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

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 25
---
 Fund SP. Pantera                            
 DAT Opportunities Master Fund SP is under management by PCP LP. PCP LP serves as investment advisor to Pantera DAT Opportunities Master 
 Fund SP and has control and discretion over the shares held by Pantera DAT Opportunities Master Fund SP. As such, PCP LP may be deemed  
 the beneficial owner of the shares held by Pantera DAT Opportunities Master Fund SP. PCP LP disclaims any beneficial ownership of the   
 reported shares other than to the extent of any pecuniary interest therein. Pantera DAT Opportunities Master Fund SP is located at 600  
 Montgomery St., 45th Floor, San Francisco, CA 94111, United States.                                                                     |

| (17) | Consists of 54,054 shares of our common stock acquired by Pantera Liquid Token Fund LP. Pantera Liquid                                          
 Token Fund LP is under management by PCP LP. PCP LP serves as investment advisor to Pantera Liquid Token Fund LP and has control and discretion 
 over the shares held by Pantera Liquid Token Fund LP. As such, PCP LP may be deemed the beneficial owner of the shares held by Pantera          
 Liquid Token Fund LP. PCP LP disclaims any beneficial ownership of the reported shares other than to the extent of any pecuniary interest       
 therein. Pantera Liquid Token Fund LP is located at 600 Montgomery St., 45th Floor, San Francisco, CA 94111, United States.                     |

| (18) | Consists of 108,109 shares of our common stock acquired by ParaFi                                                           
 Capital LP. ParaFi Capital LP ("ParaFi Capital") is controlled by Benjamin Forman and is located at 500 West Putnam Avenue, 
 Suite 400, Greenwich, CT 06830, United States.                                                                              |

| (19) | Consists of 1,351,352 shares of our common stock acquired by ParaFi                                                                     
 Digital Opportunities LP. ParaFi Capital serves as the investment manager to ParaFi Digital Opportunities LP. Benjamin Forman is the    
 founder and managing partner of ParaFi Capital and, in such capacity, holds sole voting and investment power over the shares held by    
 ParaFi Digital Opportunities LP. Accordingly, ParaFi Capital and Mr. Forman may each be deemed to be the beneficial owner of the shares 
 held by ParaFi Digital Opportunities LP. Each of ParaFi Capital and Mr. Forman disclaims beneficial ownership of such shares except to  
 the extent of their pecuniary interest therein. The address for Para