Forward Industries Inc (NASDAQ:FORD) shares are surging Monday after the company announced a $1.65 billion private placement. The deal, a mix of cash and stablecoin commitments, is aimed at bolstering the company’s treasury and strategy within the Solana (CRYPTO: SOL) ecosystem.
What To Know: The private placement is led by prominent digital asset firms Galaxy Digital, Jump Crypto and Multicoin Capital. These firms will not only provide capital but also offer strategic support to help Forward Industries expand its presence in the growing Solana landscape.
“Solana has emerged as one of the most innovative and widely adopted blockchain ecosystems,” the company said in a statement. “Leveraging this leading public infrastructure, we are confident this strategic investment will generate significant long-term value.”
Kyle Samani, Managing Partner of Multicoin Capital, is set to become the Chairman of the Board of Directors for Forward Industries. The move signals a strong belief in the company’s potential to become a key player in the digital asset space.
Benzinga Edge Rankings: Reflecting Monday’s sharp move higher, the stock has an exceptionally high Momentum score of 98.98 according to Benzinga Edge stock rankings.
Price Action: According to data from Benzinga Pro, FORD shares are trading higher by 50.8% to $24.67 Monday morning. The stock has a 52-week high of $31.97 and a 52-week low of $3.21.
