Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 65

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 65
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or otherwise generate funds using our SOL holdings, we would become subject to additional counterparty risks. We will need to carefully
evaluate market conditions, including price volatility as well as service provider terms and market reputations and performance, among
others, prior to implementing any such strategy, all of which could affect our ability to successfully implement and execute on any such
future strategy. These risks, along with any significant non-performance by counterparties, including in particular the custodian or custodians
with which we will custody substantially all of our SOL, could have a material adverse effect on our business, prospects, financial condition,
and operating results.

We face risks relating to the use of third-party trading platforms in connection with our Solana-focused strategy.

We intend to use third-party trading platforms, which
we believe are reputable, as well as reputable over-the-counter brokers to purchase SOL for our treasury. As part of our process in determining
transactions with third-party exchanges, we search for reputable exchanges that have industry standard policies and procedures in place
regarding data security and customer diligence related to anti-money laundering, Office of Foreign Assets Control and know-your client
rules and regulations. If any of these third-party exchanges no longer meet our standards or if there is a decrease in reputable third-party
exchanges, we may need to find additional counterparties and enter into additional agreements that could be on less favorable terms, which
could have a material adverse effect on our business, financial condition or the results of our operations.

The irreversibility of digital asset transactions exposes us to risks of theft, loss and human error, which could negatively impact our business.

Digital asset transactions are not, from an administrative
perspective, reversible without the consent and active participation of the recipient of the transaction or, in theory, control or consent
of a majority of the processing power on that digital asset network. Once a transaction has been verified and recorded in a block that
is added to the blockchain, an incorrect transfer of digital assets or a theft of digital assets generally will not be reversible, and
we may not be capable of seeking compensation for any such transfer or theft.

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Although we plan to regularly transfer digital assets
to or from vendors, consultants and services providers, it is possible that, through computer or human error, or through theft or criminal
action, such assets could be transferred in incorrect amounts or to unauthorized third parties.

To the extent we are unable to seek a corrective
transaction to identify the third party which has received our digital