Forward Industries and Superstate Launch Tokenized FWDI Public Shares on Solana

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NEW YORK--(BUSINESS WIRE)--Dec 18, 2025--

Forward Industries (NASDAQ: FWDI), a leading Solana digital asset treasury company, today announced that its SEC-registered shares are now live on the Solana blockchain through Superstate’s Opening Bell platform marking the first time a public company’s equity can be used directly within decentralized finance (DeFi).

Through this integration, ex-US holders of Forward’s tokenized FWDI shares can now post their equity as collateral on Kamino, one of Solana’s leading lending protocols. Eligible investors can borrow stablecoins against their tokenized shares, gaining access to onchain liquidity while maintaining exposure to the underlying equity position. This marks the first time regulated public equity can be used as collateral within a live DeFi market. Additionally, Pyth supports this new functionality by providing real-time price feeds and market data to ensure transparency and accuracy across protocols that integrate tokenized FWDI.

“This milestone demonstrates the next evolution of tokenized markets where real equity can function natively within DeFi,” said Kyle Samani, Chairman of Forward Industries. “By enabling FWDI stock to serve as collateral on Solana, we’re unlocking a tangible bridge between traditional markets and the programmable financial systems that define the digital economy.”

While other tokenized stock products rely on synthetic or derivative structures, Superstate’s Opening Bell enables the direct tokenization of SEC-registered shares in collaboration with issuers. These are not representations, they are Forward Industries’ Class A Common Stock, recorded and updated onchain in real time by Superstate, a registered SEC transfer agent.

“Our announcement today with Forward brings a whole new level of transformation for public markets,” said Robert Leshner, CEO of Superstate. “Superstate has now made it possible to unlock the full potential of DeFi for real public equity onchain.”

Forward’s integration through Opening Bell illustrates how public companies can extend the life and utility of their stock beyond traditional exchanges, enabling programmable, always-on ownership that connects directly to the broader digital-asset economy. This collaboration between Forward, Superstate, and Kamino establishes the foundation for future onchain functionality as regulatory guidance continues to evolve.

This collaboration between Forward, Superstate, and Kamino establishes the foundation for future onchain functionality as regulatory guidance continues to evolve.

Existing FWDI shareholders who wish to hold their shares on Solana can do so by creating an account with Superstate ( https://superstate.com/register ) and following the instructions for transferring shares from a traditional brokerage account to an allowlisted Solana wallet through Superstate’s registered transfer agent. Detailed guidance is available in the Documents section of the investor’s Superstate’s platform portal.

About Opening Bell

Opening Bell, launched by Superstate in May 2025, is a regulated onchain tokenization platform enabling companies to make SEC-registered public equity shares available on major blockchains. It allows compliant, programmable equity to participate in digital finance ecosystems.

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 onchain public listings and tokenized investment products. Their offerings include Opening Bell, a platform for compliant onchain equities; USTB, a tokenized fund backed by US Treasuries; and USCC, a tokenized fund optimized for crypto basis exposure. Learn more at superstate.com.

About Forward Industries:

Forward Industries, Inc. (NASDAQ: FWDI) 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, 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 SEC. 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.

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CONTACT: Media:

Carissa Felger / Sam Cohen

Gasthalter & Co.

(212) 257-4170

[email protected] Relations:

Sean Mansouri, CFA / Aaron D’Souza

Elevate IR

(720) 330-2829

[email protected]

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SOFTWARE OTHER HEALTH PROFESSIONAL SERVICES HARDWARE BLOCKCHAIN FINTECH TECHNOLOGY DIGITAL CASH MANAGEMENT/DIGITAL ASSETS CRYPTOCURRENCY OTHER PROFESSIONAL SERVICES FINANCE OTHER TECHNOLOGY HEALTH

SOURCE: Forward Industries, Inc.

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PUB: 12/18/2025 08:00 AM/DISC: 12/18/2025 08:02 AM

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