Forward Industries Stock Slides After PIPE Unlock as Board Approves $1 Billion Buyback

Overview

• Forward Industries registered shares from its September private placement, enabling immediate resales by PIPE investors and coinciding with a roughly 25%–30% one-day drop on Nov. 4.
• The board authorized repurchases of up to $1 billion of common stock, with discretion to buy in the open market or via block trades through Sept. 30, 2027.
• The company raised $1.58 billion in September and acquired about 6.822 million SOL at an average price near $232, with backing from Galaxy Digital, Jump Crypto, and Multicoin Capital.
• Market risk-off pressure saw Solana fall about 7.5% on Nov. 4, while the firm’s Solana holdings were previously reported to generate roughly 7% staking yield.
• CoinCentral reports the Solana position is worth about $1.2 billion, implying roughly $382 million in unrealized losses, and that the company’s market cap near $900 million sits below the value of its tokens.