Forward Industries’ board authorized a $1 billion share repurchase program on November 3, 2025. The program allows the company to buy back shares from the open market or through private transactions, aiming to manage its capital structure and return value to shareholders.
In September 2025, Forward Industries closed a $1.65 billion private investment in public equity (PIPE) led by Galaxy Digital, Jump Crypto, and Multicoin Capital to fund its Solana treasury strategy. The company also filed for a $4 billion at‑the‑market equity program. The share repurchase program may offset dilution from these capital raises and signal confidence in the company’s new strategy of acquiring and staking Solana (SOL) tokens to increase SOL‑per‑share for shareholders.
As of June 30, 2025, the company reported working capital of $1.211 million and an accumulated deficit of $22.647 million. Forward Industries has faced liquidity challenges and Nasdaq compliance issues related to stockholder equity, which were addressed through liability‑to‑equity conversions. The $1 billion buyback represents a significant cash outlay that must be balanced against ongoing operational needs.
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