Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 7

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 7
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 or similar expressions does not mean that a statement is not forward-looking. We have based
these forward-looking statements largely on our current expectations and projections about future events and financial trends that we
believe may affect our financial condition, results of operations, business strategy and financial needs.

The results anticipated by any or all of these
forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially
from these forward-looking statements are contained in the risk factors that follow and elsewhere in this prospectus and the documents
incorporated by reference. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. For more information regarding some of the ongoing risks and uncertainties of our business,
see the risk factors that follow and/or that are disclosed in our incorporated documents.

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<div align='center'>SUMMARY</div>

Company Overview

Forward is an engineering design company serving
top-tier customers worldwide. The Company provides hardware and software product design and engineering services to customers predominantly
located in the U.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.

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