Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 24

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 24
---
 pursue regulatory, legislative, enforcement or judicial actions, that
could materially impact the price of SOL or the ability of individuals or institutions such as us to own or transfer SOL and utilize blockchain-based
applications on networks such as Solana. For example, the U.S. executive branch, the SEC, the European Union’s Markets in Crypto
Assets Regulation, among others, have been active in recent years, and in the United Kingdom, the Financial Services and Markets Act 2023
became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities
to the SEC, Commodity Futures Trading Commission (“CFTC”), or other regulators, or whether, or when, any other federal,
state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional
authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness
of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes
to existing regulations might impact the value of digital assets generally and SOL specifically. The consequences of increased regulation
of digital assets and digital asset activities could adversely affect the market price of SOL and in turn adversely affect the market
price of our common stock.

| 15 |

Moreover, the risks of engaging in a digital asset
treasury strategy are relatively novel and have created, and could continue to create complications due to the lack of experience that
third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or
the potential inability to obtain such coverage on acceptable terms in the future.

The growth of the digital assets industry in general,
and the use and acceptance of SOL in particular, may also impact the price of SOL and is subject to a high degree of uncertainty. The
pace of worldwide growth in the adoption and use of the Solana network and SOL may depend, for instance, on public familiarity with digital
assets, ease of buying, accessing or gaining exposure to SOL, institutional demand for SOL as an investment asset, the participation of
traditional financial institutions in the digital assets industry, consumer demand for SOL as a means of payment, and the availability
and popularity of alternatives to SOL. Even if growth in SOL adoption occurs in the near or medium term, there is no assurance that SOL
and Solana network usage will continue to grow over the long term.

Because SOL have no