Forward Industries (NASDAQ:FWDI) will repurchase 6.16 million shares for $27.4 million using a $40 million loan from Galaxy Digital at 3.4% APR, increasing SOL-per-share by 29% annualized.

The Share Repurchase Math

The transaction reduces Forward’s common shares outstanding from 83.14 million to 76.98 million, the company announced Thursday.

As of March 18, Forward holds 7.01 million SOL with 105.89 million fully diluted shares outstanding, resulting in SOL-per-share of 0.0662 versus 0.0624 on December 31.

The company borrowed $40 million at a weighted average annual interest rate of approximately 3.4% with an average weighted maturity of 4.9 months. 

The facility is secured by fwdSOL held…

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