Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 6

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 6
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.S.

We provide a complete range
of design, engineering and development services with respect to a diverse array of consumer and industrial electronics products. These
include but are not limited to medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting,
security and detections systems, cameras, wearables and vehicle controls. Solutions in these and other areas are designed and developed
in-house, beginning at product concept, extending through design, engineering and prototype, and final design for manufacturing and computer-aided
design files.

New Treasury Strategy

On September 8, 2025, in connection
with the Private Placement (as defined below), we announced the launch of our digital asset treasury strategy, pursuant to which we plan
to pursue a number of strategic initiatives to acquire SOL and other digital assets. We entered into the Asset Management Agreement and
Services Agreement (each as defined below) to guide us through the implementation of our new digital assets treasury business. On September
15, 2025, we announced our initial liquid SOL purchases of 6,822,000 at an average price of $232 per SOL, or $1.58 billion in the aggregate.
As of October 15, 2025, our SOL holdings totaled 6,871,599.06 SOL.

Under our new treasury policy
and strategy (the “Treasury Policy”), the principal holding in our treasury reserve on the balance sheet will be allocated
to digital assets, primarily SOL by applying a public-market treasury model to an asset that’s 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 (“”) protocols, as well as pursuing acc