Forward Industries, a Nasdaq-listed Solana treasury company, is raising approximately $25 million through a registered direct offering of 3.125 million common shares at $8 each to a single institutional investor. The transaction is expected to close around Sept. 24, with net proceeds designated for additional SOL purchases. A.G.P./Alliance Global Partners is the sole placement agent. Forward said the financing will enlarge its SOL treasury and raise SOL per fully diluted share, its measure of token holdings relative to the potential share count. The company held about 8.16 million SOL as of Sept. 21, or roughly 1.39% of Solana's circulating supply, after adding approximately 357,000 SOL from purchases and staking rewards between Aug. 4 and Sept. 20. Forward is also pursuing expansion through proposed acquisitions, including a nonbinding offer for SkyAI valuing its shares at $2.13 each.