Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 16
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 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.

 10 

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 physical
existence beyond the record of transactions on the Solana blockchain, a variety of technical factors related to the Solana blockchain
could also impact the price of SOL. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize
validating of Solana transactions, hard “fork