Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 8

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 8
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 earlier in its lifecycle, structurally
reflexive, and underexposed as compared to Bitcoin. Our approach involves acquiring SOL directly through market purchases and staking
our holdings via our own or third-party operated validators and generating incremental revenue through strategic partnerships and
deployments within the Solana ecosystem.

In addition to operating our hardware and software
product design and engineering services business, our management will focus its resources on our Treasury Policy and a significant portion
of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.

Currently, our Treasury Policy is primarily dedicated
to SOL and other Solana ecosystem tokens. As a result, our assets are highly concentrated in a single digital asset. Adverse developments
specific to SOL, its protocol, or its ecosystem could have a disproportionate impact on our financial condition and results of operations.
We may utilize a range of capital markets and onchain strategies, including staking, lending, and participation in decentralized finance
(“DeFi”) protocols, as well as pursuing accretive partnerships and acquisitions within the Solana ecosystem.

| 5 |

Our Treasury Policy is intended to bring value
to our stockholders through the following:

| · | utilizing intelligent capital markets issuances, including the issuance of equity, preferred and debt,                                  
 where we may issue capital for the benefit of stockholders to purchase and hold more SOL;                                               |
| · | staking the majority of the SOL in our treasury to earn a staking yield and turn the treasury into a productive                         
 asset;                                                                                                                                  |
| · | purchasing SOL at a discount to the current spot price, including through over the counter transactions                                 
 and strategic partnerships;                                                                                                             |
| · | actively participating in DeFi protocols and other onchain strategies to increase SOL per share;                                        |
| · | selling our SOL holdings, whether on the open market, through block trades, or other negotiated transactions,                           
 for various reasons and at various times, including, in order to repurchase shares of our Common Stock when our Board of Directors (the 
 “Board”) believes such repurchases will result in accretive value creation for our stockholders and at such times when                  
 it is legally permissible to do so.                                                                                                     |

We believe that SOL is the fastest and most used
public blockchain in the world, processing more transactions and generating more on chain fee revenue than all other blockchains combined.
Solana has established itself as a high-performance blockchain and one of the most active onchain ecosystems, primarily due to its differentiated