Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 46

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 46
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, failures, security breaches or otherwise; or
network outages or congestion, power outages, or other problems or disruptions affecting the Solana network. In 2021 and 2022, the Solana
network experienced performance degradation including liveness disruptions due to network congestion; although the Solana network has
been upgraded to address those congestion issues, there is no assurance that future issues may not arise. The implementation of material
network upgrades, such as the proposed Alpenglow consensus upgrade or the continued integration of the Firedancer validator client, could
result in future degradation of performance. Any disruption of the Solana network could materially impact the operation of decentralized
finance on the network, resulting in the inability of the Company to transfer or sell SOL, and the price of SOL.

SOL and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company’s financial position, operations and prospects.

SOL and other digital assets, as well as applications
on blockchain networks such as Solana, are relatively novel and are subject to significant uncertainty, which could adversely impact their
price. The application of state and federal securities laws and other laws and regulations to digital assets and blockchain-based applications
is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing
laws and regulations in a manner that adversely affects the price of SOL or other digital assets, or the ability of blockchain-based applications
to operate.

The U.S. federal government, states, regulatory agencies,
and foreign countries may also enact new laws and regulations, or 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