# EDGAR Filing Document

**Accession Number:** 0000038264
**File Stem:** 0001104659-26-057995
**Filing Date:** 2026-5
**Character Count:** 13087
**Document Hash:** bd23002815fddb5cfd6329677ab4d2ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057995.hdr.sgml**: 20260508

**ACCESSION NUMBER**: 0001104659-26-057995

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260508

**DATE AS OF CHANGE**: 20260508

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Industries, Inc.
- **CENTRAL INDEX KEY:** 0000038264
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 131950672
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45773
- **FILM NUMBER:** 26959195

**BUSINESS ADDRESS:**
- **STREET 1:** 111 CONGRESS AVENUE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 631-547-3055

**MAIL ADDRESS:**
- **STREET 1:** 111 CONGRESS AVENUE
- **STREET 2:** SUITE 500
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORWARD INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19950105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROGRESS HEAT SEALING CO INC
- **DATE OF NAME CHANGE:** 19721111
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Multicoin Capital Management, LLC
- **CENTRAL INDEX KEY:** 0002017172

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 501 WEST AVE.
- **STREET 2:** SUITE 3901
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-774-4000

**MAIL ADDRESS:**
- **STREET 1:** 501 WEST AVE.
- **STREET 2:** SUITE 3901
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 2)**

**Forward Industries, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**—**

*(CUSIP Number)*

**Prat Vallabhaneni**<br>1221 Avenue of the Americas<br>New York NY 10020<br>212-819-8200

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**04/30/2026**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Multicoin Capital Management, LLC** | Name of reporting person<br>**Multicoin Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Multicoin Capital Master Fund, LP** | Name of reporting person<br>**Multicoin Capital Master Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **—** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tushar Jain** | Name of reporting person<br>**Tushar Jain** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**0.00** | Aggregate amount beneficially owned by each reporting person<br>**0.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**0%** | Percent of class represented by amount in Row (11)<br>**0%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Forward Industries, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
111 Congress Avenue, Suite 500, Austin, TX, 78701

This Amendment No. 2 to the Schedule 13D ("Amendment No. 2") is being filed to report that as of April 30, 2026, the Reporting Persons ceased to be the beneficial owners of more than five percent of the Common Stock.  This Amendment No. 2 constitutes an exit filing for the Reporting Persons.  This Amendment No. 2 amends and supplements the Schedule 13D filed by the Reporting Persons with the Securities and Exchange Commission ("SEC") on September 18, 2025, as amended and supplemented by Amendment No. 1 to Schedule 13D as filed on April 8, 2026 (the "Original Schedule 13D", and the Original Schedule 13D as further amended and supplemented by this Amendment No. 2, the "Schedule 13D"), relating to the common stock, par value $0.01 per share (the "Common Stock"), of Forward Industries, Inc., a New York corporation (the "Issuer"), formerly having its principal executive offices at 700 Veterans Memorial Highway, Suite 100, Hauppauge, New York 11788, and presently having its principal executive offices at 111 Congress Avenue, Suite 500, Austin, Texas 78701.  Except as specifically provided herein, this Amendment No. 2 does not modify any of the information previously reported in the Schedule 13D. Capitalized terms used herein and not otherwise defined in this Amendment No. 2 have the meanings set forth in the Original Schedule 13D.  This Amendment No. 2 constitutes an "exit filing" for the Reporting Persons.

**Item 4. Purpose of Transaction**

Item 4 of the Original Schedule 13D is hereby amended and supplemented to add the following at the end thereof:

On May 5, 2026, MCMF LP transferred 1,783,519 shares of Common Stock to Lemmings Holdings, LLC.

On April 30, 2026, pursuant to the terms of the Lead Investor Agreement and Assignment Agreement, MCMF LP assigned 4,458,796 Lead Investor Warrants to Lemmings Holdings, LLC.

**Item 5. Interest in Securities of the Issuer**

**(a)**
Item 5 of the Original Schedule 13D is hereby amended and restated in its entirety as follows:

(a), (b) MCM LLC, MCMF LP and Mr. Jain each beneficially own an aggregate of 0 shares of Common Stock which represent 0.0% of the outstanding shares of Common Stock.

**(b)**
The information set forth in Item 5(a) of this Amendment No. 1 is hereby incorporated by reference.

**(c)**
In the 60 days prior to this filing, the following describes the Reporting Persons' transfer activity in shares of Common Stock:

Date of Transaction: May 5, 2026
Amount of Securities Sold: 1,783,519
Price Per Share: $4.43

In the 60 days prior to this filing, the following describes the Reporting Persons' assignment activity in the Lead Investor Warrants:

Date of Transaction: April 30, 2026
Amount of Securities Sold: 4,458,796
Price Per Share: $3.91

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Original Schedule 13D is hereby amended and restated in its entirety as follows:

The Reporting Persons do not have any contracts, arrangements, understandings or relationships (legal or otherwise) among the Reporting Persons or between the Reporting Persons and any person with respect to any securities of the Issuer, including any class of such issuer's securities used as reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Multicoin Capital Management, LLC

**Signature:** /s/ Tushar Jain

**Name/Title:** Tushar Jain/Manager

**Date:** 05/08/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Multicoin Capital Master Fund, LP

**Signature:** /s/ Tushar Jain

**Name/Title:** Tushar Jain/Manager of Multicoin Capital GP, LLC, Managing Member of Multicoin Capital Fund GP I, LLC, its General Partner

**Date:** 05/08/2026

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tushar Jain

**Signature:** /s/ Tushar Jain

**Name/Title:** Tushar Jain

**Date:** 05/08/2026