Forward Industries Buys Back Shares with Crypto Loan
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Forward Industries, a Solana-focused company, initiates a share repurchase program, acquiring six million shares from an unnamed investor for $27.4 million. The company secures a $40 million loan from Galaxy Digital, using their Solana tokens as collateral, to fund the buyback. This move aligns with a $1 billion authorization, aiming to provide flexibility during market fluctuations. Forwards stock has plummeted 87% since September, and Solanas recent dip adds pressure. The company, with the largest public Solana treasury, holds nearly $972 million in unrealized losses, facing potential consolidation due to falling prices and thin cash flows.
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