Solana treasury Forward Industries flashes a 30% SOL discount, with a catch
Forward Industries’ Nov. 10 disclosure shows its shares trading at a 29.7% discount to net asset value (NAV) using common shares only, but the discount narrows to 2.4% when potential shares and other claims are included. The preliminary, unaudited NAV is $600.2 million, including $755.9 million in SOL and equivalents, offset by $187.5 million of institutional debt. The broad share count includes warrants, options and stock awards, though many are contingent and may never become shares. NAV per share is an exposure measure, not a redeemable claim: common shares offer no right to exchange them for the underlying SOL or capture the discount. Forward also expanded its equity-sale program; it had sold 529,257 shares for about $12.1 million through Nov. 6.
