Forward Industries, Inc. (FWDI) SEC Filings

Forward Industries, Inc. (FWDI) reported increasing its SOL and SOL-equivalent holdings by 948,601 SOL during its fiscal fourth quarter ended September 30, 2026, to 8,501,298 from 7,552,698 as of June 30, 2026. The company said its holdings represented approximately 1.4% of Solana’s circulating supply. Fully diluted SOL per share reached 0.0806 from 0.0730; the company reported 10.4% quarterly growth and approximately 42% annualized growth. The reported average cost was $83 per SOL, including SOL earned through staking, to which it ascribed no cash cost.

Preliminary, unaudited net asset value was $870,382,702 as of September 30, 2026. The net asset value table lists $1,003,663,266 in SOL treasury fair value, $26,927,436 in other digital assets, $7,292,000 cash and $167,500,000 institutional debt. The SOL treasury figure includes SOL, fwdSOL and pledged SOL, and excludes borrowed SOL. A portion of SOL purchases was funded through FWDI share sales; the company characterized the issuance as accretive, citing the increase in SOL per share. For its first full fiscal year of this strategy, fully diluted SOL per share grew 33% from 0.0604 as of September 30, 2025.

Forward Industries, Inc. completed a registered direct offering on September 24, 2026, selling 3,125,000 shares of common stock to an institutional investor at $8.00 per share. The company received approximately $25,000,000 in gross proceeds before placement-agent fees and other estimated offering expenses. It intends to use net proceeds for the purchase of Solana, working capital and general corporate purposes. The shares were offered under the company’s effective shelf registration statement.

A.G.P./Alliance Global Partners served as the company’s exclusive placement agent. Forward agreed to pay it a cash fee of 5% of gross proceeds and reimburse certain accountable legal expenses up to $50,000 in aggregate. For 15 days after closing, Forward agreed, subject to limited exceptions, not to issue or announce common stock or Common Stock Equivalents, or file a registration statement. From September 22, 2026, until 15 days following closing, it also agreed, subject to exempt issuances, not to effect or agree to an issuance involving a Variable Rate Transaction.

Forward Industries, Inc. (FWDI) is offering up to 3,125,000 shares of common stock at $8.00 per share to an institutional investor in an offering conducted on a “reasonable best efforts” basis. A.G.P./Alliance Global Partners is the exclusive placement agent and is not required to purchase shares or arrange for a specific amount. Delivery is expected on or about September 24, 2026, subject to customary closing conditions.

At full sale, gross proceeds would be $25.0 million; the company estimates net proceeds of approximately $23.65 million after placement-agent commissions and estimated offering expenses. It intends to use the net proceeds for working capital, Solana purchases, and general corporate purposes. Shares outstanding were 73,163,215 as of September 22, 2026; the company estimates 76,288,215 shares outstanding after the offering. Estimated immediate dilution for new investors is approximately $1.53 per share, based on the $8.00 offering price and stated transaction assumptions. The company also agreed, subject to certain exceptions, not to issue common stock or enter into a variable-rate transaction until 15 days after closing.

Forward Industries, Inc. (FWDI) announced that it has sent a non-binding proposal to the Board of Directors of SkyAI, Inc. to acquire all of SkyAI’s outstanding common stock in a merger or other tax-efficient combination. SkyAI stockholders could elect to receive cash, Forward common stock, or a mix of both.

Each SkyAI share would be converted into the value of 0.306 Forward shares, a fixed exchange ratio that would not change with either company’s share price. Using Forward’s September 14, 2026 closing price of $6.95, the proposal implies $2.13 per SkyAI share, a 50% premium to SkyAI’s $1.42 closing price that day. Forward requested a response from SkyAI’s board by September 25, 2026.

The proposal remains non-binding and is subject to due diligence, negotiation and execution of a definitive agreement, required regulatory approvals, and approval by SkyAI’s stockholders, and there is no assurance any transaction will be agreed or completed.

Forward Industries, Inc. reported that Chief Investment Officer Navi Ryan David acquired 146,956 shares of common stock as a grant/award. The award was issued upon satisfaction of a performance milestone under his equity award grant. Following this issuance, his directly held common stock position totals 539,041 shares, which includes previously reported restricted stock units that remain subject to vesting.

Brazier Mark Christopher reported acquisition or exercise transactions in this Form 4 filing.

Forward Industries, Inc. reported that Chief Financial Officer Mark Christopher Brazier received a grant of 137,500 shares of common stock on August 8, 2026. The shares were issued upon satisfaction of a performance milestone under his equity award grant. Following this award, Brazier directly holds 412,500 shares of common stock, including restricted stock units that were previously reported and remain subject to vesting.

Forward Industries, Inc. executive Georgia P. Quinn, General Counsel, reported an acquisition of 146,956 shares of common stock on August 8, 2026. These shares were issued upon satisfaction of a performance milestone under her equity award grant. Following this award, she directly holds 440,867 shares of common stock, which include restricted stock units that were previously reported and remain subject to vesting.

Alyeska Investment Group, L.P., Alyeska Fund GP, LLC, and Anand Parekh report beneficial ownership of common equity in Forward Industries, Inc. The group reports beneficial ownership of 3,790,702 shares of Common Stock, representing 5.08% of the outstanding common stock as of June 30, 2026.

The position consists of 3,250,161 shares acquired in a private placement and 540,541 shares issuable upon exercise of pre-funded warrants. Voting and investment control is exercised by Alyeska Investment Group, L.P. over shares held by Alyeska Master Fund, L.P. Anand Parekh may be deemed a beneficial owner but disclaims beneficial ownership. All three reporting persons share voting and dispositive power over the reported shares.

Forward Industries, Inc. reported fiscal third-quarter 2026 results showing rapid growth in its Solana-focused treasury business alongside very large GAAP losses driven by digital asset mark-to-market. Revenue for the quarter was $10.8 million, more than four times the prior-year period, primarily from staking and other treasury-related income.

The company increased its Solana exposure, adding 508,618 SOL during the quarter and a further approximately 254,000 SOL after quarter end, bringing holdings to about 7.8 million SOL and equivalents as of August 3, 2026, or roughly 1.3% of Solana’s circulating supply. SOL per share on a fully diluted basis rose 9% quarter over quarter to 0.0730, and to about 0.0754 by August 3.

Forward repurchased 2.56 million shares in the quarter, reducing common shares outstanding to 73.8 million, while also issuing 93,642 shares via an at-the-market program for $435,443 that was reinvested into SOL. GAAP results were heavily affected by a $49.8 million loss on digital assets and a $15.2 million impairment, contributing to a quarterly net loss of $69.0 million and a nine-month net loss of $937.7 million.

As of June 30, 2026, cash was $11.0 million and SOL treasury fair value was $555.3 million, against $105.0 million of debt at a 2.6% weighted average interest rate. Total net asset value was $481.3 million, versus a common equity market capitalization of $311.6 million, implying a discount to stated NAV.