Forward Industries’ Solana treasury trades at a 29.7% NAV discount that narrows to 2.4% when potential share dilution is counted.

Forward Industries' Nov. 10 update puts the Solana treasury company's shares at a 29.7% discount to net assets using common shares alone.

Counting all the potential shares in the same disclosure, that discount shrinks to 2.4%. The difference is who could eventually share in the assets.

The share count is key almost as much as the treasury for investors comparing Nasdaq-listed FWDI with buying Solana directly.

The capitalization update uses a $5.53 share price and $600.2 million of net asset value (NAV). Forward's accompanying 8-K says the figures are preliminary, unaudited, and incomplete.

Dividing the same net assets among more potential shares produces three distinct comparisons:

Each discount is calculated as 1 minus the share price divided by NAV per share, using unrounded values.

The middle count already recognizes substantial claims beyond issued common stock: 12.27 million vested warrants with a displayed exercise price of $0.00, 689,010 options and 1.05 million unvested restricted stock units. It includes unvested options as well as vested ones.

Using the displayed prices for the two in-the-money option categories would add about $3.4 million if both groups vested and exercised for cash. With price, share count, and everything else fixed, that lifts the calculated discount to about 17.3%.

38 million advisor and lead-investor warrants with a one-cent exercise price. Other additions include out-of-the-money options and warrants, plus 875,324 unvested performance stock units.

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