Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 48

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 48
---
 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 could create an unintended and unforeseeable consequence that has adverse financial consequences, such
as the loss of or inability to access funds. There is no assurance that the smart contracts we integrate with or rely upon will function
as intended or remain secure. Exploitation of such vulnerabilities could have a material adverse effect on our business and financial
condition.

Part of our future business strategy may include acquisitions and investments in companies with Solana-focused or blockchain strategies, and there are risks associated with the integration of any assets or operations acquired and our ability to manage those risks. In addition, we may be unable to make attractive acquisitions or successfully integrate acquired businesses, assets or properties, and any inability to do so may disrupt our business and hinder our ability to grow.

We intend to pursue a strategy focused on both SOL
accumulation and future acquisitions.