Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 44

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 44
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’s Business and Solana Strategy and Holdings

We intend to use the net proceeds from the Private Placement to purchase digital assets, including SOL, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.

We intend to use the net proceeds from the Private
Placement to purchase or otherwise acquire SOL and for the establishment of our digital asset treasury operations. Digital assets, such
as SOL, generally are highly volatile assets, including as a result of shifts in market sentiment, speculative trading, macroeconomic
trends, technology-related disruptions and regulatory announcements. In addition, digital assets do not pay interest or other returns,
unless utilized in staking or financial applications, and so the ability to generate a return on investment from the net proceeds of any
capital raisings will principally depend on whether there is appreciation in the value of digital assets following our purchases of digital
assets with the net proceeds from such capital raisings. Future fluctuations in digital asset trading prices may result in our converting
digital assets into cash with a value substantially below what we paid for such digital assets.

We intend to adopt a digital asset treasury strategy with a focus on SOL, and we may be unable to successfully implement this new strategy.

We intend to adopt a digital asset treasury primarily
dedicated to SOL, including potential acquisitions SOL, including through staking and other decentralized finance activities. There is
no assurance that we will be able to successfully implement this new strategy or operate Solana-related activities at the scale or profitability
currently anticipated. Solana operates with a proof-of-stake combined with proof-of-history consensus mechanism, which differs significantly
from bitcoin’s proof-of-work mining mechanism. This strategic shift requires specialized employee skillsets and operational, technical
and compliance infrastructure to support SOL and related staking activities. This also requires that we implement different security protocols
and treasury management practices. Further, there is ongoing scrutiny and limited formal guidance from regulatory agencies, including
Nasdaq and the SEC, with respect to the treatment of public company cryptocurrency strategies. There is no assurance that we will be able
to execute this strategy by building out the needed infrastructure within the timeframe that we currently anticipate. Errors by key management
could result in significant loss of funds and reduced rewards. As a result, our shift towards SOL could have a material adverse effect
on our business and financial condition.

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Our shift towards