Forward Industries repurchases 6.16M shares for $27.4M, cuts SG&A 45%, borrows $40M at 3.4%

Forward Industries, Inc.

Repurchased 6,164,324 shares for ~$27.4M from an institutional investor; shares outstanding reduced to 76,977,809.
Borrowed $40M under loan agreement with Galaxy Digital LLC at 3.4% APR, avg maturity 4.9 months, secured by fwdSOL.
SOL-per-share increased from 0.0624 to 0.0662, a 29% annualized increase per company.
Cost reduction plan aims to cut SG&A (excl. stock comp & design) ~45% from $6.5M to $3.6M by fiscal Q3.
Company expects no material charges from the cost reduction plan.

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