UPDATE: Forward Industries Announces $25 Million Registered Direct Offering with Institutional Investor

Company Intends to Use Proceeds to Acquire SOL

AUSTIN, TX, Sept. 23, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or "Forward"), the leading Solana treasury company, today announced that it has entered into a securities purchase agreement with an institutional investor for the purchase and sale of 3,125,000 shares of the Company's common stock at a price of $8.00 per share.

Aggregate gross proceeds are expected to be approximately $25 million, before fees and deducting placement agent fees and other estimated offering expenses. The offering is expected to close on or about September 24, 2026, subject to customary closing conditions. Forward intends to use the net proceeds to acquire additional SOL to grow the absolute size of its SOL treasury while the Company increases SOL per fully diluted share.

A.G.P./Alliance Global Partners is acting as sole placement agent for the offering.

The shares are being offered pursuant to the Company's effective shelf registration statement on Form S-3ASR (File No. 333-290312), which was declared effective by the Securities and Exchange Commission ("SEC") on September 17, 2025. A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC's website at www.sec.gov. Additionally, when available, electronic copies of the prospectus supplement and the accompanying prospectus may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

About Forward Industries, Inc.

Forward Industries, Inc. (NASDAQ: FWDI) is a Solana focused digital asset treasury company, with the strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL related digital assets, protocols and businesses. Forward's mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with, providing tools to and investing in the Solana network, Solana developers and Solana related projects in order to increase shareholder value. In connection with a private placement transaction in September 2025, Forward launched a digital asset treasury strategy supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. For more information on the Company's Solana treasury strategy, visit www.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, and 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 anticipated use of proceeds from the offering, the expected closing date of the offering, the expected impact of the offering on SOL per share, the Company's plan for value creation and strategic advantages, and 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 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 and the incurrence of indebtedness; 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 the performance and expected return of the companies and projects that the Company has invested in; 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. Investors should not place undue reliance on forward-looking statements.

Contacts
Media Contact
comms@forwardindustries.com

Investor Relations Contact
Sean Mansouri, CFA / Aaron D'Souza
Elevate IR
(720) 330-2829
ir@forwardindustries.com