Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 18

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 18
---
 such vulnerabilities could have a material adverse effect on our business and financial
condition.

 11 

Part of our future business strategy may include
acquisitions and investments in companies with Solana-focused or blockchain strategies, and there are risks associated with the integration
of any assets or operations acquired and our ability to manage those risks. In addition, we may be unable to make attractive acquisitions
or successfully integrate acquired businesses, assets or properties, and any inability to do so may disrupt our business and hinder our
ability to grow.

We intend to pursue a strategy
focused on both SOL accumulation and future acquisitions. 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.

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