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

ChainCatcher news, according to Businesswire, 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 Capital.

This PIPE financing has brought the company approximately $1.65 billion in total proceeds. The company plans to use the net proceeds from this issuance primarily to purchase the native digital asset SOL of the Solana blockchain, as working capital and funding for any future transactions, to establish the company's cryptocurrency fund operations, and to pay transaction fees. In addition to Galaxy, Jump Crypto, and Multicoin collectively subscribing for over $300 million, this PIPE also received support and participation from several global investment firms and leaders in the digital asset ecosystem.