Company Announcements

Trades Mark Initial Deployment of $1.65 Billion PIPE Led by Galaxy Digital, Jump Crypto, and Multicoin Capital

Company’s Position Follows Open Market and On-Chain Purchases

NEW YORK--(BUSINESS WIRE)--Sep. 15, 2025-- Forward Industries, Inc. (NASDAQ: FORD) (the "Company" or “Forward Industries”), the leading Solana treasury company, today announced initial liquid Solana (“SOL”) purchases totaled 6,822,000 at an average of $232 per SOL for a total cost of approximately $1.58 billion.

“Today’s purchase marks a significant milestone as Forward Industries begins executing its differentiated Solana treasury strategy, built to benefit from one of the fastest growing and most profitable blockchain networks,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries. “We are building the world’s largest Solana treasury company, a strategy that will both advance the Solana ecosystem and deliver long-term value for our shareholders. We are pleased to make some of our SOL purchases on-chain, which is the first of many activities we expect the Company to do natively on-chain.”

The Company acquired non-locked SOL through a combination of open market purchases and on-chain transactions, marking the initial deployment of proceeds from its recently closed $1.65 billion private investment in public equity (“PIPE”) financing led by Galaxy Digital (NASDAQ: GLXY), Jump Crypto, and Multicoin Capital. This included a $1 million trade executed via DFlow¹, a low-latency decentralized exchange aggregator built exclusively for Solana trading applications and on-chain market makers, with liquidity routed through SolFi, one of DFlow’s integrated providers. The on-chain transaction, the first of many for Forward Industries, underscores the ability for Forward Industries to receive the best execution for shareholders, by tapping into different types of trading venues.

The PIPE financing, which closed on September 11, 2025, marked the largest Solana-focused digital asset treasury raise to date and received participation from global investment firms and angel investors across the digital asset ecosystem, in addition to lead investors Galaxy Digital, Jump Crypto, and Multicoin Capital.

The Company previously stated its goal to build an institutional-scale treasury that can be deployed in sophisticated ways within the Solana ecosystem to create differentiated value and increase SOL per share at a faster rate than simply being a passive holder. In line with that strategy, Forward Industries has staked all of the Solana it has acquired to date.

“We are pleased to have built an exceptional SOL treasury in less than a week since closing our PIPE, marking the first step in executing our strategy,” said Michael Pruitt, Interim Chief Executive Officer of Forward Industries.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FORD) is a global design company serving top tier medical and technology companies. For over 60 years the company has been successful in developing and producing a portfolio of outstanding products for some of the world’s leading companies and brands. In September 2025, Forward Industries initiated a Solana treasury strategy dedicated to acquiring SOL and increasing SOL-per-share through bespoke strategies and active management of the company’s treasury. The Company’s Solana treasury strategy is supported by industry leading investors and operating partners, including Galaxy Digital, Jump Crypto, and Multicoin Capital. For more information on the Company’s Solana treasury strategy, visit sol.forwardindustries.com.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. These forward-looking statements address various matters including statements relating to the Company’s plan for value creation and strategic advantages, market size and growth opportunities. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, failure to realize the anticipated benefits of the transactions and the proposed digital asset treasury strategy; changes in business, market, financial, political and regulatory conditions; risks relating to the Company’s operations and business, including the highly volatile nature of the price of Solana and other cryptocurrencies; the risk that the price of the Company’s common stock may be highly correlated to the price of the digital assets that it holds; risks related to increased competition in the industries and markets in which the Company does and will operate (including the applicable digital assets market); risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes, as well as those risks and uncertainties identified in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.

¹ Transaction ID: 3qJcMu4fAppT1rc5jqBNJcxLB8NtbjWhn3AUaRBAHK45AyjBdKwW45mSaPPaM1AcsLoWfHHEo9dVHGs6uWaSYXM4

View source version on businesswire.com: https://www.businesswire.com/news/home/20250914533324/en/

Media Contact

Carissa Felger / Sam Cohen
Gasthalter & Co.
(212) 257-4170
Forward@gasthalter.com

Company Contact

Michael Pruitt
(704) 578-2238
mp@avenelfinancial.com

Kathleen Weisberg
(631) 547-3055
kweisberg@forwardindustries.com

Source: Forward Industries, Inc.