Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 49

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 49
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 and (ii) Pyahm (Kyle)
Samani to serve on the Board until elections are held at our next shareholder meeting. Mr. Samani will also serve as Chairman of the Board.

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<div align='center'>RISK
FACTORS</div>

Investing in our securities involves risk. Before
you decide whether to purchase any of our securities, you should carefully consider the specific risks discussed in, or incorporated by
reference into, the applicable prospectus supplement, together with all the other information contained in the prospectus supplement or
incorporated by reference into this prospectus and the applicable prospectus supplement. You should also consider the risks, uncertainties
and assumptions discussed under the caption “Risk Factors” herein as well as those included in our Annual Report on Form 10-K
for the year ended September 30, 2024 filed with the SEC on December 27, 2024, as well as the risks, uncertainties and additional information
set forth in the other documents incorporated by reference in this prospectus that we file with the SEC after the date of this prospectus
and which are deemed incorporated by reference in this prospectus, and the information contained in any applicable prospectus supplement.
For more information, please see “Where You Can Find More Information” and “Incorporation by Reference” beginning
on pages 3 and 37 of this prospectus, respectively. These risks could materially and adversely affect our business,
results of operations and financial condition and could result in a partial or complete loss of your investment. The risks and uncertainties
we discuss in this prospectus and in the documents incorporated by reference in this prospectus are those that we currently believe may
materially affect our company. Additional risks not presently known, or currently deemed immaterial, also could materially and adversely
affect our financial condition, results of operations, business and prospects.

Risks Related to the Company’s Business and Solana Strategy and Holdings

We intend to use the net proceeds from the Private Placement to purchase digital assets, including SOL, the price of which has been, and will likely continue to be, highly volatile. Our operating results and share price may significantly fluctuate, including due to the highly volatile nature of the price of such digital assets and erratic market movements.

We intend to use the net proceeds from the Private
Placement to purchase or otherwise acquire SOL and for the establishment of our digital asset treasury operations. Digital assets, such
as SOL, generally are highly volatile assets, including as