Forward Industries tokenized common stock (Superstate Opening Bell) · Stock
You own the registered share itself, subject to the official shareholder register.Eligible holders can redeem through the issuer. The issuer or its operator can reclaim or freeze tokens on-chain.
warning The token is the registered share, but protocol custody is not open by default. Escrow and liquidation accounts must be approved and reconciled with the shareholder register, and the permanent delegate can override program custody.
Claim vs observed reality
warning
Terms say the shares are unrestricted; the governing agreement and chain enforce an allowlist
Published claim
Superstate’s Transfer Agent and Terms of Service Agreement states: “These shares are not subject to transfer restrictions.”
The filed Digital Transfer Agency Agreement requires tokens to be held and transferred only by allowlisted wallets or pools. All four Solana equity mints use DefaultAccountState=Frozen, and the Allowlist programme must thaw an account before it can transact.
Why it mattersA buyer cannot infer free transferability from the terms. The restriction is operationally enforced by code even though another issuer document says the opposite.
Observed
What you own
Claim depth
rung 4 of 4 — registered share
Legal form
Registered share§
confirmed
These are not derivatives or representations; they are Galaxy Digital Class A Common Stock, with all the…
Superstate Services LLC (Delaware LLC, 205 W 28th Street Floor 8, New York, NY 10001) acting as 'Digital…§
confirmed
Full Name of Registrant: Superstate Services LLC 3(a)(i). Previous name, if being amended: 3(b). Financial…
www.sec.gov · Form TA-1/A item 3(a), filed 2026-03-25… · read
Jurisdiction
Delaware LLC, principal offices New York, NY, USA. Issuers are…§
confirmed
This Digital TRANSFER AGENCY AGREEMENT (this "Agreement") is entered into as of August 8, 2025 (the…
www.sec.gov · preamble, Digital Transfer Agency Agreement… · read
Governing law
New York law (Superstate Transfer Agent & Terms of Service Agreement §12…§
confirmed
Superstate is a registered Transfer Agent with the SEC pursuant to Section 17A of the Securities Exchange Act…
superstate.com · s.5.1 SEC Registration and Compliance · read
Regulatory status
Fully regulated US path. The underlying security is registered common stock of an SEC-reporting…§
confirmed
1(e)(i). File Number: 084-06972 Submission Contact Information The registrant may provide a
www.sec.gov · Form TA-1/A item 1(e)(i), filed 2026-03-25 · read
Redemption
yes — Any allowlisted holder with an approved Superstate account. 'Burn to… · rails: Send tokens to the published equity burn address on Solana… · fees: Superstate charges no processing fee for burn/transfer; the holder pays…§
confirmed
Tokens can be converted back into book-entry shares. Some investors may choose to do this in order to then…
Code can hold the balance, but seizure or realisation still depends on issuer recognition, allowlisting, or a claim weaker than possession suggests.
The token is the registered share, but protocol custody is not open by default. Escrow and liquidation accounts must be approved and reconciled with the shareholder register, and the permanent delegate can override program custody.
Technical custody
The protocol must be onboarded
Economic control after default
The share can move only to an eligible owner
Programmatic collateral today
Confirmed for this exact token: Kamino.
Can seizure become cash?
Conditional — issuer redemption requires KYC/AML and is not an autonomous smart-contract exit.
Autonomous market exit
No exact-token DEX pool is confirmed; an autonomous market exit is not established.
Template: Registered common share maintained by Superstate as transfer agent · token-2022 · clawback + allowlist + rebase. “Can recover” means an issuer has the capability, not a duty to act.
Every new account starts frozen and must be thawed by the transfer agent. A program-controlled account can participate only after identity, eligibility and register requirements are satisfied; scaled balances also require explicit protocol support.
Borrower defaultissuer-mediated
Can the lender seize and realise value?
The share can move only to an eligible owner
A liquidation cannot send the registered share to an arbitrary buyer or AMM. The lender or buyer must be eligible and reflected in the register, so enforcement depends on transfer-agent cooperation even though the collateral is a real share.
Protocol hackedissuer-may-recover
Can the transfer be stopped or reversed?
The register and clawback support intervention
The transfer agent can freeze accounts and use the permanent delegate to move or burn balances after a hack. That can preserve the registered owner's rights, but makes an on-chain protocol's possession non-final.
Access or key lossdiscretionary-recovery
Can a stranded balance be recovered?
Registered ownership can survive key loss
Because the shareholder is identified on the register, the transfer agent can potentially cancel or move a stranded token and preserve the share. The protocol cannot trigger that remedy without the transfer agent accepting the claim.
Verification
Strength
5 of 5 — register
Type
Transfer agent register§
confirmed
Master Security holder File means the database shareholder record of ownership maintained by the RTA…
The issuer's own numbers, not an independent price, and read at the issuerApi time in the footer — which can be hours older than the rest of this card, so a trading status here may disagree with the reference section above.
Issuing entity the API names
Forward Industries, Inc.
CUSIP
349862409
Equity type
Common
Allowlist type
Public
Total supply
8,723,440.00
Circulating supply
7,280,820.00
Current price
$7.69
Token / trade / minting enabled
yes / yes / yes
Trust chain
Thirteen actors stand between you and the company, and nine rights flows run between them. A lane’s colour is how well the link is evidenced and its line style is how it was verified; neither is typed by hand. An actor nobody fills keeps its seat, because an empty one is the finding.
Colour — who said so
documented — the source’s own words, read and quoted
inferred — our reading of the structure, not the source’s words
asserted — written down, nobody has checked since
unknown — nothing found for the fields this link rests on
Line — how it was checked
onchain — read off the ledger
attested — a third party vouches for it
self-reported — only the issuer says so
none — not verifiable from where we stand
Ownership of the underlyingdocumented · attested
Ownership of the underlying: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. legalForm=registered-share…
Issuance and redemption: Holder → Tokenization provider → Token issuer. redemption.available=yes; redemption.eligibility=Any allowlisted holder with an…
redemption.availableconfirmed
redemption.eligibilityconfirmed
redemption.railsconfirmed
redemption.feesconfirmed
redemption.kycconfirmed
redemption.minimumunverified
Transfer and controldocumented · onchain
Transfer and control: Holder → Token program and keys → Tokenization provider. transferRestrictions.allowlist=yes; transferRestrictions.kycToHold=yes…
transferRestrictions.allowlistconfirmed
transferRestrictions.kycToHoldconfirmed
transferRestrictions.mechanismconfirmed
keyGovernance.freezeconfirmed
keyGovernance.delegateconfirmed
knownExtensionsno claim
Dividends and cash entitlementsdocumented · onchain
Dividends and cash entitlements: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. dividends=cash…
dividendsconfirmed
corporateActionsconfirmed
keyGovernance.rebaseconfirmed
Voting and information rightsdocumented · attested
Voting and information rights: Underlying company → Custodian or prime broker → Token issuer → Transfer agent → Holder. voting=full
votingconfirmed
Corporate actionsdocumented · onchain
Corporate actions: Underlying company → Custodian or prime broker → Token issuer → Token program and keys → Holder. corporateActions=Dividends: on Board…
corporateActionsconfirmed
keyGovernance.rebaseconfirmed
Price and reserve verificationdocumented · attested
Price and reserve verification: Reference market → Attestor or oracle → Wallet or venue → Holder. pricing.referenceMarket=exchange-nbbo…
pricing.referenceMarketconfirmed
pricing.arbitrageableconfirmed
custodyVerification.typeconfirmed
custodyVerification.agentconfirmed
custodyVerification.frequencyconfirmed
Regulatory permission and disclosuredocumented · attested
Regulatory permission and disclosure: Law, regulator and courts → Token issuer → Tokenization provider → Holder. regulatoryStatus=Fully regulated US path. The…
The same 38 questions are put to every issuer, so a gap is visible as a gap. An outcome is never invented. The quote behind each answer, the cases and where we looked are on the issuer panel.
Holder
documentedMy private keys are stolen and the tokens are moved. Can they be recovered, frozen or reissued?
Stolen tokens are reconstituted rather than chased: the Terms promise “Allowlist restrictions and recovery mechanisms” with “operational delays in…
documentedI still hold my keys but was defrauded: a fake token, a fake redemption site, a social-engineered transfer. Does the issuer or venue offer any recourse?
Impostor tokens are addressable before the fact, not after: the issuer publishes the one canonical mint and says any other contract claiming to be its onchain…
inferredI die. Can my heirs claim the tokens, transfer them or redeem them? Is a probate process recognised?
No Superstate document mentions death, probate, heirs or a beneficiary designation. Structurally your estate inherits an uncertificated registered share…
[3] · Schedule A §3.1 Shareholder Information (record… · read 18 Sep 2026
documentedA court orders my tokens transferred, frozen or seized (divorce, judgment, bankruptcy of the holder). Can the issuer comply, and will it?
Yes, and the power is pre-wired: the mint carries a permanent delegate (the Allowlist program) that can move or burn your tokens without your signature, and…
inferredI move to a jurisdiction where the token is not offered (for example I become a US person). Can I keep it, sell it, redeem it?
Nothing forces you out. There is no eligibility-survival, forced-sale or forced-redemption clause anywhere, and US persons are inside the intended audience…
documentedI am in, or become subject to, a sanctioned jurisdiction or list. Are my tokens frozen, seized, redeemable?
Sanctions screening is a condition of being on the Allowlist at all, and the published eligibility excludes jurisdictions subject to US sanctions, so a…
inferredThe venue or broker where I hold the tokens goes bankrupt. Are the tokens mine or the venue's estate?
There is no exchange or broker in this structure to go bankrupt: the token has no listed venue, it sits in your own allowlisted wallet, and the share is…
documentedThe venue delists the token or halts trading. Where can I sell, and can I withdraw to self-custody?
Nothing can delist a token that was never listed: the issuer's own 10-K says there are no trading venues for the tokenized shares and that they are expected to…
[5] · p. 27, risk factor “Our shares of common stock… · read 18 Sep 2026
Token program and keys
documentedMy token account is frozen by the issuer. On what grounds can that happen, with what notice, and is there an appeal?
Frozen is the default, not the exception: every token account is created frozen (DefaultAccountState=Frozen on the mint) and is thawed only by Superstate's…
documentedThe issuer uses the permanent delegate or a clawback to move or burn my tokens without my signature. When may it, and what do I get?
Superstate can burn your tokens without your signature: the mint carries a PermanentDelegate whose authority is the Allowlist program, and Superstate's docs…
inferredThe mint, freeze or delegate authority key is compromised or lost. Can tokens be minted without backing, frozen en masse, or seized? Is there a recovery path?
No document addresses key compromise, so the on-chain layout decides the exposure: each mint's authority is a single funded keypair which also holds that…
documentedThe token program, a transfer hook or the allowlist program has a bug or is upgraded. Who controls upgrades, and is a migration to a new mint foreseen?
You carry it: the Terms say smart contracts “may contain bugs, vulnerabilities, or unintended behavior that could result in loss or theft of tokens. You assume…
inferredThe multiplier or supply adjustment is set wrongly (too high, too low, late). Who corrects it, and who bears the trades made in between?
Nothing documents who corrects a wrong multiplier or who eats the trades in between. Structurally the ScaledUiAmount authority is the mint's own single funded…
documentedThe token issuer goes bankrupt. Is the underlying segregated from its estate, who enforces my claim, and roughly how long until I see anything?
There is no interposed token issuer to fail — the token is the company's own registered share, so nothing is segregated and nothing needs to be. The Terms…
documentedThe issuer decides to stop (as Remora did). What notice do I get, how do I redeem, and what if I miss the window?
A wind-down is 60 days' notice between Superstate and the company, not to you: either party may terminate for convenience on 60 days' written notice (30-day…
[3] · §7.3 Termination for Convenience (see also §7.4… · read 18 Sep 2026
documentedThe issuer is acquired or its control changes (as Backed was by Kraken). Do my terms change, and can I redeem at that point?
Your terms are not yours to hold: you are not a party to the transfer-agency agreement, which the company may assign in a merger, acquisition or sale of…
documentedThe backing turns out to be short (as with the SpaceX xStocks unwind). Who bears the loss, and how is it allocated among holders?
There is no reserve to fall short — the token is the share — so the equivalent failure is the register and the chain disagreeing, and the Terms put that…
documentedI ask to redeem and the issuer refuses or delays (KYC not accepted, minimum not met, gate). What are my rights?
Refusal is a reserved right with no published appeal: Superstate may refuse to transfer or convert until satisfied the endorsement is genuine and the request…
[3] · Schedule A §3.5.5.3 Exchange or Transfer Denial · read 18 Sep 2026
documentedThe issuer changes the terms after I bought. Can it, unilaterally? With what notice? Do I get to exit first?
Unilaterally, and without notice: “We may, at any time without notice, modify or discontinue all or part of Superstate Services”, and you are bound by whatever…
documentedThe platform operator (the tokenization provider under its services agreement) fails or terminates. Can the issuer operate without it, and can I still redeem?
Superstate is both the platform operator and the transfer agent, so its failure stops minting, burning, thawing and allowlisting at once. Contractually it must…
documentedThe transfer agent stops or loses its registration. Is my share still recorded, and can I convert to book-entry form?
Your share stays recorded and convertible: the Master Securityholder File is the issuer's Recordkeeping Transfer Agent's (Equity Stock Transfer for FWDI)…
n/aThe security agent or trustee resigns, fails or is conflicted. Who enforces the pledge for holders?
There is no security agent, trustee or pledge in this structure, so none can fail: you own the registered share itself rather than a claim secured over…
read 18 Sep 2026
Custodian or prime broker
documentedThe custodian or prime broker holding the shares goes bankrupt. Are the shares client property, insured (SIPC or equivalent), or part of the estate?
No custodian holds these shares: the token sits in your own allowlisted wallet and the share in your own name on the transfer agents' books, with Turnkey…
inferredThe underlying is lent out or rehypothecated and the borrower defaults. What backs my token then?
Nobody lends the underlying, because there is no pool to lend: the share is the token in your own wallet, and no document mentions lending, pledging or…
n/aThe proof-of-reserve or attestation is wrong, stale or stops. Who is liable, and what does the issuer do?
There is no proof-of-reserve, auditor attestation or reserve feed for these equities, and structurally none is needed — the token is the share, not a claim on…
inferredThe company is acquired or merged, for cash or for shares. What do I receive, and when?
You should receive exactly what other holders of record receive, because you are one: the same class, the same CUSIP, and “identical rights” regardless of…
[5] · p. 27 (“All issued shares, regardless of form… · read 18 Sep 2026
inferredThe company is delisted or goes private. Does the token terminate, and at what value?
The token does not terminate: nothing in any document ties it to a listing, and your claim is the share itself, so a delisting changes the exit rather than the…
documentedThe company goes bankrupt. Do I take part in the shareholder recovery, or does the token just go to zero?
You take part in the shareholder recovery exactly as any other common stockholder: “All issued shares, regardless of form, represent identical rights”, the…
[5] · p. 27, “Our shares of common stock are issued… · read 18 Sep 2026
documentedA split, reverse split, spin-off or rights issue happens. How is it mirrored on-chain, and what happens to the parts that cannot be (a spun-off share, a right)?
A split is mirrored by restating balances rather than by moving tokens: the mints carry the Token-2022 ScaledUiAmount extension and Superstate publishes the…
documentedThe company pays a dividend and I do not receive it, or receive less than a shareholder would. Where does it go, and can I claim it?
Dividends do not flow through the token: on declaration the company instructs the RTA with the declaration, ex, record and payment dates and the per-share…
unknownWho withholds tax on dividends, at what rate, and can I reclaim under a treaty? Who reports my holding to tax authorities?
We could not establish who withholds, at what rate, or how a treaty claim would be made. Superstate holds your taxpayer identification number and is…
read 18 Sep 2026
n/aFor a private company: the IPO or liquidity event happens, or never happens. What do I receive, and what if the issuer never receives proceeds?
This structure has no private-company case: all four in-scope securities are SEC-registered classes of exchange-listed reporting companies, already liquid on…
read 18 Sep 2026
documentedCan I vote the shares, and if not, who does? Do I receive shareholder information?
The vote is yours in principle: you are the holder of record — the register keeps your name, address and taxpayer ID against your tokens, held in…
documentedThe reference market is closed, halted or the oracle is stale. What price applies to trading, redemption and margin?
For primary issuance the failures are explicit: orders are only processed on Market Days between 9:00 and 16:00 ET and “trades submitted outside of normal…
documentedA regulator acts against the issuer, the provider or a venue (licence revoked, cease-and-desist, enforcement). What happens to my holding?
The issuers' own filings say the downside is an unwind: if regulators find the platforms, mechanisms or participants non-compliant, they “could face…
[7] · p. 26, Solana Company (HSDT) FY2025 Form 10-K… · read 18 Sep 2026
documentedThe law changes: the token is reclassified, banned in my jurisdiction or the issuer's exemption ends. What happens to my holding?
The risk is disclosed and it lands on you: “the use of tokenized securities is a rapidly evolving space subject to change which could affect the use and…
documentedI have a dispute. Where do I sue or arbitrate, under which law, and can I join others (class action, collective redress)?
You arbitrate, alone, in New York: JAMS Comprehensive Rules, one arbitrator, under New York law, with exclusive New York jurisdiction for anything outside…
documentedSolana halts or forks. What happens to a redemption request, a corporate action or a deadline that falls in the outage?
Your share survives; your ability to move it does not. The 10-K says that if Solana “experiences downtime, congestion, forks, or other technical issues…
[5] · p. 27, risk factor “Our shares of common stock… · read 18 Sep 2026
permissionless custody and default enforcement good · usable with explicit protocol support or eligibility conditions caution · generic escrow or meaningful default enforcement is blocked warning
The token is the registered share, but protocol custody is not open by default. Escrow and liquidation accounts must be approved and reconciled with the shareholder register, and the permanent delegate can override program custody.
Authority keys
caution
—
a multisig or a program good · a hot key caution
mint: hot-key · freeze: program · delegate: program · rebase: hot-key
mint, rebase authority held by a hot key
Trading pause
not measured
—
not paused good · paused warning
control paused: — · issuer api paused: —
neither the mint nor an issuer API reports a pause state
Frozen accounts
caution
9
none in the top 20 good · ≥ 1 in the top 20 caution