According to PANews, Forward Industries, Inc. (NASDAQ: FORD) has successfully completed its previously announced private equity investment (PIPE) financing. The financing was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, bringing in approximately $1.65 billion in total proceeds for the company.
The company plans to use the net proceeds primarily to purchase Solana blockchain's native digital asset, SOL, as operating capital and for any future transactions. This move aims to establish the company's cryptocurrency fund operations and cover transaction fees.
In addition to the combined subscription of over $300 million by Galaxy, Jump Crypto, and Multicoin, the PIPE financing also received support and participation from several global investment firms and leaders in the digital asset ecosystem.
