Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 55

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 55
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 effectively the acquired business or asset into our existing operations. The process of integrating acquired businesses
and assets may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. The
integration of acquisitions is a complex, costly and time-consuming process, and our management may face significant challenges in such
process. Some of the factors affecting integration will be outside of our control, and any one of them could result in increased costs
and diversion of management’s time and energy, as well as decreases in the amount of expected revenue.

Our failure to achieve consolidation savings, to
incorporate the acquired businesses and assets into our existing operations successfully or to minimize any unforeseen operational difficulties
could have a material and adverse effect on our financial condition and results of operations.

Additional ability to achieve the objectives of our
business strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or
debt financing on favorable terms or at all, we may not be able to successfully execute on our business strategy.

Certain of the Sponsors and their affiliates have been, and may continue to be, the subjects of legal and regulatory proceedings and investigations.

Certain of the Sponsors and their affiliates have
been, and may continue to be, the subjects of legal and regulatory proceedings and investigations. For example, Galaxy Digital Inc. agreed
to pay $200 million as part of an agreement with the New York Attorney General to resolve civil claims related to certain investments,
trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. Separately, Multicoin Capital Management,
LLC and its managing partner Kyle Samani have been named as co-defendants along with Solana Labs in a putative class-action litigation
related to the promotion and sale of SOL for which a motion to dismiss is pending. Certain of these matters have involved, among other
things, allegations of improper marketing practices and misrepresentations, as well as unregistered securities offerings with respect
to SOL and other digital assets. Any adverse outcome in these proceedings or other future litigation or regulatory inquiries could negatively
affect public perception of the Sponsors, the Company, and Solana itself, which could constrain trading activity and suppress the price
and liquidity of SOL. Any such development could materially and adversely affect the value of our digital asset treasury, the market price
of our stock and our ability to execute on our digital asset treasury strategy.

Changes in regulatory interpretations could require us