Forward Industries has filed to raise $4 billion through an at-the-market equity offering, appointing Cantor Fitzgerald as the sales agent with a 3% fee. The company plans to use proceeds for working capital, expanding its Solana token strategy, and purchasing income-generating assets. Already the largest publicly traded Solana treasury with nearly $1.6 billion in SOL, Forward’s offering could more than double Solana holdings in treasuries. The company’s stock (NASDAQ: FORD) dropped 8.2% to $31.29 before rebounding to $34.28 on announcement day. Forward’s SEC filing also notes that its automatic shelf registration is effective, enabling immediate share trading upon sale.