Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 50

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 50
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 a result of shifts in market sentiment, speculative trading, macroeconomic
trends, technology-related disruptions and regulatory announcements. In addition, digital assets do not pay interest or other returns,
unless utilized in staking or financial applications, and so the ability to generate a return on investment from the net proceeds of any
capital raisings will principally depend on whether there is appreciation in the value of digital assets following our purchases of digital
assets with the net proceeds from such capital raisings. Future fluctuations in digital asset trading prices may result in our converting
digital assets into cash with a value substantially below what we paid for such digital assets.

We intend to adopt a digital asset treasury strategy with a focus on SOL, and we may be unable to successfully implement this new strategy.

We intend to adopt a digital asset treasury primarily
dedicated to SOL, including potential acquisitions SOL, including through staking and other decentralized finance activities. There is
no assurance that we will be able to successfully implement this new strategy or operate Solana-related activities at the scale or profitability
currently anticipated. Solana operates with a proof-of-stake combined with proof-of-history consensus mechanism, which differs significantly
from bitcoin’s proof-of-work mining mechanism. This strategic shift requires specialized employee skillsets and operational, technical
and compliance infrastructure to support SOL and related staking activities. This also requires that we implement different security protocols
and treasury management practices. Further, there is ongoing scrutiny and limited formal guidance from regulatory agencies, including
Nasdaq and the SEC, with respect to the treatment of public company cryptocurrency strategies. There is no assurance that we will be able
to execute this strategy by building out the needed infrastructure within the timeframe that we currently anticipate. Errors by key management
could result in significant loss of funds and reduced rewards. As a result, our shift towards SOL could have a material adverse effect
on our business and financial condition.

| 14 |

Our shift towards a Solana-focused strategy requires substantial changes in our day-to-day operations and exposes us to significant operational risks.

Our shift towards a SOL treasury-focused strategy,
including staking, liquid staking, and other decentralized finance activities, exposes us to significant operational risks. To participate
in Solana’s Proof-of-Stake consensus mechanism, we must either operate or delegate to validator nodes, and such validator nodes
must keep software updated, maintain validator uptime and employ secure key management. In addition, the Solana ecosystem rapidly evolves,
with frequent upgrades and protocol changes that may require significant adjustments to our operational setup