Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 120

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 120
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 our digital assets at a significant loss, in order to
meet our working capital requirements, our business and financial condition could be negatively impacted.

The availability of spot ETPs for SOL and other digital assets may adversely affect the market price of our listed securities.

Although bitcoin, SOL and other digital assets have
experienced a surge of investor attention since bitcoin was developed in 2008, until recently investors in the United States had limited
means to gain direct exposure to SOL through traditional investment channels, and instead generally were only able to hold SOL through
“hosted” wallets provided by digital asset service providers or through “unhosted” wallets that expose the investor
to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity
with the processes needed to hold SOL directly, as well as the potential reluctance of financial planners and advisers to recommend direct
SOL holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure
to bitcoin, SOL and other digital assets through 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.

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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