agreement, titled the A&R Sales Agreement, allows the Company to offer and sell shares of its common stock, par value $0.01 per share, through the Agents as sales agents.
The amendment follows a prior Controlled Equity Offering Sales Agreement entered into on September 16, 2025, which had an aggregate gross sales price capacity of up to $4,000,000,000. The Company also provided a mid-quarter update on its SOL treasury strategy for its fiscal first quarter of 2027, which began on October 1, 2026.
According to the Company’s mid-quarter update, as of November 9, 2026, Forward Industries increased its SOL and SOL equivalent holdings by 226,396 SOL, or 2.7%, from 8,501,298 as of September 30, 2026, to 8,727,694. These holdings represent approximately 1.5% of Solana’s circulating supply. The Company stated that the SOL added during the period came at an average cost of $75 per SOL.
SOL per share on a fully diluted basis increased to 0.0824 as of November 9, 2026, from 0.0806 as of September 30, 2026, representing a growth of 2.3% over the 40-day period, or approximately 21% on an annualized basis.
In addition to the sales agreement amendment, the Company disclosed several strategic developments:
- Credit Facility: The Company secured a $50 million credit facility provided by a federally chartered, FDIC-insured national bank. The facility has a term of two years, an interest rate of SOFR + 150 basis points (floored at SOFR at origination date), and is secured by SOL held in the treasury. The Company intends to use the proceeds to accelerate its SOL++ strategy.
- USHP Investment: The Company committed up to $50 million to USHP, a tokenized liquid index product tracking U.S. home prices. Through USHPi, the income-bearing token, Forward expects to earn U.S. dollar income sourced from the housing market, which it intends to direct toward SOL accumulation. As part of this commitment, Forward acquired a strategic minority interest in Index Industries.
- Capitalization: As of November 9, 2026, the Company reported a net asset value of $600,251,077 and a fully diluted share count of 105,933,854.
The Company noted that the financial information provided in the update is preliminary and unaudited and subject to change upon the completion of the Company’s annual audit and quarter-end financial closing procedures.
