Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 47

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 47
---
authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets 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.

| 15 |

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