Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 112

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 112
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ana network could materially impact the operation of decentralized
finance on the network, resulting in the inability of the Company to transfer or sell SOL, and the price of SOL.

SOL and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company’s financial position, operations and prospects.

SOL and other digital assets, as well as applications
on blockchain networks such as Solana, are relatively novel and are subject to significant uncertainty, which could adversely impact their
price. The application of state and federal securities laws and other laws and regulations to digital assets and blockchain-based applications
is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing
laws and regulations in a manner that adversely affects the price of SOL or other digital assets, or the ability of blockchain-based applications
to operate.

The U.S. federal government, states, regulatory agencies,
and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that
could materially impact the price of SOL or the ability of individuals or institutions such as us to own or transfer SOL and utilize blockchain-based
applications on networks such as Solana. For example, the U.S. executive branch, the SEC, the European Union’s Markets in Crypto
Assets Regulation, among others, have been active in recent years, and in the United Kingdom, the Financial Services and Markets Act 2023
became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities
to the SEC, Commodity Futures Trading Commission (“CFTC”), or other regulators, or whether, or when, any other federal,
state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional
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.

Moreover, the risks of engaging in a digital asset
treasury strategy are relatively novel and have created, and could continue to create complications due