Forward Industries Prices $25M Registered Direct Offering
FWDI has more than doubled off its 52-week low of $3.48.
Summary
Forward Industries priced a $25 million registered direct offering. The company has been burning cash, with a $68.96 million Q3 loss and cash down to $4.5 million as of August 12. This raise is highly dilutive relative to its $635 million market cap, but it provides needed liquidity. The offering follows the recent SkyAI acquisition proposal and ongoing SOL treasury losses. Watch for the closing date and any use-of-proceeds details.
At the time of this announcement, FWDI was trading at $8.17 on NASDAQ in the Crypto Assets sector, with a market capitalization of approximately $635.1M. The 52-week trading range was $3.48 to $33.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Seeking Alpha.