Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 61

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 61
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 investment vehicles that hold bitcoin, SOL and other digital assets and issue shares
representing fractional undivided interests in their underlying digital asset holdings. These vehicles, which were previously offered
only to “accredited investors” on a private placement basis, have in the past traded at substantial premiums (and sometimes
discounts) to net asset value, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure
to digital assets.

On January 10, 2024, the SEC approved the listing
and trading of spot bitcoin exchange-traded products (“ETPs”), the shares of which can be sold in public offerings
and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024,
with a trading volume of $4.6 billion on the first trading day. The SEC has not yet approved the listing of spot SOL ETPs, but is expected
to consider such applications by October 2025. To the extent investors view our common stock as providing exposure to SOL, it is possible
that the value of our common stock may also include a premium over the value of our SOL due to the prior scarcity of traditional investment
vehicles providing investment exposure to SOL and other digital assets, and that the value of our common stock may decline due to investors
having a greater range of options to gain exposure to SOL if SOL ETPs are approved and investors choosing to gain such exposure through
ETPs rather than our common stock. The listing and trading of spot ETPs for SOL or other digital assets offers investors another alternative
to gain exposure to digital assets, which could result in a decline in the trading price of SOL as well as a decline in the value of our
common stock relative to the value of our SOL.

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Although we are an operating company, and we believe
we offer a different value proposition than a SOL investment vehicle such as a spot SOL ETP, investors may nevertheless view our common
stock as an alternative to an investment in an ETP and choose to purchase shares of a spot SOL ETP instead of our common stock. They may
do so for a variety of reasons, including if they believe that ETPs offer a “pure play” exposure to SOL that is generally
not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as
ours. Additionally, unlike spot SOL ETPs, we (i)