Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 49

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 49
---
 Accordingly, in the future we may make acquisitions of businesses or assets that we expect to complement
or expand our current assets. However, we may not be able to identify attractive acquisition opportunities in the future. Even if we do
identify attractive acquisition opportunities, we may not be able to complete the acquisition or do so on commercially acceptable terms.
No assurance can be given that we will be able to identify additional suitable acquisition opportunities, negotiate acceptable terms,
obtain financing for acquisitions on acceptable terms or successfully acquire identified targets.

| 16 |

The success of any acquisition will depend on our
ability to integrate effectively the acquired business or asset into our existing operations. The process of integrating acquired businesses
and assets may involve unforeseen difficulties and may require a disproportionate amount of our managerial and financial resources. The
integration of acquisitions is a complex, costly and time-consuming process, and our management may face significant challenges in such
process. Some of the factors affecting integration will be outside of our control, and any one of them could result in increased costs
and diversion of management’s time and energy, as well as decreases in the amount of expected revenue.

Our failure to achieve consolidation savings, to
incorporate the acquired businesses and assets into our existing operations successfully or to minimize any unforeseen operational difficulties
could have a material and adverse effect on our financial condition and results of operations.

Additional ability to achieve the objectives of our
business strategy depends in significant part on our ability to obtain equity and debt financing. If we are unable to obtain equity or
debt financing on favorable terms or at all, we may not be able to successfully execute on our business strategy.

Certain of the Sponsors and their affiliates have been, and may continue to be, the subjects of legal and regulatory proceedings and investigations.

Certain of the Sponsors and their affiliates have
been, and may continue to be, the subjects of legal and regulatory proceedings and investigations. For example, Galaxy Digital Inc. agreed
to pay $200 million as part of an agreement with the New York Attorney General to resolve civil claims related to certain investments,
trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. Separately, Multicoin Capital Management,
LLC and its managing partner Kyle Samani have been named as co-defendants along with Solana Labs in a putative class-action litigation
related to the promotion and sale of SOL for which a motion to dismiss is pending. Certain of these matters have involved, among other