Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 36

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 36
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 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 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