Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 139

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 139
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 to function or the willingness of financial and other institutions to continue to provide services to the digital
assets industry, nor how any new regulations or changes to existing regulations might impact the value of digital assets generally and
SOL specifically. The consequences of increased regulation of digital assets and digital asset activities could adversely affect the market
price of SOL and in turn adversely affect the market price of our common stock.

 10 

Moreover, the risks of engaging
in a digital asset treasury strategy are relatively novel and have created, and could continue to create complications due to the lack
of experience that third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability
insurance or the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets
industry in general, and the use and acceptance of SOL in particular, may also impact the price of SOL and is subject to a high degree
of uncertainty. The pace of worldwide growth in the adoption and use of the Solana network and SOL may depend, for instance, on public
familiarity with digital assets, ease of buying, accessing or gaining exposure to SOL, institutional demand for SOL as an investment asset,
the participation of traditional financial institutions in the digital assets industry, consumer demand for SOL as a means of payment,
and the availability and popularity of alternatives to SOL. Even if growth in SOL adoption occurs in the near or medium term, there is
no assurance that SOL and Solana network usage will continue to grow over the long term.

Because SOL have no physical
existence beyond the record of transactions on the Solana blockchain, a variety of technical factors related to the Solana blockchain
could also impact the price of SOL. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize
validating of Solana transactions, hard “forks” of the Solana blockchain into multiple blockchains, difficulties with upgrades
to the Solana network (such as the proposed Alpenglow consensus upgrade or integration of the Firedancer validator client) and advances
in digital computing, algebraic geometry, and quantum computing could undercut the integrity of the Solana blockchain and negatively affect
the price of SOL. The liquidity of SOL may also be reduced and damage to the public perception of Solana may occur, if financial institutions
were to deny or limit banking services to businesses that hold SOL, provide Solana-related services or accept SOL as payment, which could
also decrease the price of SOL. Similarly,