Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 37

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 37
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 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
approach to blockchain design, committed and growing developer community, and strong social layer.

There can be no assurance that the value of SOL
will increase, and investors should carefully consider the risks associated with digital assets. See “Risk Factors - Risks Related to the Company’s Business and Solana Strategy and Holdings” for additional information.

How We Earn Staking Rewards

To earn staking rewards, we intend to delegate
our SOL to our own validators, which are operated by third-party service providers through a white-label arrangement. We may also delegate
to other third-party SOL validators via Solana’s in-protocol delegation system. We will continue to keep the SOL held by third party
custodians. This means we deposit our SOL into a stake account, which is then delegated to a validator’s vote account. Both our
validators and the third-party validators we select are integrated into our qualified custodians’ platforms, allowing us to stake
SOL to them directly from our custody accounts. We will work closely with our white-label service provider for our validators to achieve
a track record of high performance, high yield generation, and attractive delegator economics. We will also delegate to other third-party
validators who, in our opinion, have demonstrated a similar track record. We use multiple validators, both our own and third-party, to
seek to maximize the return on our SOL treasury and to mitigate the risk of having only one or two validators for our treasury st