Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 59

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 59
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 value of our future digital asset holdings, and the failure of a major participant in the ecosystem
could have a material adverse effect on the market price of our listed securities.

Our historical financial statements do not reflect the potential variability in earnings that we may experience in the future relating to our proposed holdings of digital assets. Accordingly, it may be difficult to evaluate the Company’s business and future prospects, and the Company may not be able to achieve or maintain profitability in any given period.

Our historical financial statements do not reflect
the potential variability in earnings that we may experience in the future from holding or selling digital assets. The price of digital
assets generally has historically been subject to dramatic price fluctuations and is highly volatile. We will need to perform an analysis
each quarter to identify whether events or changes in circumstances indicate that our digital assets are impaired. As a result, volatility
in our earnings may be significantly more than what we experienced in prior periods.

Digital asset holdings are less liquid than cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.

Historically, the digital asset market has been
characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, concerns
regarding pseudonymity of digital asset addresses, a developing regulatory landscape, potential susceptibility to market abuse and manipulation,
compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and
decentralized network. During times of market instability, we may not be able to sell our digital assets at favorable prices or at all.
As a result, digital asset holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
Further, digital assets we hold with our custodians and transact with our trade execution partners do not enjoy the same protections
or insurance as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal
Deposit Insurance Corporation or the Securities Investor Protection Corporation. Additionally, we may be unable to enter into term loans
or other capital raising transactions collateralized by our unencumbered digital assets or otherwise generate funds using our digital
asset holdings, including in particular during times of market instability or when the price of digital assets has declined significantly.
If we are unable to sell our digital assets, enter into additional capital raising transactions, including capital raising transactions
using SOL as collateral, or otherwise generate funds using our SOL holdings, or