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

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 11
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 participants, including
service providers and financial institutions in these markets, and our ability to pursue our SOL strategy. Additionally, U.S. state and
federal and foreign regulators and legislatures have taken action against industry participants, including digital assets businesses,
and enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm or criminal activity stemming from
digital assets activity. U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of
cryptocurrency mining, and the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid
and retail distribution systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact
of cryptocurrency mining in their respective states.

| S-4 |

The Commodities Futures Trading
Commission (the “”) takes the position that some digital assets fall within the definition of a “commodity”
under the Commodities Exchange Act of 1936, as amended (the “”). Under the CEA, the CFTC has broad enforcement authority
to police market manipulation and fraud in spot digital assets markets in which we may transact. Beyond instances of fraud or manipulation,
the CFTC generally does not oversee cash or spot market exchanges or transactions involving digital asset commodities that do not utilize
margin, leverage or financing. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures,
swaps, other derivative products and certain retail leveraged commodity transactions involving digital asset commodities, including the
markets on which these products trade.

In addition, because transactions
in SOL provide a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or
the perception of such misuse, could lead to greater regulatory oversight of SOL and SOL platforms, and there is the possibility that
law enforcement agencies could close SOL platforms or other SOL-related infrastructure with little or no notice and prevent users from
accessing or retrieving SOL held via such platforms or infrastructure.

As noted above, activities
involving SOL and other digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such
laws and regulations are rapidly evolving and increasing in scope. The laws and regulations applicable to SOL and digital assets are evolving
and subject to interpretation and change.

Governments around the world
have reacted differently to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade
without restriction, while in some jurisdictions, such as the U.S., digital