Forward Industries, Inc. (NASDAQ: FORD), a company that has repositioned itself as a Solana-focused treasury operator, announced on November 4, 2025, the filing of a Resale Prospectus Supplement with the U.S. Securities and Exchange Commission (SEC) and the authorization of a $1 billion share repurchase program. The program was approved by the board on November 3, 2025, and permits the company to repurchase up to $1 billion of its common stock through open-market transactions, block trades, or privately negotiated deals, with the authorization lasting until September 30, 2027.
Separately, the company filed a Resale Prospectus Supplement to register shares for resale from a September 2025 private placement (PIPE), allowing selling stockholders to liquidate their holdings. Forward Industries will not receive any proceeds from these resales, as the filing primarily facilitates liquidity for existing investors.
Kyle Samani, Chairman of the Board, emphasized the move's significance, stating, "Today’s announcement reflects our confidence in both Forward Industries’ differentiated strategy and the underlying strength of Solana’s ecosystem." He added that the buyback program signals long-term commitment to shareholders and belief in Solana's potential to transform capital market infrastructure.
Forward Industries is the largest corporate holder of Solana (SOL), with over 6.8 million SOL on its balance sheet, valued at approximately $1.1 billion at current prices. The company's stock has surged 116.77% year-to-date, though it recently slid nearly 20% amid broader market volatility, trading at $10.86 with a market cap of around $938.9 million as of November 4.
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