Forward Industries closes $1.65B private placement; appoints new chairman from Multicoin Capital

Forward Industries, Inc.

Gross proceeds of ~$1.65B from PIPE led by Galaxy Digital, Jump Crypto, and Multicoin Capital.
Proceeds primarily to purchase SOL (Solana) for crypto treasury and working capital.
Kyle Samani (Multicoin co-founder) appointed Chairman; Michael Pruitt (interim CEO) appointed to board.
Terminated $35M ELOC agreement with C/M Capital; converted all Series A-1 and Series B preferred stock.
Company engaged Galaxy Digital for asset management and services for treasury strategy.

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