Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 30

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 30
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 as security failures or regulatory or operational problems than trading venues for more established asset classes, which may result in a loss of confidence in digital asset trading venues and adversely affect the value of digital assets, and the Company’s financial position, operations and prospects.

Digital asset trading venues are relatively new and,
in many cases, unregulated. Furthermore, there are many digital asset trading venues that do not provide the public with significant information
regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may
lose confidence in digital asset trading venues, including prominent exchanges that handle a significant volume of such trading and/or
are subject to regulatory oversight, in the event one or more digital asset trading venues cease or pause for a prolonged period the trading
of digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.

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Negative perception, a lack of stability in the broader
digital asset markets and the closure, temporary shutdown or operational disruption of digital asset trading venues, lending institutions,
institutional investors, institutional miners, custodians, or other major participants in the digital asset ecosystem, due to fraud, business
failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence
in digital assets and the broader digital asset ecosystem and greater volatility in the price of digital assets. The price of our listed
securities may be affected by the value of our future digital asset holdings, and the failure of a major participant in the ecosystem
could have a material adverse effect on the market price of our listed securities.

Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our proposed holdings of digital assets. Accordingly, it may be difficult to evaluate the Company’s business and future prospects, and the Company may not be able to achieve or maintain profitability in any given period.

Our historical financial statements do not reflect
the potential variability in earnings that we may experience in the future from holding or selling digital assets. The price of digital
assets generally has historically been subject to dramatic price fluctuations and is highly volatile. We will need to perform an analysis
each quarter to identify whether events or changes in circumstances indicate that our digital assets are impaired. As a result, volatility
in our earnings may be significantly more than what we experienced in prior periods.

Digital asset holdings are less liquid than cash and cash equivalents and may not be able to serve as a source of liquidity for us to