Forward Industries completes $1.65 billion private placement to advance Solana's financial strategy

PANews September 11th news, Businesswire reported that Forward Industries, Inc. (NASDAQ: FORD) announced that its previously announced private equity investment (PIPE) financing has been successfully completed, led by Galaxy Digital, Jump Crypto and Multicoin Capita. The PIPE financing brought the company a total revenue of approximately US$1.65 billion. The company plans to use the net proceeds from this issuance to purchase SOL, a native digital asset of Solana blockchain, as funds for working capital and any future transactions, to establish the company's cryptocurrency funding operations, and to pay transaction fees. In addition to the combined subscription of more than $300 million to Galaxy, Jump Crypto and Multicoin, the PIPE has also received support and participation from several global investment companies and leaders of the digital asset ecosystem.