Forward Industries, Inc. (Nasdaq: FORD) is experiencing significant financial pressure due to its investment in Solana (SOL). The company holds 6.82 million SOL, purchased at an average price of $232, now valued at $1.2 billion. This represents a 24.13% unrealized loss, amounting to $382 million. The company's stock has plummeted 73.6% from its peak of $39.6 to $10.44, resulting in a market capitalization of $900 million. This valuation is notably below the value of its SOL holdings, indicating a market net asset value (mNAV) of less than one.