Forward Industries Set to Join the Russell 2000® and 3000® Indexes

Forward Industries (NASDAQ: FWDI), a Solana treasury company, is set to join the Russell 2000® and Russell 3000® indexes after the US market opens on June 29, 2026.

Rhea-AI Summary

Forward Industries (NASDAQ: FWDI), a Solana treasury company, is set to join the Russell 2000® and Russell 3000® indexes after the US market opens on June 29, 2026. Membership follows FTSE Russell’s market-capitalization and style-based selection from the 3,000 largest US stocks.

According to Forward, index inclusion may broaden its shareholder base, enhance trading liquidity, and increase visibility among institutional investors.

Positive

• Russell 2000 and 3000 index inclusion effective June 29, 2026
• Management expects broader shareholder base and liquidity from index inclusion
• Company advancing a disciplined Solana treasury strategy to compound SOL-per-share

Negative

• None.

Argus May 26 session

+2.62% close to close Open Argus

Details

News Market Reaction – FWDI

On May 26, the day this news came out, FWDI closed 2.62% above the previous close.

Data tracked by StockTitan Argus for the May 26 session.

Market Context

This announcement highlights FWDI’s planned inclusion in the Russell 2000® and 3000® indexes, signal...

Analysis

This announcement highlights FWDI’s planned inclusion in the Russell 2000® and 3000® indexes, signaling it ranked among the 3,000 largest U.S. stocks as of April 30, 2026. Combined with recent moves—a $27.4 million repurchase, a $40 million debt facility, and Solana-focused investments—the index milestone adds potential visibility and liquidity. Investors may watch how trading activity evolves after the June 29, 2026 effective date and how consistently the company executes its Solana treasury strategy.

Key Figures

Russell reconstitution effective date: June 29, 2026 Russell additions list date: May 22, 2026 Russell universe size: 3,000 stocks +5 more

Russell reconstitution effective date

June 29, 2026

Effective after US market opens for index inclusion

Russell additions list date

May 22, 2026

Preliminary additions list posting date

Russell universe size

3,000 stocks

Largest US stocks captured in Russell US indexes

Share repurchase amount

$27.4 million

Privately negotiated repurchase referenced in recent filings

Share reduction

7.4%

Cut in basic shares from repurchase program

Galaxy Digital facility

$40 million

Debt facility secured by treasury fwdSOL

Target SG&A level

$4.8 million

Quarterly SG&A target from cost reduction plan

OnRe Series A

$5 million

Series A round co-led by Forward Industries

Historical Context

5 past events · Latest: May 14

5 events

1. May 14

   Earnings and strategy

   24h Move

   -11.6%

   Fiscal Q2 2026 results, buyback, debt facility and cost reduction plan.

2. May 05

   Crypto investment

   24h Move

   +5.8%

   Co-led $5M Series A in OnRe and planned ONyc deployment on Solana.

3. May 04

   Conference call setup

   24h Move

   +1.6%

   Scheduled fiscal Q2 2026 results call focused on SOL treasury strategy.

4. Apr 14

   CFO appointment

   24h Move

   -1.7%

   Named new CFO to support digital asset and Solana treasury scaling.

5. Mar 19

   Share repurchase

   24h Move

   -0.7%

   Repurchased over 6.1M shares and added $40M Galaxy Digital debt facility.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

russell 2000, russell 3000, ftse russell, market capitalization, +2 more

6 terms

russell 2000 financial

"set to join the small-cap Russell 2000® Index and broad-market Russell 3000® Index"

An index that tracks the performance of roughly 2,000 smaller publicly traded U.S. companies, ranked by their size measured in market value. Investors use it like a thermometer for the small‑company segment of the stock market: it shows how that part of the market is doing, serves as a common benchmark for small‑cap funds, and helps gauge risk appetite and economic trends that often affect smaller businesses more than large ones.

russell 3000 financial

"set to join the small-cap Russell 2000® Index and broad-market Russell 3000® Index"

A broad stock-market index made up of the roughly 3,000 largest publicly traded U.S. companies, ranked by their total market value. It serves as a wide “basket” of American stocks that reflects the overall performance of the U.S. equity market, so investors use it as a benchmark or to gain broad exposure through index funds and ETFs—similar to watching an economy-sized shopping cart to judge how an entire store is doing.

ftse russell financial

"FTSE Russell determines membership for its Russell indexes primarily by objective"

FTSE Russell is a global index provider that creates and maintains lists (indexes) showing how groups of stocks perform, similar to a scoreboard that ranks companies by size, sector and trading activity. Investors use these indexes as benchmarks and as the basis for investment products like index funds and ETFs, so when a stock is added or removed it can trigger buying or selling that affects its price and liquidity.

market capitalization financial

"ranking them by total market capitalization"

Market capitalization is the total market value of a company’s outstanding shares, calculated by multiplying the current share price by the number of shares issued. It gives a quick snapshot of a company’s size and how investors value it, influencing perceived risk, index membership, and roughly how much it might cost to buy the whole company — like using a sticker price to compare the relative size and price of different houses.

View in glossary

sg&a financial

"a cost reduction plan targeting $4.8 million quarterly SG&A"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

apr financial

"borrowed $40 million from Galaxy Digital at ~3.4% APR, secured by treasury fwdSOL"

Annual Percentage Rate (APR) is the yearly cost of borrowing money expressed as a percentage, combining interest and most fees into a single rate so borrowers can compare loans like comparing price tags. For investors, APR matters because it affects how much companies pay to raise capital, influences consumer demand for credit, and helps compare returns or costs across loans, bonds, and financial products — all of which can change profits and valuations.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AUSTIN, TX, May 26, 2026 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: FWDI) (the "Company" or “Forward”), the leading Solana treasury company, today announced that it is set to join the small-cap Russell 2000^® Index and broad-market Russell 3000^® Index after the Russell indexes’ semi-annual reconstitution, effective after the US market opens on June 29, 2026, according to a preliminary list of additions posted on May 22, 2026.

The semi-annual reconstitution of the Russell US indexes captures the 3,000 largest US stocks as of April 30, 2026, ranking them by total market capitalization. Membership in the Russell 3000^® Index also results in automatic membership in the large-cap Russell 1000^® Index or small-cap Russell 2000^® Index and the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings, and style attributes.

Ryan Navi, Forward's Chief Investment Officer, stated, “Inclusion in the Russell 2000^® and Russell 3000^® marks an important milestone for Forward and reinforces the growing institutional recognition of our strategy, scale, and execution. We believe index inclusion will expand our shareholder base, improve trading liquidity, and increase visibility among long-term institutional investors. As we continue executing our disciplined Solana treasury strategy and compounding SOL-per-share, we believe Forward is well-positioned to establish itself as a leading institutional platform for digital asset exposure.”

For more information on the Russell 2000^® Index, Russell 3000^® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

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.

About FTSE Russell, an LSEG Business

FTSE Russell is a global index leader that provides innovative benchmarking, analytics, and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering 98% of the investable market globally. FTSE Russell index expertise and products are used extensively by institutional and retail investors globally. Approximately $18.1 trillion is benchmarked to FTSE Russell indexes. Leading asset owners, asset managers, ETF providers, and investment banks choose FTSE Russell indexes to benchmark their investment performance and create ETFs, structured products, and index-based derivatives. A core set of universal principles guides FTSE Russell index design and management: independent committees of leading market participants inform a transparent rules-based methodology. FTSE Russell is focused on applying the highest industry standards in index design and governance and embraces the IOSCO Principles. FTSE Russell is also focused on index innovation and customer partnerships as it seeks to enhance the breadth, depth, and reach of its offering. FTSE Russell is wholly owned by the London Stock Exchange Group.

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, expected cost reductions, 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; the ability to realize anticipated cost savings from the cost reduction plan; 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.

Contacts

Media Contact
Garrison Yang
Forward Industries, Inc.
comms@forwardindustries.com

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

When will Forward Industries (NASDAQ: FWDI) join the Russell 2000 and 3000 indexes?

Forward Industries is set to join the Russell 2000 and Russell 3000 after the US market opens on June 29, 2026, according to Forward. The company appeared on a preliminary additions list posted May 22, 2026, pending completion of the Russell US indexes’ semi-annual reconstitution.

What does Russell 2000 and 3000 index inclusion mean for FWDI shareholders?

Russell 2000 and 3000 inclusion could increase FWDI’s visibility and investor reach, according to Forward. The company believes index membership may expand its shareholder base, improve trading liquidity, and attract long-term institutional investors that track or benchmark against these widely followed US equity indexes.

Why was Forward Industries (FWDI) selected for the Russell 2000 and 3000 indexes?

Forward’s inclusion reflects FTSE Russell’s process of ranking the 3,000 largest US stocks by total market capitalization as of April 30, 2026. According to Forward, membership is determined primarily by objective market-capitalization rankings and style attributes within the Russell US index family’s semi-annual reconstitution.

How could FWDI’s Russell index inclusion affect its trading liquidity?

Forward believes Russell 2000 and 3000 inclusion may improve FWDI’s trading liquidity over time. Index membership can attract passive and active funds that track or reference these benchmarks, potentially increasing daily trading volumes and facilitating more efficient entry and exit for institutional and retail investors.

What is Forward Industries’ business focus as it joins the Russell indexes?

Forward describes itself as a leading Solana treasury company focused on a disciplined Solana (SOL) strategy. According to Forward, it aims to compound SOL-per-share and position itself as a key institutional platform for digital asset exposure as it gains index-related visibility.