Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 41

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 41
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certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant
or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate
preventative measures. Further, there has been an increase in such activities due to the increase in work arrangements. The risk of cyberattacks
could also be increased by cyberwarfare in connection with the ongoing Russia and Israel conflicts, or other future conflicts, including
potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in
the Solana industry, including third-party services on which we rely, could materially and adversely affect our financial condition and
results of operations.

The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of SOL and adversely affect the Company’s securities.

Following the launch of the Company’s proposed
digital asset treasury strategy, as a result of our Solana strategy, we expect our assets to be concentrated in SOL holdings. Accordingly,
the emergence or growth of digital assets other than SOL, including those with significant private or public sector backing, including
by governments, consortiums or financial institutions, may have a material adverse effect on our financial condition. As of June 30, 2025,
Solana was the fifth largest digital asset by market capitalization, excluding stablecoins. However, there are numerous alternative digital
assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned
blockchain platforms. If the mechanisms or network effects on alternative blockchain platforms are perceived as superior to the Solana
network, those digital assets could gain market share relative to Solana.

Many of the blockchain applications on large blockchain
networks involve the use of “stablecoins,” which are designed to maintain a constant price related to or based on some other
asset or traditional currency because of, for instance, their issuers’ promise to hold high-quality liquid assets (such as U.S.
dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. In July 2025, the U.S.
President signed into law the “GENIUS Act,” which establishes a federal framework for “payment stablecoins,” treating
them as payment systems, not securities, and mandating