Forward Industries Reduces Share Count through Strategic Buyback

Forward Industries has taken steps to reduce its share count through a strategic buyback plan. The company secured a $40 million loan from Galaxy Digital LLC at an interest rate of 3.4% and used the funds to purchase nearly 7% of its outstanding shares.

The loan is collateralized by Forward's staked Solana tokens, which earn approximately 6.2% annually in staking rewards. This structure allows the company to access cash without selling any of its crypto holdings.