Company Announcements

Company Expects to Take Equity Stake in Superstate to Advance Internet Capital Markets and Give Shareholders Ownership in the RWA Industry

NEW YORK--(BUSINESS WIRE)--Sep. 22, 2025-- Forward Industries, Inc. (NASDAQ: FORD) (the "Company" or “Forward Industries”), a leading Solana treasury company, today announced it has partnered with financial technology firm Superstate to allow stockholders to tokenize and hold FORD shares on the Solana blockchain. As part of the agreement, Forward Industries expects to take an equity stake in Superstate to further align interests and enable joint development of upcoming Superstate products, underscoring the Company’s commitment to pioneering on-chain capital markets activities.

Upon launch, shareholders will be able to tokenize their public shares of Forward Industries’ common stock through Superstate’s Opening Bell platform. The partnership is expected to expand the Company’s traditional equity by leveraging the Solana blockchain to enable 24/7 trading, real-time settlement, and enhanced global liquidity of FORD.

Building on the tokenization of FORD shares, the Company is working with Drift, Kamino, and Jupiter Lend—three of the largest borrowing and lending protocols on Solana—to establish tokenized FORD equity as eligible collateral across their systems.

“This partnership reflects the continued execution of our vision to make Forward Industries an on-chain-first company, including tokenizing our equity directly on the Solana mainnet,” said Kyle Samani, Chairman of the Board of Directors of Forward Industries. “By bringing public shares of FORD onto the Opening Bell platform and taking an equity stake in Superstate, we are reinforcing our conviction that Solana will sit at the core of capital markets while giving our shareholders direct participation in the future tokenized economy.”

“Through Superstate Opening Bell, Forward’s common shares will be tokenized on Solana, and shareholders will be able to bridge FORD between brokerage accounts and Solana,” said Robert Leshner, CEO & Co-Founder of Superstate. “But this partnership marks something bigger; the origin of Solana becoming the home of capital markets for public companies. A new era of shareholder access and innovation is coming soon.”

Opening Bell, launched by Superstate in May 2025, is a regulated on-chain issuance platform enabling companies to issue tokenized public equity via blockchain infrastructure, making shares available on-chain, initially utilizing Solana. It allows compliant, programmable equity to participate in digital finance ecosystems.

The partnership follows Forward Industries’ $1.65 billion private investment in public equity (“PIPE”) financing, which closed on September 11, 2025, as the largest Solana-focused digital asset treasury financing to date. The PIPE was led by Galaxy Digital, Jump Crypto, and Multicoin Capital, which collectively subscribed to more than $350 million and agreed to provide ongoing strategic support alongside their capital commitments.

To learn more about Forward Industries' Solana treasury strategy, please visit sol.forwardindustries.com.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of Forward Industries’ securities, nor shall there be any sale of Forward Industries’ securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.

About Superstate

Superstate is a financial technology firm reshaping public capital markets. They connect financial assets with crypto capital markets to expand access, improve liquidity, and advance capital formation through on-chain public investment products. Their offerings include Opening Bell, a platform for compliant on-chain equity issuance and tokenization; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250921526858/en/

Media Contact

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

Forward Contact

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

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

Superstate Contact
Rachel Keidan
(310) 729-0851
rachel@superstate.co

Source: Forward Industries, Inc.