Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 80

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 80
---
 of the Sales Agreement. The number of shares that are sold to or through Cantor after our instruction will fluctuate
based on a number of factors, including the market price of our Common Stock during the sales period, the limits we set with Cantor in
any instruction to sell shares, and the demand for our Common Stock during the sales period. Because the price per share of each share
sold will fluctuate during this offering, it is not currently possible to predict the number of shares that will be sold or the gross
proceeds to be raised in connection with those sales.

We do not expect to pay dividends in the foreseeable future.

In the past, we have not paid dividends on our
Common Stock. We do not currently intend to pay dividends on our Common Stock and we intend to retain our future earnings, if any, to
fund the development and growth of our business. In addition, the terms of future debt agreements may preclude us from paying dividends.
As a result, capital appreciation, if any, of our Common Stock may be your sole source of gain for the foreseeable future.

| 15 |

If securities analysts do not publish research or reports about our business or if they publish negative, or inaccurate, evaluations of our Common Stock, the price of our stock and trading volume could decline.

The trading market for our Common Stock may be
impacted, in part, by the research and reports that securities or industry analysts publish about us or our business. There can be no
assurance that analysts will cover us, continue to cover us or provide favorable coverage. If one or more analysts downgrade our Common
Stock or change their opinion of our Common Stock, our share price may decline. In addition, if one or more analysts cease coverage of
our company or fail to regularly publish reports on us, we could lose visibility in the financial markets, which could cause our share
price or trading volume to decline.

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