Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 70

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 70
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Solana was the fifth largest digital asset by market capitalization, excluding stablecoins. However, there are numerous alternative digital
assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned
blockchain platforms. If the mechanisms or network effects on alternative blockchain platforms are perceived as superior to the Solana
network, those digital assets could gain market share relative to Solana.

Many of the blockchain applications on large blockchain
networks involve the use of “stablecoins,” which are designed to maintain a constant price related to or based on some other
asset or traditional currency because of, for instance, their issuers’ promise to hold high-quality liquid assets (such as U.S.
dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. In July 2025, the U.S.
President signed into law the “GENIUS Act,” which establishes a federal framework for “payment stablecoins,” treating
them as payment systems, not securities, and mandating fiat-backed reserves, monthly disclosures, anti-money laundering safeguards, and
similar measures. Stablecoins have grown rapidly as a medium of exchange and store of value, particularly on digital asset trading platforms,
and their use as an alternative to digital assets such as bitcoin and SOL could expand further as rules are promulgated under the GENIUS
Act. As of June 30, 2025, two of the seven largest digital assets by market capitalization were U.S. dollar-pegged stablecoins. Stablecoins
are an important aspect of blockchain networks such as Solana and if other blockchains are deemed more attractive than Solana for the
use of stablecoins, that may impact the usefulness of the Solana network and Solana-based blockchain applications, and therefore the value
of SOL.

If we lose key personnel, if we fail to recruit additional highly skilled personnel, or if we lose the services of our Asset Manager, our ability to operate and manage our digital asset treasury strategy will be impaired.

Our ability to operate and manage our digital
asset treasury strategy depends upon our ability to attract and retain highly qualified personnel, including our newly appointed Chairman,
Kyle Samani, members of our executive team, or other key personnel. In addition, we rely heavily on the services of our Asset Manager
for the management of our digital asset treasury and for strategic guidance relating to our business, operations, growth initiatives and
industry trends in the crypto technology sector. The loss of the