Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 54

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 54
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 the Solana blockchain, a variety of technical factors related to the Solana blockchain could also impact the
price of SOL. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize validating of Solana
transactions, hard “forks” of the Solana blockchain into multiple blockchains, difficulties with upgrades to the Solana network
(such as the proposed Alpenglow consensus upgrade or integration of the Firedancer validator client) and advances in digital computing,
algebraic geometry, and quantum computing could undercut the integrity of the Solana blockchain and negatively affect the price of SOL.
The liquidity of SOL may also be reduced and damage to the public perception of Solana may occur, if financial institutions were to deny
or limit banking services to businesses that hold SOL, provide Solana-related services or accept SOL as payment, which could also decrease
the price of SOL. Similarly, the open-source nature of the Solana blockchain means the contributors and developers of the Solana blockchain
are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly
monitor and upgrade the Solana blockchain could adversely affect the Solana blockchain and negatively affect the price of SOL.

The liquidity of SOL may also be impacted to the
extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide
services for SOL and other digital assets.

In connection with our SOL treasury strategy, we expect to interact with various smart contracts deployed on the Solana network, which may expose us to risks and technical vulnerabilities.

In connection with our SOL treasury strategy, including
staking, liquid staking, and other decentralized finance activities, we expect to interact with various smart contracts deployed on the
Solana network in order to optimize our strategy and generate income. Smart contracts are self-executing code that operate without human
intervention once deployed. Although smart contracts are integral to the functionality of staking deposit contracts, liquid staking protocols,
and decentralized finance applications, they are subject to many known risks such as technical vulnerabilities, coding errors, security
flaws, and exploits. Any vulnerability in a smart contract we interact with could result in the loss or theft of SOL or other digital
assets, which could have a materially adverse impact on our business. In addition, certain smart contracts are upgradable or subject to
certain governance controls which could result in unforeseen code errors, asset or account freezing, or the loss of digital assets. A
vulnerability in a smart contract