Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 61

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 61
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s 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) do not seek for our shares of common stock to track the value of the underlying SOL we
hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange
Act of 1934, as amended, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their
shares to the price of the underlying assets they hold through share creation and redemption, (iii) are a Delaware corporation rather
than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment
objectives, and (iv) are not required to provide daily transparency as to our SOL holdings or our daily net asset value. Furthermore,
recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving
such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations
with respect to our common stock. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure
to SOL, such as SOL futures exchange-traded funds (“ETFs”), leveraged SOL futures ETFs, and similar vehicles offered on international
exchanges, any premium or discount in our common stock relative to the value of our SOL holdings may increase or decrease