Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 21

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 21
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 file with the SEC after the date of this prospectus
and which are deemed incorporated by reference in this prospectus, and the information contained in any applicable prospectus supplement.
For more information, please see “Where You Can Find More Information” and “Incorporation by Reference” beginning
on pages 3 and 37 of this prospectus, respectively. These risks could materially and adversely affect our business,
results of operations and financial condition and could result in a partial or complete loss of your investment. The risks and uncertainties
we discuss in this prospectus and in the documents incorporated by reference in this prospectus are those that we currently believe may
materially affect our company. Additional risks not presently known, or currently deemed immaterial, also could materially and adversely
affect our financial condition, results of operations, business and prospects.

Risks Related to the Company’s Business and Solana Strategy and Holdings

We intend to use the net proceeds from the Private Placement to purchase digital assets, including SOL, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.

We intend to use the net proceeds from the Private
Placement to purchase or otherwise acquire SOL and for the establishment of our digital asset treasury operations. Digital assets, such
as SOL, generally are highly volatile assets, including as 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.