- The Forward Industries (FWDI) Board recently authorized a share repurchase program to allow the company to repurchase up to $1 billion worth of common company stock.
- The company has also filed a Resale Prospectus Supplement, which allows certain named shareholders to resell common stock from time to time.
- According to the Chairman of the Board, Kyle Samani, these moves reflect the company’s commitment to building long-term shareholder value and believes in the potential of Solana technology for capital market applications.
Forward Industries (NASDAQ: FWDI), a company building and managing a large-scale Solana (SOL) treasury, recently authorized a new share repurchase program and filed a Resale Prospectus Supplement (https://ibn.fm/h8hV2) with the U.S. Securities and Exchange Commission (“SEC”).
Questions around this news
What did Forward Industries announce about its share repurchase program?
Forward Industries’ board authorized a program allowing the company to repurchase up to $1 billion of its common stock. The release says purchases may occur periodically through block trades, open-market purchases, or privately negotiated transactions. It also says the company’s repurchases will comply with Rule 10b-18.
How do companies generally carry out share repurchases?
A share repurchase is when a company buys its own shares. It may make purchases in the open market, arrange a large block trade, or negotiate a private transaction. The method and timing can vary, and a repurchase authorization does not by itself mean that a company will buy shares immediately or use the entire authorized amount.
Who may resell shares under the prospectus supplement?
The filing is described as allowing certain named shareholders to sell Forward Industries common stock from time to time. This resale filing concerns sales by those shareholders, while the separate repurchase authorization concerns the company buying its own shares.
What is Rule 10b-18?
Rule 10b-18 is a U.S. securities rule that provides companies with a voluntary framework for making stock repurchases in the open market. It sets conditions related to matters such as the manner, timing, price, and volume of purchases. Following the framework can provide a safe harbor from certain market-manipulation liability, subject to its requirements.
The share repurchase program permits the company to buy back up to $1 billion of common stock. These repurchases may be made periodically through block trades, open-market purchases, or via transactions that are negotiated privately. Also, all repurchases will comply with Rule 10b-18 of the…
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At a glance
- Company
- Forward Industries
- Ticker
- NASDAQ: FWDI
- Announcement
- Financing
Key figures
- Maximum authorized share repurchases
- $1 billion
People
- Kyle SamaniChairman of the Board
