<SEC-DOCUMENT>0001683168-25-007923.txt : 20251103
<SEC-HEADER>0001683168-25-007923.hdr.sgml : 20251103
<ACCEPTANCE-DATETIME>20251103172559
ACCESSION NUMBER:		0001683168-25-007923
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		13
FILED AS OF DATE:		20251103
DATE AS OF CHANGE:		20251103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Forward Industries, Inc.
		CENTRAL INDEX KEY:			0000038264
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS PRODUCTS, NEC [3089]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				131950672
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290312
		FILM NUMBER:		251445328

	BUSINESS ADDRESS:	
		STREET 1:		700 VETERANS MEMORIAL HWY, SUITE 100
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-547-3055

	MAIL ADDRESS:	
		STREET 1:		700 VETERANS MEMORIAL HWY, SUITE 100
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>forward_424b5-resale.htm
<DESCRIPTION>PROSPECTUS
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-290312</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>(To the Prospectus
dated September 16, 2025)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">102,848,137 Shares of Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="forward_logo.jpg" ALT="A close-up of a logo&#10;&#10;AI-generated content may be incorrect." STYLE="height: 93px; width: 238px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forward Industries, Inc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus supplement
relates to the registration of the potential offer and resale of up to 102,848,137 shares of our common stock, par value $0.01 per share
(the &ldquo;common stock&rdquo;), of Forward Industries, Inc. (the &ldquo;Company&rdquo;), held by the selling shareholders (as defined
below). The shares of our common stock being registered for resale were issued to selling shareholders in connection with the Private
Placement (as defined below) and consist of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">76,267,272 shares of common stock sold pursuant to the Securities Purchase Agreement (as defined below)
to the selling shareholders named therein (the &ldquo;Securities Purchase Agreement Shares&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">12,864,601 shares of common stock issuable upon the exercise of pre-funded warrants to purchase up to
12,864,601 shares of common stock at an exercise price of $0.00001 per share (the &ldquo;Pre-Funded Warrant Shares&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">8,917,592 shares of common stock issuable upon the exercise of warrants to purchase up to 8,917,592 shares
of common stock at an exercise price of $0.01 per share (the &ldquo;Lead Investor Warrant Shares&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">4,458,796 shares of common stock issuable upon the exercise of warrants to purchase up to 4,458,796 shares
of common stock at an exercise price of $0.01 per share (the &ldquo;Advisor Warrant Shares&rdquo;);</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">228,765 shares of common stock issued upon the conversion of the Series B Convertible Preferred Stock,
$0.01 par value (the &ldquo;Series B Preferred Stock&rdquo; and the shares, &ldquo;the Series B Converted Shares&rdquo;); and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">111,111 shares of common stock issuable upon the exercise of warrants to purchase up to 111,111 shares
of common stock at an exercise price of $6.50 per share (the &ldquo;PS Agreement Warrant Shares&rdquo;).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities Purchase Agreement
Shares, Pre-Funded Warrant Shares, Lead Investor Warrant Shares, Advisor Warrant Shares, the Series B Converted Shares and the PS Agreement
Warrant Shares will herein be referred to as the &ldquo;Shares.&rdquo; We issued the Shares in reliance upon the exemption from registration
afforded by Section 4(a)(2) and Regulation D of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), and are registering
the Shares pursuant to certain registration rights granted to the selling shareholders under the registration rights agreement, dated
September 6, 2025 (the &ldquo;Registration Rights Agreement&rdquo;). For information regarding the selling shareholders, please refer
to the section entitled &ldquo;<A HREF="#ps_010">Selling Shareholders</A>&rdquo; on page S-13 of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may
elect to sell, from time to time, the Shares offered pursuant to this prospectus supplement through public or private transactions at
prevailing market prices, at prices related to prevailing market prices or at privately negotiated prices. We will bear all costs, expenses
and fees in connection with the registration of the Shares. We are not offering any shares of common stock for sale under this prospectus
supplement and we will not receive any proceeds from the selling shareholders&rsquo; sale of the Shares. For additional information on
the possible methods of sale that may be used by the selling shareholders, please refer to the section entitled &ldquo;<A HREF="#ps_011">Plan of Distribution</A>&rdquo;
on page S-27 of this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Shares of our common stock
are traded on The Nasdaq Capital Market under the symbol &ldquo;FORD.&rdquo; On October 31, 2025, the last reported sale price of our
common stock on The Nasdaq Capital Market was $14.39 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves a high degree of risk. See the section entitled &ldquo;<A HREF="#ps_007">Risk Factors</A>&rdquo; appearing on page S-11 of this prospectus supplement
and elsewhere in this prospectus supplement and the accompanying base prospectus for a discussion of information that should be considered
in connection with an investment in our securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the Securities
and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy
or accuracy of this prospectus supplement. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is
November 3, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus Supplement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>Page</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_001">ABOUT THIS PROSPECTUS SUPPLEMENT</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">S-ii</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_002">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-iii</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_003">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-iv</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_004">FORWARD LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-v</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_005">PROSPECTUS SUPPLEMENT SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-1</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_006">THE OFFERING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-10</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_007">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-11</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_008">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-12</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_009">DESCRIPTION OF SECURITIES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-13</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_010">SELLING SHAREHOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-14</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_011">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-31</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_012">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-33</TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#ps_013">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">S-33</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_003">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">1</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_004">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_005">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_006">SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_007">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_008">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_009">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">26</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_010">SELLING SECURITY HOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_011">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_012">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_013">DESCRIPTION OF THE WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">31</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_014">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_016">DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">33</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_015">DESCRIPTION OF THE UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">34</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_017">CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">35</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_018">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_019">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_020">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">39</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_021">EXPERTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">39</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_001"></A>ABOUT
THIS PROSPECTUS SUPPLEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
an automatic shelf registration statement on Form S-3 that we have filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;)
as a &ldquo;well-known seasoned issuer&rdquo; as defined in Rule 405 under the Securities Act. This prospectus describes the proposed
resale or other disposition of our common stock by the selling shareholders. Before investing in the Shares offered by this prospectus,
we urge you to carefully read this prospectus, together with the information incorporated by reference as described under &ldquo;Where
You Can Find More Information&rdquo; and &ldquo;Incorporation by Reference&rdquo; in this prospectus. These documents contain important
information that you should consider when making your investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent the information
contained in this prospectus differs from or conflicts with the information contained in any document incorporated by reference, the information
in this prospectus will control. If any statement in one of these documents is inconsistent with a statement in another document having
a later date - for example, a document incorporated by reference into this prospectus - the statement in the document having the later
date modifies or supersedes the earlier statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained in, or incorporated by reference into, this prospectus and any related free writing prospectus that we have authorized
for use in connection with this offering. Neither we nor any selling shareholders have authorized anyone to provide you with different
information or to make any representation other than those contained in, or incorporated by reference into, this prospectus and any related
free writing prospectus. If anyone provides you with different or inconsistent information or representation, you should not rely on them.
This prospectus, and any accompanying supplement to this prospectus, does not constitute an offer to sell or the solicitation of an offer
to buy our common stock in any circumstances in which such offer or solicitation is unlawful. You should assume that the information appearing
in this prospectus and any related free writing prospectus and the documents incorporated by reference is accurate only as of their respective
dates, regardless of the time of delivery of this prospectus or any related free writing prospectus or any sale of our common stock. Our
business, financial condition, results of operations and prospects may have changed materially since those dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We further note that the representations,
warranties and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference into
this prospectus was made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating
risk among the parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such
representations, warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and
covenants should not be relied on as accurately representing the current state of our business, financial condition, results of operations
or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not consider any
information in this prospectus to be investment, legal or tax advice. You should consult your own counsel, accountants and other advisers
for legal, tax, business, financial and related advice regarding the purchase of our Common Stock offered by this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless the context requires
otherwise, references in this prospectus to &ldquo;Forward Industries,&rdquo; &ldquo;Forward,&rdquo; the &ldquo;Company,&rdquo; the &ldquo;Registrant,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Forward Industries, Inc. together with its consolidated subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_002"></A>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are subject to the reporting
requirements of the Exchange Act and are required to file with the SEC annual, quarterly and current reports, proxy statements and other
information. Such reports include our audited financial statements. Our publicly available filings can be found on the SEC&rsquo;s website
at www.sec.gov. Our filings, including the audited financial statements, and additional information that we have made public to investors,
may also be found on our website at www.forwardindustries.com. Information on or accessible through our website does not constitute part
of this prospectus (except for SEC reports expressly incorporated by reference herein) and investors should not rely on such information
in making their investment decision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also maintain a section
on our website (sol.forwardindustries.com) as a disclosure channel for providing broad, non-exclusionary distribution of information
regarding the Company to the public, including information regarding market prices of its outstanding securities, Solana token (&ldquo;SOL&rdquo;)
purchases and holdings, certain KPI metrics and other supplemental information, and as one means of disclosing non-public information
in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review the information
that the Company makes public via that section of its website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As permitted by SEC rules,
this prospectus does not contain all of the information we have included in the registration statement on Form S-3 we filed with the SEC
under the Securities Act and do not contain all the information set forth in the registration statement or the exhibits and schedules
thereto. For further information about us and our Common Stock offered by this prospectus, you may refer to such registration statement
and the exhibits and schedules thereto. Statements contained in this prospectus regarding the contents of any contract or any other document
to which reference is made are not necessarily complete and, in each instance where a copy of a contract or other document has been filed
as an exhibit to the registration statement, reference is made to the copy so filed, each of those statements being qualified in all respects
by the reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_003"></A>INCORPORATION
BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The documents listed below
are incorporated by reference into this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our annual report on <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316824009011/forward_i10k-093024.htm">Form 10-K</A> for the year ended September 30, 2024 filed on December 27, 2024 and amended
on <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825000424/forward_10ka1-093024.htm">Form 10-K/A</A> on January 17, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our quarterly reports on Form 10-Q filed on <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825000993/forward_i10q-123124.htm">February 13, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825003548/forward_i10q-033125.htm">May 14, 2025</A> and August 14, 2025;</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our current reports on Form 8-K (including 8-K/A) filed on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/38264/000168316824006943/forward_8k.htm"><FONT STYLE="font-size: 10pt">October
                                                                                                               4, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/38264/000168316824007224/forward_8k.htm"><FONT STYLE="font-size: 10pt">October
                                                                                                               18, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/38264/000168316824007539/forward_8k.htm"><FONT STYLE="font-size: 10pt">November
                                                                                                               1, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/38264/000168316824008222/forward_8k.htm"><FONT STYLE="font-size: 10pt">November
                                                                                                               18, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008710/0001683168-24-008710-index.htm"><FONT STYLE="font-size: 10pt">December
                                                                                                               13, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008908/0001683168-24-008908-index.htm"><FONT STYLE="font-size: 10pt">December
                                                                                                               23, 2024</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000650/forward_8k.htm"><FONT STYLE="font-size: 10pt">February
                                                                                                               3, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000992/forward_8k.htm"><FONT STYLE="font-size: 10pt">February
                                                                                                               13, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001267/forward_8k.htm"><FONT STYLE="font-size: 10pt">February
                                                                                                               27, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001658/forward_8k.htm"><FONT STYLE="font-size: 10pt">March
                                                                                                               17, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001830/forward_8k.htm"><FONT STYLE="font-size: 10pt">March
                                                                                                               24, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002064/forward_8k.htm"><FONT STYLE="font-size: 10pt">March
                                                                                                               31, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002108/forward_8k.htm"><FONT STYLE="font-size: 10pt">March
                                                                                                               31, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002225/forward_8k.htm"><FONT STYLE="font-size: 10pt">April
                                                                                                               2, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003025/forward_8k.htm"><FONT STYLE="font-size: 10pt">May
                                                                                                               1, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003287/forward_8k.htm"><FONT STYLE="font-size: 10pt">May
                                                                                                               8, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/forward_8k.htm"><FONT STYLE="font-size: 10pt">May
                                                                                                               22, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003989/forward_8k.htm"><FONT STYLE="font-size: 10pt">May
                                                                                                               23, 2025</FONT></A><FONT STYLE="font-size: 10pt">, </FONT><A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825004223/forward_8k.htm"><FONT STYLE="font-size: 10pt">June
                                                                                                               4, 2025</FONT></A><FONT STYLE="font-size: 10pt">, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825004604/forward_8k.htm" STYLE="-sec-extract: exhibit">June
                                                                                                               18, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825005403/forward_8k.htm" STYLE="-sec-extract: exhibit">July
                                                                                                               25, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               8, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825006838/forward_8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               11, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825006916/forward_8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               12, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825006963/forward_8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               15, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825007036/forward_i8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               16, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825007047/forward_i8k.htm" STYLE="-sec-extract: exhibit">September
                                                                                                               17, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825007508/forward_i8k.htm" STYLE="-sec-extract: exhibit">October
                                                                                                               10, 2025</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316825007687/forward_8k.htm" STYLE="-sec-extract: exhibit">October
                                                                                                               21, 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825007870/forward_i8k.htm">October 31, 2025</A> (other than information furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits relating
                                                                                                               to such information, which is neither filed nor incorporated by reference herein);</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The description of our securities contained in <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000168316819004079/ford_ex0401.htm">Exhibit 4.1 to our Form 10-K</A> filed with the Commission
on December 27, 2019, as updated by any amendments and reports filed for the purpose of updating such description; and</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">All documents subsequently filed by us pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Securities
Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;) until all Shares that may be offered by this prospectus supplement are sold by the
selling shareholders, other than information furnished pursuant to Items 2.02 and 7.01 of Form 8-K and any related exhibits, shall be
deemed to be incorporated by reference into the prospectus.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any statement contained in
a document incorporated or deemed to be incorporated by reference in this prospectus is modified or superseded for purposes of the prospectus
to the extent that a statement contained in this prospectus or in any other subsequently filed document that also is or is deemed to be
incorporated by reference herein modifies or supersedes such statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide to each person,
including any beneficial owner, to whom a prospectus is delivered, a copy of any or all of the information that has been incorporated
by reference in this prospectus but not delivered with the prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are an Exchange Act reporting
company and are required to file periodic reports on Form 10-K and 10-Q and current reports on Form 8-K. The SEC maintains an internet
website that contains reports, proxy and information statements and other information regarding issuers that file electronically with
the SEC, including Forward Industries, Inc. at www.sec.gov. You may also access our Exchange Act reports and proxy statements free of
charge at our website, www.forwardindustries.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may obtain a copy of any
of our filings, at no cost, by contacting us at:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forward Industries, Inc.<BR>
700 Veterans Memorial Highway, Suite 100<BR>
Hauppauge, New York 11788<BR>
(631) 547-3055</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_004"></A>FORWARD
LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus and the documents
incorporated by reference herein contain &ldquo;forward-looking statements&rdquo; within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995, which involve risks and uncertainties. All statements other than statements of historical facts contained in this
prospectus, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs,
prospects, plans, objectives of management and expected market growth are forward-looking statements. These forward-looking statements
are contained principally in the sections entitled &ldquo;Risk Factors&rdquo; and &ldquo;Use of Proceeds.&rdquo; Without limiting the
generality of the preceding sentence, any time we use the words &ldquo;believe,&rdquo; &ldquo;may,&rdquo; &ldquo;estimate,&rdquo; &ldquo;continue,&rdquo;
&ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo; &ldquo;should,&rdquo; &ldquo;plan,&rdquo; &ldquo;could,&rdquo; &ldquo;target,&rdquo; &ldquo;potential,&rdquo;
&ldquo;is likely,&rdquo; &ldquo;will,&rdquo; &ldquo;expect&rdquo; and, in each case, their negative or other various or comparable terminology,
and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in
nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. We have based
these forward-looking statements largely on our current expectations and projections about future events and financial trends that we
believe may affect our financial condition, results of operations, business strategy and financial needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The results anticipated by
any or all of these forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results
to differ materially from these forward-looking statements are contained in the risk factors that follow and elsewhere in this prospectus
and the documents incorporated by reference. We undertake no obligation to publicly update or revise any forward-looking statements, whether
as the result of new information, future events or otherwise. For more information regarding some of the ongoing risks and uncertainties
of our business, see the risk factors that follow and/or that are disclosed in our incorporated documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_005"></A>PROSPECTUS
SUPPLEMENT SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>This summary does not contain all of the information
that you should consider before investing in our common stock offered by this prospectus. Before making an investment decision, you should
carefully read the entire prospectus, including the &ldquo;Risk Factors&rdquo; sections, as well as our financial statements, including
the accompanying notes, and the other information incorporated by reference herein and the information in any related free writing prospectus
that we may authorize for use in connection with this offering of our Common Stock.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Company Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Forward is an engineering
design company serving top-tier customers worldwide. The Company provides hardware and software product design and engineering services
to customers predominantly located in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We provide a complete range
of design, engineering and development services with respect to a diverse array of consumer and industrial electronics products. These
include but are not limited to medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting,
security and detections systems, cameras, wearables and vehicle controls. Solutions in these and other areas are designed and developed
in-house, beginning at product concept, extending through design, engineering and prototype, and final design for manufacturing and computer-aided
design files.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">New Treasury Strategy</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 8, 2025, in connection
with the Private Placement (as defined below), we announced the launch of our digital asset treasury strategy, pursuant to which we plan
to pursue a number of strategic initiatives to acquire SOL and other digital assets. We entered into the Asset Management Agreement and
Services Agreement (each as defined below) to guide us through the implementation of our new digital assets treasury business. On September
15, 2025, we announced our initial liquid SOL purchases of 6,822,000 at an average price of $232 per SOL, or $1.58 billion in the aggregate.
As of October 15, 2025, our SOL holdings totaled 6,871,599.06 SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under our new treasury policy
and strategy (the &ldquo;Treasury Policy&rdquo;), the principal holding in our treasury reserve on the balance sheet will be allocated
to digital assets, primarily SOL by applying a public-market treasury model to an asset that&rsquo;s earlier in its lifecycle, structurally
reflexive and underexposed as compared to Bitcoin. Our approach involves acquiring SOL directly through market purchases and staking our
holdings via our own or third-party operated validators and generating incremental revenue through strategic partnerships and deployments
within the Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to operating our
hardware and software product design and engineering services business, our management will focus its resources on our Treasury Policy
and a significant portion of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Currently, our Treasury Policy
is primarily dedicated to SOL and other Solana ecosystem tokens. As a result, our assets are highly concentrated in a single digital asset.
Adverse developments specific to SOL, its protocol, or its ecosystem could have a disproportionate impact on our financial condition and
results of operations. We may utilize a range of capital markets and onchain strategies, including staking, lending and participation
in decentralized finance (&ldquo;<U>DeFi</U>&rdquo;) protocols, as well as pursuing accretive partnerships and acquisitions within the
Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our Treasury Policy is intended
to bring value to our shareholders through the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">utilizing intelligent capital markets issuances, including the issuance of equity, preferred and debt,
where we may issue capital for the benefit of shareholders to purchase and hold more SOL;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">staking the majority of the SOL in our treasury to earn a staking yield and turn the treasury into a productive
asset;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchasing SOL at a discount to the current spot price, including through over the counter transactions
and strategic partnerships;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">actively participating in DeFi protocols and other onchain strategies to increase SOL per share; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">selling our SOL holdings, whether on the open market, through block trades, or other negotiated transactions,
for various reasons and at various times, including, in order to repurchase shares of our Common Stock when our Board of Directors (the
&ldquo;Board&rdquo;) believes such repurchases will result in accretive value creation for our shareholders and at such times when it
is legally permissible to do so.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We believe that SOL is the
fastest and most used public blockchain in the world, processing more transactions and generating more on chain fee revenue than all other
blockchains combined. Solana has established itself as a high-performance blockchain and one of the most active onchain ecosystems, primarily
due to its differentiated approach to blockchain design, committed and growing developer community and strong social layer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There can be no assurance
that the value of SOL will increase, and investors should carefully consider the risks associated with digital assets. See &ldquo;<I>Risk
Factors - Risks Related to the Company&rsquo;s Business and Solana Strategy and Holdings</I>&rdquo; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>How We Earn Staking Rewards</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To earn staking rewards, we
intend to delegate our SOL to our own validators, which are operated by third-party service providers through a white-label arrangement.
We may also delegate to other third-party SOL validators via Solana&rsquo;s in-protocol delegation system. We will continue to keep the
SOL held by third-party custodians. This means we deposit our SOL into a stake account, which is then delegated to a validator&rsquo;s
vote account. Both our validators and the third-party validators we select are integrated into our qualified custodians&rsquo; platforms,
allowing us to stake SOL to them directly from our custody accounts. We will work closely with our white-label service provider for our
validators to achieve a track record of high performance, high yield generation and attractive delegator economics. We will also delegate
to other third-party validators who, in our opinion, have demonstrated a similar track record. We use multiple validators, both our own
and third-party, to seek to maximize the return on our SOL treasury and to mitigate the risk of having only one or two validators for
our treasury staking. We may also negotiate bespoke arrangements with DeFi teams and validator operators to further enhance returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>How We Manage Liquidity</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We acknowledge that during
the deactivation period, staked SOL is not earning rewards and is not yet liquid. We factor this into our liquidity and risk management
framework.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our staking program involves
a temporary loss of transferability of staked SOL during the &ldquo;deactivation&rdquo; or cooldown period. Under normal conditions, we
expect to regain complete control over un-staked SOL within approximately 48 hours; however, network conditions could extend this period.
To mitigate liquidity risk, we intend to maintain a portion of our treasury in un-staked SOL and cash to meet short-term obligations.
We may also utilize capital markets instruments, such as structured products and non-dilutive debt, to enhance liquidity and expand our
SOL holdings. Our use of SOL options may involve margin requirements or collateral posting, which could reduce available liquidity. Option
premiums paid or received may also create volatility in our near-term cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also intend to participate
in liquid staking protocols by converting a portion of our SOL holdings into Liquid Staking Tokens (&ldquo;LSTs&rdquo;). This will allow
us to earn staking rewards while maintaining the liquidity of our underlying SOL and enabling us to use the LSTs in various DeFi applications.
We may manage a mix of traditionally staked SOL and LSTs to optimize liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Use of Custodians and Storage
of SOL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We solely utilize third-party
qualified custodians to hold our SOL, other than the portion of our SOL held through a single non-qualified custodian, as set forth below.
We do not self-custody our SOL. We use qualified custodians that utilize risk management and operational best practices related to hot
vs. cold storage, access controls, custody technology and insurance, among other practices. We are in the process of onboarding with other
qualified custodians to ensure that we mitigate our SOL treasury risk through the use of several qualified custodians.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our primary custodians generally
maintain the majority of their custodied SOL holdings in cold storage (&gt;95%), with hot wallets used only for limited operational purposes.
Custodians employ SOC 2-audited security controls, geographic redundancy, multi-person approval processes and conduct key-generation ceremonies
in offline, secure facilities. Private keys are never exposed to networked devices. Custodians maintain insurance coverage, which is in
addition to policies we maintain ourselves. Our custody agreements typically run for one to three years, may be terminated on 30 days&rsquo;
notice, and include fees for storage and transactions. Our qualified custodians do not rehypothecate or otherwise use our SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Use of DeFi Protocols</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may from time to time interact
with DeFi protocols, either directly or indirectly through staking, validator operations, custody arrangements or liquidity management
activities. DeFi protocols generally rely on open-source smart contracts deployed on public blockchains, including SOL. While these smart
contracts are intended to operate automatically according to their code, they may contain coding errors, vulnerabilities or design flaws
that can be exploited. We actively evaluate DeFi opportunities within the Solana ecosystem to enhance treasury productivity, while maintaining
robust risk management practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>SOL - The Token of the Solana
Blockchain</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SOL is the native token of
the Solana blockchain. SOL was created with an initial supply of 500 million SOL, though much of the initial supply was locked or earmarked
for various use cases including the community, the foundation and investors. New SOL are brought into existence primarily through inflationary
rewards distributed to validators and delegators. The SOL staking yield is made up of three primary components: inflationary rewards,
transaction/priority fees and maximal extractable value. Inflationary rewards started out at 8.0%, and are currently 4.3%, and will fall
15% every epoch-year until they reach a long-term floor of 1.5%. Unlock schedules applicable to these allocations may periodically increase
circulating supply, creating potential selling pressure and adversely affecting the price of SOL. Historically, 50% of all transaction
fees were burned (with the other 50% going to the validator), but now all transaction fees go to the validator after the passage and adoption
of the Solana Improvement Document 96.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>How SOL is Used</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SOL is used as part of Solana&rsquo;s
proof-of-stake consensus mechanism. In general, proof-of-stake blockchains have block producers called validators that run nodes, bond
or stake the protocol&rsquo;s native token, propose blocks when chosen to do so and validate/sign the transactions and blocks of others
when not. Validators are chosen to produce a block in proportion to their stake, which makes it extremely costly for bad actors to attempt
to control the network and add invalid transactions to the blockchain. Validators receive staking rewards for the work they perform, which
further incentivizes validators to behave properly, as they would otherwise miss out on such rewards. Other proof-of-stake networks often
&ldquo;slash&rdquo; some or all of a validator&rsquo;s stake if it intentionally or unintentionally performs its duties poorly, for example,
by double-signing a transaction, though Solana has not implemented slashing at this time. In addition to its use within consensus, SOL
is also a &ldquo;gas token,&rdquo; meaning that users of the Solana blockchain pay SOL to validators (and delegators) as compensation
for processing their transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We see three particularly
notable items giving Solana a technical advantage compared to many smart contract blockchain peers. Solana&rsquo;s proof-of-history gives
validators a notion of time and allows them to produce blocks without requiring the network to first agree upon the current block, resulting
in speed advantages. Further, unlike peer blockchains that often use single-threaded virtual machines, Solana enables parallel transaction
execution to increase throughput and take advantage of future hardware improvements resulting from increased CPU core counts. In addition,
Solana is optimized for speed and security, and is naturally growing into decentralization as hardware and bandwidth costs fall over time,
positioning it well along the Blockchain Trilemma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">While Solana Labs and the
Solana Foundation have played important roles in the development of the Solana ecosystem, no single entity owns or controls the Solana
network. However, concentration of influence in these entities, particularly in early-stage protocol governance, presents risks that investors
should consider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>The Solana Ecosystem</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Solana&rsquo;s performance
and technical capabilities enable many use cases from DeFi to decentralized physical infrastructure networks, AI agents, social media,
gaming, stablecoins, real-world assets, among others. We believe Solana is advantaged by best-in-class technology and strong network effects
that have attracted a large, growing and vibrant ecosystem of users, developers and decentralized applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><U>Regulations</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Depending on the regulatory
characterization of Solana, the markets for cryptocurrency in general, and our activities in particular, our business and our Solana acquisition
strategy may be subject to regulation by one or more regulators in the United States and globally. Ongoing and future regulatory actions
may alter, to a materially adverse extent, the nature of digital assets markets, the participation of industry participants, including
service providers and financial institutions in these markets, and our ability to pursue our SOL strategy. Additionally, U.S. state and
federal and foreign regulators and legislatures have taken action against industry participants, including digital assets businesses,
and enacted restrictive regimes in response to adverse publicity arising from hacks, consumer harm or criminal activity stemming from
digital assets activity. U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of
cryptocurrency mining, and the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid
and retail distribution systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact
of cryptocurrency mining in their respective states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Commodities Futures Trading
Commission (the &ldquo;<U>CFTC</U>&rdquo;) takes the position that some digital assets fall within the definition of a &ldquo;commodity&rdquo;
under the Commodities Exchange Act of 1936, as amended (the &ldquo;<U>CEA</U>&rdquo;). Under the CEA, the CFTC has broad enforcement authority
to police market manipulation and fraud in spot digital assets markets in which we may transact. Beyond instances of fraud or manipulation,
the CFTC generally does not oversee cash or spot market exchanges or transactions involving digital asset commodities that do not utilize
margin, leverage or financing. In addition, CFTC regulations and CFTC oversight and enforcement authority apply with respect to futures,
swaps, other derivative products and certain retail leveraged commodity transactions involving digital asset commodities, including the
markets on which these products trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, because transactions
in SOL provide a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or
the perception of such misuse, could lead to greater regulatory oversight of SOL and SOL platforms, and there is the possibility that
law enforcement agencies could close SOL platforms or other SOL-related infrastructure with little or no notice and prevent users from
accessing or retrieving SOL held via such platforms or infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, activities
involving SOL and other digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such
laws and regulations are rapidly evolving and increasing in scope. The laws and regulations applicable to SOL and digital assets are evolving
and subject to interpretation and change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Governments around the world
have reacted differently to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade
without restriction, while in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving
regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As digital assets have grown
in both popularity and market size, the U.S. Executive Branch, Congress and a number of U.S. federal and state agencies, including the
Financial Crimes Enforcement Network, the CFTC, the SEC, the Financial Industry Regulatory Authority, the Consumer Financial Protection
Bureau, the Department of Justice, the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service
and state financial regulators, have been examining the operations of digital asset networks, digital asset users and digital asset exchanges,
with particular focus on the extent to which digital assets can be used to violate state or federal laws, including to facilitate the
laundering of proceeds of illegal activities or the funding of criminal or terrorist enterprises, and the safety and soundness and consumer-protective
safeguards of exchanges or other service-providers that hold, transfer, trade or exchange digital assets for users. Many of these state
and federal agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and
state agencies, and other countries have issued rules or guidance regarding the treatment of digital asset transactions and requirements
for businesses engaged in activities related to digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive offices
are located at 700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788, and our telephone number is (631) 547-3055. Our website
address is <U>www.forwardindustries.com</U>. Our website and the information contained on, or that can be accessed through, our website
is not part of this prospectus, any prospectus supplement or any registration statement, and is not incorporated by reference into this
prospectus or any other filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Recent Developments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Securities Purchase Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 6, 2025, we entered
into the Securities Purchase Agreement with certain accredited investors (the &ldquo;Purchasers&rdquo;) pursuant to which we sold and
issued to the Purchasers in a private placement (the &ldquo;Private Placement&rdquo;) an aggregate of (i) 77,144,562 Securities Purchase
Agreement Shares, at an offering price of $18.50 and (ii) pre-funded warrants (the &ldquo;Pre-Funded Warrants&rdquo;) to purchase 12,031,364
Pre-Funded Warrant Shares with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the &ldquo;Per Share
Purchase Price&rdquo;). In the Private Placement, the Purchasers tendered U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company
as consideration for the Securities Purchase Agreement Shares and the Pre-Funded Warrants. The Private Placement closed on September 10,
2025. We received aggregate proceeds of approximately $1.65 billion, before deducting placement agent fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The unfunded exercise price
of each Pre-Funded Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of common
stock issuable upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends,
stock splits, stock combinations or similar events affecting our common stock. The Pre-Funded Warrants are exercisable in cash or by means
of a cashless exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not
be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates)
immediately following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase
or decrease the beneficial ownership limitation by giving written notice to the Company (61 days&rsquo; advance written notice for increases),
but not to any percentage in excess of 9.99% of the then-outstanding shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Private
Placement, we entered into the Registration Rights Agreement with the Purchasers, providing for the registration for resale of the Securities
Purchase Agreement Shares, the Pre-Funded Warrant Shares and the shares of common stock underlying each of the Advisor Warrants and Lead
Investor Shares on an effective registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Galaxy Strategic Advisor
Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 6, 2025, we entered
into a Strategic Advisor and Lead Investor Agreement (the &ldquo;Strategic Advisor Agreement&rdquo;) with Galaxy Digital LP (&ldquo;Galaxy&rdquo;)
pursuant to which we engaged Galaxy to serve as our strategic advisor with respect to the Private Placement. In consideration of Galaxy&rsquo;s
services, we issued to Galaxy in addition to the Securities acquired by Galaxy pursuant to the Securities Purchase Agreement, 1,783,519
of Pre-Funded Warrants and 4,458,796 warrants (the &ldquo;Advisor Warrants&rdquo;) to purchase an amount of Advisor Shares. The exercise
price per share of the Advisor Warrants shall equal one penny ($0.01) per share and shall be exercisable as follows: (1) one-third (1/3)
of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&rsquo;s common
stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase Price for 20 out of 30 trading days
following the effectiveness of the registration statement; (2) one-third (1/3) of the Advisor Warrants shall be exercisable on and after
the first date on which the closing trading price of the Company&rsquo;s common stock on its principal stock exchange is equal to or greater
than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of the registration statement;
and (3) one-third (1/3) of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of
the Company&rsquo;s common stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share Purchase Price
for 20 out of 30 trading days following the effectiveness of the registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Lead Investor Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 6, 2025, we entered
into a Lead Investor Agreement (the &ldquo;Lead Investor Agreement&rdquo;) with J Digital 6 Cayman Ltd. (&ldquo;Jump Crypto&rdquo;) and
Multicoin Capital Master Fund, LP (&ldquo;Multicoin,&rdquo; and together with Galaxy and Jump Crypto, the &ldquo;Sponsors&rdquo;) to secure
the commitment of Jump Crypto and Multicoin in the Private Placement. In consideration of their respective participation, we issued to
each of Jump Crypto and Multicoin in addition to the Securities acquired by Jump Crypto and Multicoin pursuant to the Securities Purchase
Agreement, 1,783,519 Lead Investor Shares and warrants to purchase up to 4,458,796 shares of common stock (the &ldquo;Lead Investor Warrants&rdquo;).
The exercise price per share of the Lead Investor Warrants equals one penny ($0.01) per share and the Lead Investor Warrants are exercisable
as follows: (1) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after the first date on which the closing trading
price of the Company&rsquo;s common stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase
Price for 20 out of 30 trading days following the effectiveness of the registration statement; (2) one-third (1/3) of the Lead Investor
Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&rsquo;s common stock on its
principal stock exchange is equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following
the effectiveness of the registration statement; and (3) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after
the first date on which the closing trading price of the Company&rsquo;s common stock on its principal stock exchange is equal to or greater
than 250% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of the registration statement.
Pursuant to the Lead Investor Agreement, for so long as Multicoin continues to beneficially own at least 5% of the Company&rsquo;s issued
and outstanding shares of common stock, Multicoin has the right to nominate one individual for election to the Board, who shall also be
chairperson of the Board (such nominee, the &ldquo;Investor Designee&rdquo;), and the Company agreed to use its reasonable best efforts
to cause the Investor Designee to be elected to the Board (including recommending that the Company&rsquo;s shareholders vote in favor
of the election of the Investor Designee). In addition, pursuant to the Lead Investor Agreement, the Company agreed to invite a representative
of Jump Crypto to attend all meetings of the Board in a nonvoting observer capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">C/M Waiver and Leak-Out
Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 8, 2025, we entered
into a waiver and leak-out agreement (the &ldquo;Waiver and Leak-out Agreement&rdquo;) with each of C/M Capital Master Fund, LP and WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, &ldquo;C/M&rdquo;) in connection with our Series
B Preferred Stock, pursuant to which C/M agreed to (i) the termination, waiver or amendment of all covenants and provisions to forgo all
of C/M&rsquo;s rights under the Common Stock Purchase Warrant (the &ldquo;Warrant&rdquo;), the Preferred Stock Purchase Agreement (the
&ldquo;PS Agreement&rdquo;) and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the Company and
C/M, including a general release from any liability for prior non-performance, and (ii) provide conversion notices and such other documentation
reasonably requested by the Company in order to complete the conversion of all of C/M&rsquo;s Series B Preferred Stock into shares of
common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the Waiver
and Leak-out Agreement, the Company granted C/M the right to purchase up to $33,000,000 worth of shares of common stock at a purchase
price per share equal to the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement,
on behalf of C/M as a selling shareholder, all shares of common stock previously underlying the Series B Preferred Stock and Warrant held
by C/M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">ELOC Termination</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As previously disclosed, on
May 16, 2025, we entered into a securities purchase agreement (the &ldquo;ELOC Agreement&rdquo;) with C/M. Pursuant to the ELOC Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company&rsquo;s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company&rsquo;s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Asset Management Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2025, we
entered into an asset management agreement (the &ldquo;Asset Management Agreement&rdquo;) with Galaxy Digital Capital Management LP, an
SEC-registered investment adviser (the &ldquo;Asset Manager&rdquo;), pursuant to which we appointed the Asset Manager to provide discretionary
investment management services with respect to all of our (whether held directly by us or indirectly by a subsidiary or affiliate) cash,
cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly traded equities acquired pursuant to
mergers, acquisitions, combinations or other similar transactions pursuant to which we acquire or otherwise combine or merge with another
publicly traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt
instruments). Title to the account and all account assets will be held in our name. The Asset Manager is not authorized to act as custodian
of our assets, nor to take possession or title to any assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As compensation for the Asset
Manager&rsquo;s services, we will pay management fees according to a fee schedule set forth in the Asset Management Agreement. In addition,
the Asset Manager is authorized to appoint an affiliate to stake some or all of the SOL purchased for, maintained in the account, or otherwise
owned or controlled by the Company. Such Asset Manager affiliate will be entitled to mutually agreed-upon staking-based fees, subject
to certain parameters according to a schedule set forth in the Asset Management Agreement. The Asset Manager is otherwise responsible
for all of its overhead costs and the custody fees of any custodian selected by the Asset Manager, and the Company will pay or reimburse
the Asset Manager for all reasonable and documented expenses related to the operation of the account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Asset Management Agreement
has an initial term of three years and renews for successive one-year renewal periods unless the Company or the Asset Manager terminates
or elects not to continue effectiveness of the Asset Management Agreement. The Asset Management Agreement may be terminated by either
party without cause after the initial term or any subsequent renewal period upon ninety (90) days&rsquo; notice prior to the expiration
of such term. In addition, at any time, the Asset Management Agreement may be terminated either for cause or upon certain acts of insolvency,
each as described therein. While the Asset Manager is the exclusive asset manager for the Company, the Asset Manager may nonetheless provide
similar services to other clients, and the Asset Manager or its affiliates may engage in transactions for their own accounts. The Asset
Management Agreement contains customary representations, warranties, confidentiality, indemnification and limitation of liability provisions,
and is governed by the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Services Agreement</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2025, we
entered into a services agreement (the &ldquo;Services Agreement&rdquo;) with Galaxy, pursuant to which we engaged Galaxy to provide us
with certain operational, financial and human resources services to assist us with the inception of our new digital assets treasury business.
Galaxy will not be providing any (i) tax advice or services, (ii) legal advice or services, or (iii) advice in connection with the Investment
Company Act of 1940, as amended (the &ldquo;Investment Company Act&rdquo;), or any related analyses thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As compensation for its services,
we will pay Galaxy fees as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be
extended for one additional six (6) month period if mutually agreed in writing by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except in cases of willful
misconduct, gross negligence or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors
and agents shall have any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result
of any act or omission by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Conversion of Shares</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2025, Forward
Industries (Asia-Pacific) Corporation (&ldquo;FC&rdquo;) converted 4,315 shares of Series A-1 Preferred Stock (&ldquo;Series A-1&rdquo;)
(Stated Value of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a
conversion price of $7.50 per share) of the Company. Following FC&rsquo;s conversion, no Series A-1 remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2025, WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (&ldquo;WVP&rdquo;) converted 400,000 shares of Series B Preferred
Stock (Stated Value of $400,000) in accordance with the terms of the Series B Preferred Stock and was issued 91,506 shares of common stock
(based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted 600,000 shares of Series B Preferred
Stock (Stated Value of $600,000) in accordance with the terms of the Series B Preferred Stock and issued 137,259 shares of common stock
(based on a conversion price of $4.50 per share) of the Company. Following WVP&rsquo;s and C/M&rsquo;s conversion of their Series B Preferred
Stock, no Series B Preferred Stock remain outstanding. Under the PS Agreement, C/M holds 66,667 warrants to purchase shares of our common
stock at an exercise price of $6.50 per share and WVP holds 44,444 warrants to purchase shares of our common stock at an exercise price
of $6.50 per share (collectively, the &ldquo;PS Agreement Warrants&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Appointments</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On September 10, 2025, the
Board appointed: (i) Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_006"></A><FONT STYLE="text-transform: none">THE
OFFERING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="4" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border: Black 1pt solid; text-align: left">Issuer</TD>
    <TD STYLE="width: 75%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Forward Industries Inc.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Common stock offered by the Selling Shareholders</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">102,848,137 Shares. See &ldquo;<A HREF="#ps_010">Selling Shareholders</A>&rdquo;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Common stock outstanding</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">86,459,465 shares</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Use of proceeds</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">The selling shareholders will receive all of the net proceeds from the sale of the Shares by them in this offering, and we will not receive any proceeds from the sale of the Shares in this offering. See &ldquo;<A HREF="#ps_008">Use of Proceeds</A>&rdquo; on page S-12 of this prospectus supplement.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Risk Factors</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">See the section titled &ldquo;<A HREF="#ps_007">Risk Factors</A>&rdquo; beginning on page S-11 of this prospectus supplement and in the documents incorporated herein by reference for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left">Nasdaq Symbol</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: left">Our common stock is listed on the Nasdaq under the symbol &ldquo;FORD.&rdquo;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of shares of our
common stock to be outstanding immediately after this offering is based on 86,459,465 shares of our common stock outstanding as of October
31, 2025, and unless otherwise indicated, excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">26,359,600 warrants outstanding with a weighted average exercise price of $0.03 per share, which includes
the Pre-Funded Warrants and the $0.01 warrants issued in the Private Placement;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">324,607 stock options with a weighted average exercise price of $13.45 per share; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">52,668 shares of common stock available for future grants under our 2021 Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise indicated
herein, all information in this prospectus supplement assumes no exercise or conversion of outstanding options or warrants as described
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_007"></A>RISK
FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Investing in our common
stock involves risks. Before purchasing any shares of our common stock, you should carefully consider the risks discussed under the section
captioned &ldquo;Risk Factors&rdquo; 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 any amendment, supplement or update to the risk factors reflected in subsequent filings with the SEC, which are incorporated
by reference into this prospectus supplement, and all of the other information contained in this prospectus supplement and incorporated
by reference into this prospectus supplement. These risks and uncertainties are not the only ones facing us. Additional risks and uncertainties
that we are unaware of, or that we currently deem immaterial, may also become important factors that could adversely affect us. If any
of such risks or the risks described below or in our SEC filings occur, our business, financial condition, results of operations or prospects
could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you may lose some or
all of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_008"></A>USE
OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>We are not selling any
shares of common stock under this prospectus supplement, and we will not receive any proceeds from any sale of the Shares in this offering
by the selling shareholders. The aggregate proceeds to the selling shareholders from the sale of the common stock offered by them will
be the purchase price of the common stock less discounts or commissions, if any. Each of the selling shareholders reserves the right to
accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be
made directly or through agents. Upon any exercise of the Pre-Funded Warrants by payment of cash, however, we will receive the exercise
price of the Pre-Funded Warrants.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_009"></A>DESCRIPTION
OF SECURITIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of our common stock summarizes the material terms and provisions thereof, including the material terms of the shares of common stock that
the selling shareholders are offering under this prospectus supplement and the accompanying prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">See <A HREF="#a_011">Description of Capital Stock</A> on page 28 of the accompanying prospectus for a description of the material terms of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_010"></A>SELLING
SHAREHOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus relates to
the possible resale by the selling shareholders named in the table below (the &ldquo;selling shareholders&rdquo;) of up to an aggregate
of 102,848,137 shares of our common stock issued in the Private Placement pursuant to the Securities Purchase Agreement, the Strategic
Advisor Agreement and the Lead Investor Agreement, or issuable pursuant to the exercise of the Pre-Funded Warrant Shares, Advisor Warrants
or Lead Investor Warrants. For additional information regarding the issuance of the Shares covered by this prospectus supplement, see
the section titled &ldquo;<I>Prospectus Supplement Summary&mdash;Recent Developments.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are registering the offer
and sale of the Shares to satisfy our obligations pursuant to the Registration Rights Agreement, under which we agreed to register the
Shares on a prospectus supplement pursuant to the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Shares covered hereby
may be offered from time to time by the selling shareholders. The selling shareholders may sell some, all or none of their Shares covered
hereby. We do not know how long the selling shareholders will hold the offered Shares before selling them, and, other than as set forth
herein, we currently have no agreements, arrangements or understandings with the selling shareholders regarding the sale or other disposition
of any of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;selling shareholders&rdquo;
used herein includes donees, pledgees, transferees or other successors-in-interest, selling the Shares or interests in the Shares received
after the date of this prospectus supplement from a selling shareholder as a gift, pledge, partnership distribution or other transfer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth
the name of the selling shareholders, the number of shares of common stock (i) owned by or attributable to the selling shareholders immediately
prior to this prospectus supplement, (ii) offered hereby and registered by the registration statement of which this prospectus supplement
is a part, and (iii) to be owned by the selling shareholders after the maximum number of shares being offered hereby are sold, which assumes
that all shares of common stock covered by this prospectus supplement will be sold by the selling shareholders and that no additional
shares of common stock of the Company are subsequently bought or sold by the selling shareholders. However, because the selling shareholders
may offer from time to time all, some or none of its shares of common stock under this prospectus supplement, or in another permitted
manner, no assurances can be given as to the actual number of shares of common stock that will be sold by the selling shareholders or
that will be held by the selling shareholder after completion of the sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information contained
in the table below in respect of the selling shareholders has been obtained from the selling shareholders and has not been independently
verified by us. The percentage of shares of common stock beneficially owned by the selling shareholders, both before and after the offering,
is based on 86,459,465 shares of common stock outstanding as of October 31, 2025, determined in accordance with Rule 13d-3 under the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ownership Before Offering</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Ownership After Offering</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Name of Shareholder</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Beneficially Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Shares Beneficially Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Number of Shares Offered</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Number of Shares Beneficially Owned</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Percentage of Shares Beneficially Owned</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; width: 4%; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">1.</TD>
    <TD STYLE="width: 38%; text-align: left">11-11 DG Holdings, LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: right">27,027<SUP>1</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">27,027</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">2.</TD>
    <TD STYLE="text-align: left">Albert Chao</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>2</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">3.</TD>
    <TD STYLE="text-align: left">Alexa Anacreonte</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>3</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">4.</TD>
    <TD STYLE="text-align: left">Alexander Benitt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>4</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">5.</TD>
    <TD STYLE="text-align: left">Alexander Golding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>5</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">6.</TD>
    <TD STYLE="text-align: left">Alyeska Master Fund, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,054,055<SUP>6</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,054,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">7.</TD>
    <TD STYLE="text-align: left">American Steadfast, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">686,378<SUP>7</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">686,378</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">8.</TD>
    <TD STYLE="text-align: left; width: 38%">Anson East Master Fund LP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">54,100<SUP>8</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">54,100</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">9.</TD>
    <TD STYLE="text-align: left">Anson Investments Master Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">175,700<SUP>9</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">175,700</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">10.</TD>
    <TD STYLE="text-align: left">Anson Opportunities Master Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,471<SUP>10</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,471</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">11.</TD>
    <TD STYLE="text-align: left">AP Fund Two, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541<SUP>11</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">12.</TD>
    <TD STYLE="text-align: left; width: 38%">Arche Capital SPV V LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">1,162,163<SUP>12</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">1.3%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">1,162,163</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">13.</TD>
    <TD STYLE="text-align: left">Aristeia Master, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">387,972<SUP>13</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">387,972</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">14.</TD>
    <TD STYLE="text-align: left">ASIG International Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24,431<SUP>14</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">24,431</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">15.</TD>
    <TD STYLE="text-align: left">Ask America LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">254,050<SUP>15</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">254,050</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">16.</TD>
    <TD STYLE="text-align: left">ATW Master Fund V LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136<SUP>16</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">17.</TD>
    <TD STYLE="text-align: left">Avenir Tech Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082<SUP>17</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">18.</TD>
    <TD STYLE="text-align: left">Bastion Trading Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>18</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">19.</TD>
    <TD STYLE="text-align: left">Beimnet Abebe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,109<SUP>19</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">8,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">20.</TD>
    <TD STYLE="text-align: left">Belay On Group, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>20</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">21.</TD>
    <TD STYLE="text-align: left">BEMAP Master Fund LTD</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">90,956<SUP>21</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">90,956</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">22.</TD>
    <TD STYLE="text-align: left">BH Digital Liquid Directional Master Fund I, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">521,622<SUP>22</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">521,622</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">23.</TD>
    <TD STYLE="text-align: left">BH DK Master Fund, L.P.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">72,973<SUP>23</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">72,973</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">24.</TD>
    <TD STYLE="text-align: left">Bitwise Asset Management Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>24</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">25.</TD>
    <TD STYLE="text-align: left">Blackstone CSP-MST FMAP Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">109,147<SUP>25</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">109,147</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">26.</TD>
    <TD STYLE="text-align: left">Blue Peak Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">128,138<SUP>26</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">128,138</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">27.</TD>
    <TD STYLE="text-align: left">Borderless Multi-Strategy Fund V LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>27</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">28.</TD>
    <TD STYLE="text-align: left">Breed VC Sunburst, a series of GCRx Master LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217<SUP>28</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">29.</TD>
    <TD STYLE="text-align: left">Brian H Broder Investments LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,622<SUP>29</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,622</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">30.</TD>
    <TD STYLE="text-align: left">Brian Strugats</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>30</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">31.</TD>
    <TD STYLE="text-align: left">Brian Wright</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>31</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">32.</TD>
    <TD STYLE="text-align: left">BV SPV II, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>32</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">33.</TD>
    <TD STYLE="text-align: left">Capital Factory Management, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>33</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">34.</TD>
    <TD STYLE="text-align: left">Capybara Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">79,595<SUP>34</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">79,595</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">35.</TD>
    <TD STYLE="text-align: left">Christopher Ferraro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>35</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">36.</TD>
    <TD STYLE="text-align: left">Christopher Rhine</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>36</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">37.</TD>
    <TD STYLE="text-align: left">Citadel CEMF Investments Ltd. by Citadel Advisors LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,081<SUP>37</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,081</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">38.</TD>
    <TD STYLE="text-align: left">CL Advisors - DVI LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>38</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">39.</TD>
    <TD STYLE="text-align: left">C/M Capital Master Fund, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">203,926<SUP>39</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">203,926</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">40.</TD>
    <TD STYLE="text-align: left">CMT Digital Ventures Fund II (QP) LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>40</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">41.</TD>
    <TD STYLE="text-align: left">CMT Digital Ventures Fund II LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>41</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">42.</TD>
    <TD STYLE="text-align: left">Coach Investments, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>42</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">43.</TD>
    <TD STYLE="text-align: left">CoinFund Liquid Opportunities LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">152,704<SUP>43</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">152,704</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">44.</TD>
    <TD STYLE="text-align: left">Cordell PR, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">91,892<SUP>44</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">91,892</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">45.</TD>
    <TD STYLE="text-align: left">Cyber Citadel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,702,703<SUP>45</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">3.1%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,702,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">46.</TD>
    <TD STYLE="text-align: left">Daniel Gerhardstein</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>46</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">47.</TD>
    <TD STYLE="text-align: left">Daniel Reecer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>47</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">48.</TD>
    <TD STYLE="text-align: left">David Heatley</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>48</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">49.</TD>
    <TD STYLE="text-align: left">DBFAM Venture LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,082<SUP>49</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,082</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">50.</TD>
    <TD STYLE="text-align: left; width: 38%">Delta Blockchain Fund LP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">54,055<SUP>50</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">54,055</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">51.</TD>
    <TD STYLE="text-align: left">Dostan Investments Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325<SUP>51</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">52.</TD>
    <TD STYLE="text-align: left">Douglas Allen Simpson</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>52</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">53.</TD>
    <TD STYLE="text-align: left">Dritan Muneka</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>53</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">54.</TD>
    <TD STYLE="text-align: left">EBT Group Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,513,514<SUP>54</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14.0%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,513,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">55.</TD>
    <TD STYLE="text-align: left">Eleven Eleven Algo Cl</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108<SUP>55</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">56.</TD>
    <TD STYLE="text-align: left">Emrit, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136<SUP>56</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">57.</TD>
    <TD STYLE="text-align: left">Entities managed by Room40 Capital LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595<SUP>57</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">58.</TD>
    <TD STYLE="text-align: left; width: 38%">ESD Investments Limited</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">216,217<SUP>58</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">216,217</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">59.</TD>
    <TD STYLE="text-align: left">ExodusPoint Partners Master Fund, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>59</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">60.</TD>
    <TD STYLE="text-align: left">Expo Age Master Fund Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217<SUP>60</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">61.</TD>
    <TD STYLE="text-align: left">Exponential Age Asset Management Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,216<SUP>61</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,216</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">62.</TD>
    <TD STYLE="text-align: left">Fatameh Z. Samani</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>62</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">63.</TD>
    <TD STYLE="text-align: left">FinTech Collective DeFi Fund I LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595<SUP>63</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">64.</TD>
    <TD STYLE="text-align: left">Funds managed by Weiss Asset Management LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,082<SUP>64</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,081,082</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">65.</TD>
    <TD STYLE="text-align: left">Frank Falco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>65</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">66.</TD>
    <TD STYLE="text-align: left">Funicular Funds, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>66</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">67.</TD>
    <TD STYLE="text-align: left">G-20 Hermes Advisory Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217<SUP>67</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">216,217</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">68.</TD>
    <TD STYLE="text-align: left">Galaxy Digital LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14,350,424<SUP>68</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">14,350,424</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">69.</TD>
    <TD STYLE="text-align: left">GAMA DAT V SPV, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,324,325<SUP>69</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5.0</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,324,325</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">70.</TD>
    <TD STYLE="text-align: left">Gary Benitt</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,1099<SUP>70</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">71.</TD>
    <TD STYLE="text-align: left">Gaston Ventures, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>71</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">72.</TD>
    <TD STYLE="text-align: left">Gemini Frontier Fund, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>72</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">73.</TD>
    <TD STYLE="text-align: left">George Igel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32,433<SUP>73</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32,433</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">74.</TD>
    <TD STYLE="text-align: left">Ghisallo Master Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352<SUP>74</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">75.</TD>
    <TD STYLE="text-align: left">Glendora LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>75</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">76.</TD>
    <TD STYLE="text-align: left">Granero Grande&nbsp;LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109<SUP>76</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">77.</TD>
    <TD STYLE="text-align: left">GREAT POINT CAPITAL, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>77</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">78.</TD>
    <TD STYLE="text-align: left">Guy Roderick Young</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>78</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">79.</TD>
    <TD STYLE="text-align: left">Harry Austin</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>79</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">80.</TD>
    <TD STYLE="text-align: left">Hermeneutic Liquid Strategies Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">243,244<SUP>80</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">243,244</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">81.</TD>
    <TD STYLE="text-align: left">Hermeneutic Proprietary Trading Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,162<SUP>81</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,162</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">82.</TD>
    <TD STYLE="text-align: left">Hyla Fund III LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">378,379<SUP>82</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">378,379</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">83.</TD>
    <TD STYLE="text-align: left">Hypersphere Atlas Master Fund Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>83</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">84.</TD>
    <TD STYLE="text-align: left">Hypersphere Parallel Network Master Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109<SUP>84</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">85.</TD>
    <TD STYLE="text-align: left">Ian Kolman</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>85</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">86.</TD>
    <TD STYLE="text-align: left">Innoval Network Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541<SUP>86</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">87.</TD>
    <TD STYLE="text-align: left">J Digital 6 Cayman Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,406,639<SUP>87</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,406,639</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">88.</TD>
    <TD STYLE="text-align: left">Jane Street Global Trading, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,064,290<SUP>88</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4.7%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,054,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,235</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">89.</TD>
    <TD STYLE="text-align: left">Jason O&rsquo;Reilly</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>89</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>

<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">90.</TD>
    <TD STYLE="text-align: left">Jason Urban</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>90</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">91.</TD>
    <TD STYLE="text-align: left">Jim Hiltner</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>91</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">92.</TD>
    <TD STYLE="text-align: left">John Pridjian</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>92</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">93.</TD>
    <TD STYLE="text-align: left">John Robert Reed</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,541<SUP>93</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">94.</TD>
    <TD STYLE="text-align: left">Kamunting Street Master Fund, Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136<SUP>94</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">95.</TD>
    <TD STYLE="text-align: left">Keith Amirault</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>95</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">96.</TD>
    <TD STYLE="text-align: left">Kelly Hwang</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>96</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">97.</TD>
    <TD STYLE="text-align: left">KK 2024 Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>97</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">98.</TD>
    <TD STYLE="text-align: left">Kyle Smith</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,622<SUP>98</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">21,622</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">99.</TD>
    <TD STYLE="text-align: left">L1D Blockchain Venture II SLP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325<SUP>99</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">100.</TD>
    <TD STYLE="text-align: left">Legion Strategies Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541<SUP>100</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">101.</TD>
    <TD STYLE="text-align: left">Lemmings Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352<SUP>101</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">102.</TD>
    <TD STYLE="text-align: left; width: 38%">Lindzon &amp; Associates LLC</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">13,514<SUP>102</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">13,514</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">103.</TD>
    <TD STYLE="text-align: left">Lo Enterprises LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>103</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">104.</TD>
    <TD STYLE="text-align: left">LPT Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109<SUP>104</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">105.</TD>
    <TD STYLE="text-align: left">Lvna Blockchain Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>105</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">106.</TD>
    <TD STYLE="text-align: left">Lvna Disruption Fund I Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108<SUP>106</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">107.</TD>
    <TD STYLE="text-align: left">Mantle EF Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163<SUP>107</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">162,163</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">108.</TD>
    <TD STYLE="text-align: left">Matthew Fiacco</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>108</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">109.</TD>
    <TD STYLE="text-align: left">Max Bareiss</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>109</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">110.</TD>
    <TD STYLE="text-align: left">Meshflow SOL LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>110</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">111.</TD>
    <TD STYLE="text-align: left">Michael Ashe</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>111</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">112.</TD>
    <TD STYLE="text-align: left">Michael Bucella</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>112</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">113.</TD>
    <TD STYLE="text-align: left">Michael Harvey</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>113</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">114.</TD>
    <TD STYLE="text-align: left">Michael Horton</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>114</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">115.</TD>
    <TD STYLE="text-align: left">Michael J. Rems Revocable Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082<SUP>115</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">116.</TD>
    <TD STYLE="text-align: left">Michael Johannes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>116</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">117.</TD>
    <TD STYLE="text-align: left">Michael Marcantonio</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>117</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">118.</TD>
    <TD STYLE="text-align: left">Michael Mills</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>118</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">119.</TD>
    <TD STYLE="text-align: left">Mission Pure Alpha LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">49,405<SUP>119</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">49,405</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">120.</TD>
    <TD STYLE="text-align: left">Mission Pure Alpha Master LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,370<SUP>120</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">45,370</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">121.</TD>
    <TD STYLE="text-align: left">MMF LT, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>121</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">122.</TD>
    <TD STYLE="text-align: left">Moglia Capital LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>122</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">123.</TD>
    <TD STYLE="text-align: left">Moglia Family Foundation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190<SUP>123</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">124.</TD>
    <TD STYLE="text-align: left">Moglia Trust 2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190<SUP>124</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">125.</TD>
    <TD STYLE="text-align: left">Monashee Pure Alpha SPV I LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">110,528<SUP>125</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">110,528</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">126.</TD>
    <TD STYLE="text-align: left">MTG Consulting LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>126</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">127.</TD>
    <TD STYLE="text-align: left">Multicoin Capital Master Fund, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,406,639<SUP>127</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">9.2%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">12,406,639</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">128.</TD>
    <TD STYLE="text-align: left">Mythic Corp Holdings LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>128</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">129.</TD>
    <TD STYLE="text-align: left">N Coharie Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>129</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">130.</TD>
    <TD STYLE="text-align: left">Nicholas Parsons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>130</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">131.</TD>
    <TD STYLE="text-align: left">OGTM Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108<SUP>131</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">132.</TD>
    <TD STYLE="text-align: left">Origin Capital Partners Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108<SUP>132</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">133.</TD>
    <TD STYLE="text-align: left">Palmas Accelerate SPV LLC a series of Palmas SPV LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>133</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">134.</TD>
    <TD STYLE="text-align: left">Paper Group Inc</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082<SUP>134</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">81,082</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">135.</TD>
    <TD STYLE="text-align: left">Paul Cappelli</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>135</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">136.</TD>
    <TD STYLE="text-align: left">Phillips Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>136</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">137.</TD>
    <TD STYLE="text-align: left">Pierre M. Henry</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>137</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">138.</TD>
    <TD STYLE="text-align: left">PIPE SPV II LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325<SUP>138</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">324,325</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">139.</TD>
    <TD STYLE="text-align: left">Polar Multi-Strategy Master Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352<SUP>139</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.6%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,351,352</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">140.</TD>
    <TD STYLE="text-align: left">Polychain Master Fund I LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,016,217<SUP>140</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2.3%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,016,217</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">141.</TD>
    <TD STYLE="text-align: left">Polychain Parallel Fund I LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">145,946<SUP>141</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">145,946</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">142.</TD>
    <TD STYLE="text-align: left">Quantum Digital Group Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136<SUP>142</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">143.</TD>
    <TD STYLE="text-align: left">Ray Hindi</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108<SUP>143</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,108</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">144.</TD>
    <TD STYLE="text-align: left">RBCH II Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541<SUP>144</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">145.</TD>
    <TD STYLE="text-align: left">Republic Digital Opportunistic Digital Assets Master Fund Ltd</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>145</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 4%">146.</TD>
    <TD STYLE="text-align: left; width: 38%">Ribbit OB1 (Master), LP</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 13%">810,811<SUP>146</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">810,811</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right; width: 10%">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">147.</TD>
    <TD STYLE="text-align: left">Robert Rico</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>147</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">148.</TD>
    <TD STYLE="text-align: left">Robert S. Leshner Revocable Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">810,811<SUP>148</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">810,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">149.</TD>
    <TD STYLE="text-align: left">Robinson Burkey</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,541<SUP>149</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">40,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">150.</TD>
    <TD STYLE="text-align: left">Robot Ventures Fund IV, LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>150</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">151.</TD>
    <TD STYLE="text-align: left">Rodimus Prime LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>151</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">152.</TD>
    <TD STYLE="text-align: left">Roseco2 LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">175,676<SUP>152</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">175,676</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">153.</TD>
    <TD STYLE="text-align: left">Ross Fedenia</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>153</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">154.</TD>
    <TD STYLE="text-align: left">RV Summit Investment Limited Partnership</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">137,838<SUP>154</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">137,838</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">155.</TD>
    <TD STYLE="text-align: left">Sand Dune Investments LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136<SUP>155</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,136</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">156.</TD>
    <TD STYLE="text-align: left">SCB Limited (SIG)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>156</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">157.</TD>
    <TD STYLE="text-align: left">Sebastian Benkert</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>157</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">158.</TD>
    <TD STYLE="text-align: left">Series F Liquid Opportunities LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,243<SUP>158</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,243</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">159.</TD>
    <TD STYLE="text-align: left">Series G Liquid Opportunities LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,243<SUP>159</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">18,243</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">160.</TD>
    <TD STYLE="text-align: left">Shappiness Ventures LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>160</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">161.</TD>
    <TD STYLE="text-align: left">Sharing LLC Sunburst PS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>161</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">162.</TD>
    <TD STYLE="text-align: left">Shayon Sengupta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>162</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">163.</TD>
    <TD STYLE="text-align: left">Sigil PCC Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">810,811<SUP>163</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">810,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">164.</TD>
    <TD STYLE="text-align: left">Silver Dip LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406<SUP>164</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">5,406</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">165.</TD>
    <TD STYLE="text-align: left">Simon Johansen</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>165</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">166.</TD>
    <TD STYLE="text-align: left">Sixtav Ventures LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>166</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">167.</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Solios, Inc<SUP>.</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541<SUP>167</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">540,541</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">168.</TD>
    <TD STYLE="text-align: left">Spencer Applebaum</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514<SUP>168</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">13,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">169.</TD>
    <TD STYLE="text-align: left">Splendid Height Holdings Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">648,649<SUP>169</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">648,649</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">170.</TD>
    <TD STYLE="text-align: left">Standard Crypto Flagship Fund LP</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595<SUP>170</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">594,595</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">171.</TD>
    <TD STYLE="text-align: left">Steadfast International Master Fund Ltd.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,205,514<SUP>171</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1.4%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">1,205,514</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">172.</TD>
    <TD STYLE="text-align: left">Stephen Kurz</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028<SUP>172</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">27,028</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">173.</TD>
    <TD STYLE="text-align: left">Sunshine 511 Holdings LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>173</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">174.</TD>
    <TD STYLE="text-align: left">The Carl E. Esrey Irrevocable Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>174</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">175.</TD>
    <TD STYLE="text-align: left">The Makan Family Trust DTD 10/10/05</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>175</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">176.</TD>
    <TD STYLE="text-align: left">The Michael Steven Ovitz Dispositive Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190<SUP>176</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">189,190</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">177.</TD>
    <TD STYLE="text-align: left">The Robert J. Donahue Jr. Revocable Trust U/A/D 03/09/2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>177</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">178.</TD>
    <TD STYLE="text-align: left">Tough Investments Limited</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271<SUP>178</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">270,271</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">179.</TD>
    <TD STYLE="text-align: left">UNCAP SPV Holdings LLC Series 52</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055<SUP>179</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">54,055</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">180.</TD>
    <TD STYLE="text-align: left">VA Consulting &amp; Advisory Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,221<SUP>180</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">16,221</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">181.</TD>
    <TD STYLE="text-align: left">Vernon Capital, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109<SUP>181</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">108,109</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">182.</TD>
    <TD STYLE="text-align: left">William Cavagnaro</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703<SUP>182</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2,703</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">183.</TD>
    <TD STYLE="text-align: left">William Zanker</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32,433<SUP>183</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">32,433</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">184.</TD>
    <TD STYLE="text-align: left">WVP Emerging Manager Onshore Fund LLC Structured Small Cap Lending Series</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,950<SUP>184</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">135,950</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">185.</TD>
    <TD STYLE="text-align: left">Zane Glauber</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811<SUP>185</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">*%</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">10,811</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&ndash;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="vertical-align: top; text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in; border-bottom: Black 1pt solid">*
less than 1%</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">(1)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 27,027 shares of ours common stock acquired by 11-11 DG Holdings, LLC. 11-11 DG Holdings,
LLC is controlled by Arul Murugan and David Garcia and located at 4290 S Highway 27 Suite 201 Space 3, Clermont, FL 34711, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(2)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Albert Chao. Albert Chao is located at 2-33 50<SUP>th</SUP>
Avenue, Apt E615, Long Island City, NY 11101, United States.</TD></TR>
</TABLE>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">(3)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 10,811 shares of our common stock acquired by Alexa Anacreonte. Alexa Anacreonte is located
at 60 Wharf Drive, Apt 1612, Brooklyn, NY 11222, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(4)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Alexander Benitt. Alexander Benitt is located
at 37 Seaside Dr, Belle Terre, NY 11777, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(5)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Alexander Golding. Alexander Golding is located
at 303 calle villamil #1605, San Juan, PR 00907, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(6)</TD><TD STYLE="text-align: justify">Consists of 4,054,055 shares of our common stock acquired by Alyeska Investment Group, L.P., including
540,541 shares issuable upon the exercise of the Pre-Funded Warrants. The investment manager of Alyeska Master Fund, L.P. (the &ldquo;Selling
Securityholder&rdquo;), has voting and investment control of the shares held by the Selling Securityholder. Anand Parekh is the Chief
Executive Officer of Alyeska Investment Group, L.P. and may be deemed to be the beneficial owner of such shares. Mr. Parekh, however,
disclaims any beneficial ownership of the shares held by the Selling Securityholder. The registered address of Alyeska Master Fund, L.P.
is at c/o Maples Corporate Services Limited, P.O. Box 309, Ugland House, South Church Street George Town, Grand Cayman, KY1-1104, Cayman
Islands. Alyeska Investment Group, L.P. is located at 77 W. Wacker, Suite 700, Chicago, IL 60601, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(7)</TD><TD STYLE="text-align: justify">Consists of 686,378 shares of our common stock acquired by American Steadfast, L.P. American Steadfast,
L.P. is controlled by Steadfast Capital Management L.P. The individuals with voting and investment power over the securities held by American
Steadfast, L.P. are Robert Pitts, Jr. and Miraj Patel. American Steadfast, L.P. is located at 450 Park Avenue, 20th Floor, New York, NY
10022, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(8)</TD><TD STYLE="text-align: justify">Consists of 54,100 shares of our common stock acquired by Anson East Master Fund LP. Anson Advisors Inc
and Anson Funds Management LP, the Co-Investment Advisers of Anson East Master Fund LP (&ldquo;Anson&rdquo;), hold voting and dispositive
power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general partner
of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo each
disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. Anson East Master Fund
LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(9)</TD><TD STYLE="text-align: justify">Consists of 175,700 shares of our common stock acquired by Anson Investments Master Fund LP. Anson Advisors
Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (&ldquo;Anson&rdquo;), hold voting and
dispositive power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general
partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo
each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. Anson Investments
Master Fund LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(10)</TD><TD STYLE="text-align: justify">Consists of 40,471 shares of our common stock acquired by Anson Opportunities Master Fund LP. Anson Advisors
Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Opportunities Master Fund LP (&ldquo;Anson&rdquo;), hold voting
and dispositive power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the
general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and
Mr. Nathoo each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. Anson Investments
Master Fund LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(11)</TD><TD STYLE="text-align: justify">Consists of 540,541 shares of our common stock acquired by AP Fund Two, LLC. AP Fund Two, LLC is controlled
by Argentum Peak, LLC. The individual with voting and investment power over the securities held by AP Fund Two, LLC is Kevin Rolston.
AP Fund Two, LLC is located at 600 Washington Blvd, 7th Floor, Stamford, CT 06901, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(12)</TD><TD STYLE="text-align: justify">Consists of 1,162,163 shares of our common stock acquired by Arche Capital SPV V LLC. Arche Capital SPV
V LLC is controlled by Vanessa Grellet and William Wolf and is located at 2021 Guadalupe Street, Suite 260, Austin, TX 78705, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(13)</TD><TD STYLE="text-align: justify">Consists of 387,972 shares of our common stock acquired by Aristeia Master, L.P. Aristeia Master, L.P.
is controlled by Aristeia Capital, L.L.C. and is located at One Greenwich Plaza, Suite 300, Greenwich, CT 06830, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(14)</TD><TD STYLE="text-align: justify">Consists of 24,431 shares of our common stock acquired by ASIG International Limited. ASIG International
Limited is controlled by Aristeia Capital, L.L.C. and is located at One Greenwich Plaza, Suite 300, Greenwich, CT 06830, United States.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">(15)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 254,050 shares of our common stock acquired by Ask America LLC. Ask America LLC is controlled
by Amar Khubani, Ashok Khubani, Anita Khubani, and Sonam Kuhbani. Ask America LLC is located at 21 Law Drive, Fairfield, NJ 7004, United
States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(16)</TD><TD STYLE="text-align: justify">Consists of 135,136 shares of our common stock acquired by ATW Master Fund V LP. ATW Master Fund V LP
is controlled by ATW Partners Opportunities Management LLC. The individuals with voting and investment power over the securities held
by ATW Master Fund V LP are Kerry Propper and Antonio Ruiz-Gimenez. ATW Master Fund V LP is located at 1 Penn Plz Ste 4810, New York,
NY 10119, United States. ATW Master Fund V LP has had a relationship with the Company during the past three years, the Managing Member
of the Manager of the Selling Securityholder also has partial indirect ownership of broker dealer: Chardan Capital Markets LLC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(17)</TD><TD STYLE="text-align: justify">Consists of 81,082 shares of our common stock acquired by Avenir Tech Limited. Avenir Tech Limited is
controlled by LI Lin and is located at 10/F., CCB Tower, 3 Connaught Road Central, Central Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(18)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by Bastion Trading Limited. Bastion Trading Limited
is controlled by Wei Zhu and is located at Rm.2302, 23/F, Lee Garden Five, 18 Hysan Avenue, Causeway Bay, Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(19)</TD><TD STYLE="text-align: justify">Consists of 8,109 shares of our common stock acquired by Beimnet Abebe. Beimnet Abebe is located at 510
E 14th St apt 402, New York, NY 10090, United States. The Selling Securityholder is an employee of Galaxy Digital Services LLC, which
is affiliated with three registered broker dealers: Galaxy Digital Partners LLC, Galaxy Securities LLC and Fin 2 LLC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(20)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Belay On Group, LLC. Belay On Group, LLC is
controlled by Joshua Frase and is located at 56 Spring St, Apt 3, New York, NY 10012, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(21)</TD><TD STYLE="text-align: justify">Consists of 90,956 shares of our common stock acquired by BEMAP Master Fund LTD. BEMAP Master Fund LTD
is controlled by Jeff Muller CCO/COO of Monashee Investment Management LLC. BEMAP Master Fund LTD is located at 75 Park Plaza, 4th Floor,
Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(22)</TD><TD STYLE="text-align: justify">Consists of 521,622 shares of our common stock acquired by BH Digital Liquid Directional Master Fund I,
LP. Brevan Howard General Partner Limited (&ldquo;BHGPL&rdquo;) is the general partner of BH Digital Liquid Directional Master Fund I,
LP. The directors of BHGPL are: Carol Reynolds, Karla Bodden, Philippe Lespinard, Phil Schmitt, James Vernon and Risto Silander (collectively,
the &ldquo;Controlling Persons&rdquo;). As directors, the Controlling Persons may be deemed to have shared voting and dispositive power
over the Registrable Securities held by BH Digital Liquid Directional Master Fund I, LP. Each such person disclaims beneficial ownership
of the Registrable Securities. BH Digital Liquid Directional Master Fund I, LP is located at 190 Elgin Ave, George Town, Grand Cayman
KY1-9008, Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(23)</TD><TD STYLE="text-align: justify">Consists of 72,973 shares of our common stock acquired by BH DK Master Fund, L.P. Brevan Howard General
Partner Limited (&ldquo;BHGPL&rdquo;) is the general partner of BH DK Master Fund, L.P. The directors of BHGPL are: Carol Reynolds, Karla
Bodden, Philippe Lespinard, Phil Schmitt, James Vernon and Risto Silander (collectively, the &ldquo;Controlling Persons&rdquo;). As directors,
the Controlling Persons may be deemed to have shared voting and dispositive power over the Registrable Securities held by BH DK Master
Fund, L.P. Each such person disclaims beneficial ownership of the Registrable Securities. BH DK Master Fund, L.P. is located at 190 Elgin
Ave, George Town, Grand Cayman KY1-9008, Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(24)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Bitwise Asset Management Inc. Bitwise Asset
Management Inc. is controlled by Hunter Horsley and Teddy Fusaro and is located at 19 W 44th, NY, NY 10036, United states.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(25)</TD><TD STYLE="text-align: justify">Consists of 109,147 shares of our common stock acquired by Blackstone CSP-MST FMAP Fund. Blackstone CSP-MST
FMAP Fund is controlled by Jeff Muller CCO/COO of Monashee Investment Management LLC. Blackstone CSP-MST FMAP Fund is located at 75 Park
Plaza, 4th Floor, Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(26)</TD><TD STYLE="text-align: justify">Consists of 128,138 shares of our common stock acquired by Blue Peak Limited. Blue Peak Limited is controlled
by Aristeia Capital, L.L.C. and is located at One Greenwich Plaza, Suite 300, Greenwich, CT 06830, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(27)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by BORDERLESS MULTI-STRATEGY FUND V LP. BORDERLESS
MULTI-STRATEGY FUND V LP. Borderless Management LLC is the Investment Advisor To The Fund and is registered as an RIA with the SEC. BORDERLESS
MULTI-STRATEGY FUND V LP is located at 4290 South Highway 27, Suite 201, Space 3, Clermont, FL 34711, United States.</TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%">(28)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 216,217 shares of our common stock acquired by Breed VC Sunburst, a series of GCRx Master
LLC. Breed VC Sunburst, a series of GCRx Master LLC is managed by GCRx Admin LLC and advised by Revolution 23, LLC. Erlisa Zherka is Managing
Member of GCRx Admin LLC, and Edward Martin Breed Jr., Managing Member of Revolution 23, LLC, exercise shared voting and dispositive power
over the Registrable Securities held by the Series. Breed VC Sunburst, a series of GCRx Master LLC is located at 2290, 1007 N Orange St.,
4th Floor, Wilmington, DE 19801, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(29)</TD><TD STYLE="text-align: justify">Consists of 21,622 shares of our common stock acquired by Brian H Broder Investments LLC. Brian H Broder
Investments LLC is controlled by Brian Henry Broder and is located at 5338 Meaders Ln, Dallas, TX 75229, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(30)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Brian Strugats. Brian Strugats is located at
281 Baird Court, Woodbury, NY 11797, United states.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(31)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Brian Wright. Brian Wright is located at 348
Douglass Street, Apt 2, Brooklyn, NY 11217, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(32)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by BV SPV II, LLC. BV SPV II, LLC is controlled
by Jared Gross and Hao Mao and is located at 16 Enggor Street, 38-05, 079717 Singapore.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(33)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Capital Factory Management, LLC. Capital Factory
Management, LLC is controlled by Joshua Baer and is located at 9450 SW Gemini Dr, PMB 33054, Beaverton, OR 97008, United States.</TD></TR><TR STYLE="vertical-align: top">
<TD>(34)</TD><TD STYLE="text-align: justify">Consists of 79,595 shares of our common stock acquired by Capybara Holdings LLC. Capybara Holdings LLC is controlled by Edward
Maximilian Morbey Randolph. Capybara Holdings LLC is located at 8 The Green Suite, Dover, DE 19901, United States.</TD></TR>

<TR STYLE="vertical-align: top">
<TD>(35)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Christopher Ferraro. Christopher Ferraro is
located at 31 Bouton Road, Huntington, NY 11743, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(36)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Christopher Rhine. Christopher Rhine is located
at 527 W 27th Street, Apt 9B Floor 9 North Tower, New York, NY 10001, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(37)</TD><TD STYLE="text-align: justify">Consists of 1,081,081 shares of our common stock acquired by Citadel CEMF Investments Ltd. (&ldquo;Citadel
CEMF&rdquo;). Citadel Advisors LLC is the portfolio manager of Citadel CEMF. Citadel Advisors Holdings LP (&ldquo;CAH&rdquo;) is the sole
member of Citadel Advisors LLC. Citadel GP LLC (&ldquo;CGP&rdquo;) is the general partner of CAH. Kenneth Griffin owns a controlling interest
in CGP. Mr. Griffin, as the owner of a controlling interest in CGP, may be deemed to have shared power to vote or direct the vote of,
and/or shared power to dispose or to direct the disposition over the shares owned and issuable upon exercise of Traditional Warrants and
Pre-Funded Warrants held by Citadel CEMF. This disclosure is not and shall not be construed as an admission that Mr. Griffin or any of
the Citadel related entities listed above is the beneficial owner of any securities of the Company other than the shares actually owned
by such person (if any). The address of Citadel CEMF Investments Ltd. is c/o Citadel Enterprise Americas LLC, Southeast Financial Center,
200 S. Biscayne Blvd., Suite 3300, Miami, FL 33131.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(38)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by CL Advisors - DVI LP. CL Advisors - DVI LP
is controlled by Sebastion Evans and is located at 900 Kearny St. Floor 5, San Francisco, CA 94133, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(39)</TD><TD STYLE="text-align: justify">Consists of 203,926 shares of our common stock acquired by C/M Capital Master Fund, LP, including 66,667
shares issuable upon the exercise of the PS Agreement Warrants and 137,259 shares of common stock which were issued upon conversion of
the Series B Preferred Stock. Thomas Walsh and Jonathan Juchno are the Managing Partners of C/M Capital Master Fund, LP, and therefore
may be deemed to have shared voting and investment power over securities owned directly and indirectly by C/M Capital Master Fund, LP.
Each of Messrs. Walsh and Juchno disclaim any beneficial ownership of these shares. The business address is 1111 Brickell Avenue, Suite
2920, Miami, Florida 33131.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(40)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by CMT Digital Ventures Fund II (QP) LLC. CMT Digital
Ventures Fund II (QP) LLC is controlled by Scott Casto and Jan-Dirk Lueders and is located at 156 N. Jefferson Street, Suite 102, Chicago,
IL 60661, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(41)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by CMT Digital Ventures Fund II LLC. CMT Digital
Ventures Fund II LLC is controlled by Scott Casto and Jan-Dirk Lueders and is located at 156 N. Jefferson Street, Suite 102, Chicago,
IL 60661, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(42)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Coach Investments, LLC. Coach Investments, LLC
is controlled by Tom Peterson and is located at 8201 N. 74th Place, Scottsdale, AZ 85258, United States.</TD></TR>
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<TD STYLE="width: 5%">(43)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 152,704 shares of our common stock acquired by CoinFund Liquid Opportunities LP. CoinFund
Liquid Opportunities LP is controlled by Seth Ginns and is located at 5 Bryant Park, Suite 1003, New York, NY 10018, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(44)</TD><TD STYLE="text-align: justify">Consists of 91,892 shares of our common stock acquired by Cordell PR, LLC. Cordell PR, LLC is controlled
by Robin Rodriguez and is located at 7 Shell Castle Road, Humacao 00791-6064, Puerto Rico.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(45)</TD><TD STYLE="text-align: justify">Consists of 2,702,703 shares of our common stock acquired by Cyber Citadel. Cyber Citadel is controlled
by Cyber. The individuals with voting and investment power over the securities held by Cyber Citadel are Konstantin Lomashuk, Petrus Dorfling
Basson, Oliver Tuke Bell, and Aleksei Mikhailov. Cyber Citadel is located at P.O. Box 2775, 71 Fort St, 3rd Floor, George Town, Grand
Cayman KY1-1111, Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(46)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Daniel Gerhardstein. Daniel Gerhardstein is
located at 2401 Wilmette Ave, Wilmette, IL 60091, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(47)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Daniel Reecer. Daniel Reecer is located at 28040
Cavendish Court, APT 5704, Bonita Springs, FL 34135, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(48)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by David Heatley. David Heatley is located at
1031 W. Montana, Chicago, IL 60614, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(49)</TD><TD STYLE="text-align: justify">Consists of 1,081,082 shares of our common stock acquired by DBFAM Venture LLC. DBFAM Venture LLC is controlled
by Christopher Zirrith and is located at 50 Washington Street, Hoboken, NJ 07030, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(50)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Delta Blockchain Fund LP. Delta Blockchain Fund
LP is controlled by Kavita Gupta and is located at 888 Brickell Key Drive, Suite 511, Miami, FL 33131, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(51)</TD><TD STYLE="text-align: justify">Consists of 324,325 shares of our common stock acquired by Dostan Investments Limited. Dostan Investments
Limited is controlled by Ahmet Dik and is located at Suite 202, Level 2, 6-8 Pottinger Street, Central Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(52)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Douglas Allen Simpson. Douglas Allen Simpson
is located at 6401 Thorndale Dr, Oakland, CA 94611, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(53)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Dritan Muneka. Dritan Muneka is located at 329
Bryant St. NE, Washington D.C. 20002, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(54)</TD><TD STYLE="text-align: justify">Consists of 13,513,514 shares of our common stock acquired by EBT Group Holdings LLC, including 10,000,000
shares issuable upon the exercise of the Pre-Funded Warrants. EBT Group Holdings LLC is controlled by Eric Taylor and Byran Taylor and
is located at 1575 N Park Dr, Weston, FL 33326, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(55)</TD><TD STYLE="text-align: justify">Consists of 108,108 shares of our common stock acquired by Eleven Eleven Algo Cl. Eleven Eleven Algo Cl
is controlled by Arul Murugan and Kavitha Palani and is located at Floor 4, Willow House, Cricket Square Grand Cayman KY1&ndash;9010,
Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(56)</TD><TD STYLE="text-align: justify">Consists of 135,136 shares of our common stock acquired by Emrit, Inc. Emrit, Inc. is controlled by Arul
Murugan and Kavitha Palani and is located at 2332 Galiano Street Floor 2, Coral Gables, FL 33134, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(57)</TD><TD STYLE="text-align: justify">Consists of 594,595 shares of our common stock acquired by Entities managed by Room40 Capital LLC. For
Room40 Capital Partners Master LP, Room40 Capital LLC, as the investment manager, is the controlling entity. Paul Yablon, as Managing
Partner of Room40 Capital LLC, has voting and investment control over the shares. For Rucker Park Capital Fund, LP, Room40 Management
LLC is the controlling entity. Wesley Tang-Wymer, as Managing Director of Room40 Management LLC, has voting and investment control of
the shares. Room40 Management LLC is a relying advisor of Room40 Capital LLC. Room40 Capital LLC is located at 30 W 24th Street, Floor
10, New York, NY 10010.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(58)</TD><TD STYLE="text-align: justify">Consists of 216,217 shares of our common stock acquired by ESD Investments Limited. ESD Investments Limited
is controlled by Ahmet Dik and is located at Suite 202, Level 2, 6-8 Pottinger Street, Central Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(59)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Exodus Point Partners Master Fund, LP. ExodusPoint
Partners Master Fund, LP is controlled by ExodusPoint Capital Management, LP. The individuals with voting and investment power over the
securities held by ExodusPoint Partners Master Fund, LP are Michael Gelband and Hyung Lee. ExodusPoint Partners Master Fund, LP is located
at 65 E 55th Street, New York, NY 10022, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(60)</TD><TD STYLE="text-align: justify">Consists of 216,217 shares of our common stock acquired by Expo Age Master Fund Ltd. Expo Age Master Fund
Ltd. is controlled by John Pridjian and Raoul Pal and is located at 10 Market St., Suite 543 Camana Bay, Grand Cayman KY1-900, Cayman
Islands.</TD></TR>
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<TD STYLE="width: 5%">(61)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 16,216 shares of our common stock acquired by Exponential Age Asset Management Ltd. Exponential
Age Asset Management Ltd. is controlled by John Pridjian and Raoul Pal and is located at 10 Market St., Suite 543 Camana Bay, Grand Cayman
KY1-900, Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(62)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Fatameh Z. Samani. Fatameh Z. Samani is located
at 8404 Lime Creek Rd, Volente, TX 78641, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(63)</TD><TD STYLE="text-align: justify">Consists of 594,595 shares of our common stock acquired by FinTech Collective DeFi Fund I LP. FinTech
Collective DeFi Fund I LP (&ldquo;FTC DeFi I&rdquo;) is a pooled investment vehicle advised by FinTech Collective Management LLC (&ldquo;FinTech
Collective&rdquo;), a registered investment adviser with the U.S. Securities and Exchange Commission. As FTC DeFi I&rsquo;s investment
advisor, FinTech Collective exercises sole voting and dispositive power with respect to the Registrable Securities directly owned by FTC
DeFi I. Messrs. Brooks Gibbins and Gareth Jones are the controlling persons of FinTech Collective. Each of FinTech Collective, Mr. Gibbins
and Mr. Jones disclaims beneficial ownership of the Registrable Securities directly owned by FTC DeFi I except to the extent of their
economic interest in FTC DeFi I, if any. FinTech Collective DeFi Fund I LP is located at 200 Park Ave S, Suite 1611, New York, NY 10003,
United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(64)</TD><TD STYLE="text-align: justify">Consists of (i) 648,649 shares held by Brookdale Global Opportunity Fund (&ldquo;BGO&rdquo;) and (ii)
432,433 shares held by Brookdale International Partners, L.P. (&ldquo;BIP&rdquo;). Andrew Weiss is the Manager of WAM GP LLC, which is
the general partner of Weiss Asset Management LP, the investment manager of BGO and BIP. WAM GP LLC is also the Manager of BIP GP LLC,
the general partner of BIP. Mr. Weiss has voting and dispositive power with respect to the securities held by BGO and BIP. Mr. Weiss,
WAM GP LLC, Weiss Asset Management LP and BIP GP LLC each disclaim beneficial ownership of the shares held by BGO and BIP, except to the
extent of their respective pecuniary interests therein. The business address of the foregoing entities is c/o Weiss Asset Management,
222 Berkeley Street, 16th Floor, Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(65)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Frank Falco. Frank Falco is located at 17 Sunnyvale
Rd, Port Washington, NY 11050, United States. Frank Falco is an affiliate of the company due to being an employee of Galaxy Digital, whose
parent company controls three registered broker dealers.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(66)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Funicular Funds, LP. Funicular Funds, LP is
controlled by Jacob Ma-Weaver and is located at 601 California Street, Suite 1151, San Francisco, CA 94108, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(67)</TD><TD STYLE="text-align: justify">Consists of 216,217 shares of our common stock acquired by G-20 Hermes Advisory Ltd. G-20 Hermes Advisory
Ltd is controlled by Nagendra Bhargava Bharatula, Jonathan Thomas Mathai, Alex Peter Forster. G-20 Hermes Advisory Ltd is located at Luna
Tower, Waterfront Drive, Road Town, Tortola VG1110, British Virgin Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(68)</TD><TD STYLE="text-align: justify">Consists of 14,350,424 shares of our common stock acquired by Galaxy Digital LP, including 6,242,315 shares
issuable upon the exercise of the warrants, which consists of 1,783,519 shares underlying the Pre-Funded Warrants and 4,458,796 shares
underlying the Advisor Warrants. Galaxy Digital LP is the holder of record of the securities reported in this statement. Galaxy Digital
GP LLC is the general partner of Galaxy Digital LP and wholly owned by Galaxy Digital Holdings LP. Galaxy Digital Inc. is the general
partner of Galaxy Digital Holdings LP. Galaxy Group Investments LLC holds a majority of the voting power over Galaxy Digital Inc. and
is controlled by Michael Novogratz. Galaxy Digital LP is located at 300 Vesey St., 13th Floor, New York, NY 10282, United States. Galaxy
Digital LP is the direct or indirect owner of three registered broker dealers: Galaxy Digital Partners LLC (direct parent), Galaxy Securities,
LLC (direct parent) and Fin2 LLC (indirect owner).</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(69)</TD><TD STYLE="text-align: justify">Consists of 4,324,325 shares of our common stock acquired by GAMA DAT V SPV, LLC, including 540,541 shares
issuable upon the exercise of the Pre-Funded Warrants. GAMA DAT V SPV, LLC is controlled by Adam Jason Levinson and is located at 1 Wallich
Street, 16-03 Singapore 078881, Singapore.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(70)</TD><TD STYLE="text-align: justify">Consists of 108,109 shares of our common stock acquired by Gary Benitt. Gary Benitt is located at 13731
Nob Ave, Del Mar, CA 92014, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(71)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by Gaston Ventures, LLC. Gaston Ventures, LLC
is controlled by Brian Smith and is located at 309 Lake Cliff Trail, Austin, Texas 78746.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(72)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Gemini Frontier Fund, LLC. Gemini Frontier Fund,
LLC is located at Farmers Bank Building 301 N. Market Street, Suite 1463, Wilmington, DE 19801, United States. Gemini Frontier Fund, LLC
is an affiliate of the company due to being under common control with Gemini Galactic Markets, LLC; both are indirect wholly owned subsidiaries
of Gemini Space Station, Inc.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(73)</TD><TD STYLE="text-align: justify">Consists of 32,433 shares of our common stock acquired by George Igel. George Igel is located at 230 West
79th St, Apt 935, New York, NY 10024, United States.</TD></TR>
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<TD STYLE="width: 5%">(74)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 1,351,352 shares of our common stock acquired by Ghisallo Master Fund LP. Ghisallo Master
Fund LP is controlled by Michael Germino and is located at 240 Newbury Street, 2nd Floor, Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(75)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Glendora LLC. Glendora LLC is controlled by
Johnathan Morris and is located at 6515 Glendora Ave, Dallas, TX 75230, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(76)</TD><TD STYLE="text-align: justify">Consists of 108,109 shares of our common stock acquired by Granero Grande LLC. Granero Grande LLC is controlled
by Mario Montoya and Marcia Montoya and is located at 302 S Coconut Lane, Miami Beach, FL 33139, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(77)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by GREAT POINT CAPITAL, LLC. GREAT POINT CAPITAL,
LLC is controlled by Dan Dimiero and is located at 12301 RESEARCH BLVD., #4&ndash;270, Austin, TX 78759, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(78)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Guy Roderick Young. Guy Roderick Young is located
at Rua Presidente Arriaga 54, Lisbon 1200-773, Portugal.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(79)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Harry Austin. Harry Austin is located at 207
Old Boston Road, Wilton, CT 06897, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(80)</TD><TD STYLE="text-align: justify">Consists of 243,244 shares of our common stock acquired by Hermeneutic Liquid Strategies Limited. Hermeneutic
Liquid Strategies Limited is controlled by Jonathan Zhan Hua Leong and is located at Suite 202, 2nd Floor, Eden Plaza, Eden Island, PO
Box 1352, Mah&eacute;, Seychelles.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(81)</TD><TD STYLE="text-align: justify">Consists of 162,162 shares of our common stock acquired by Hermeneutic Proprietary Trading Limited. Hermeneutic
Proprietary Trading Limited is controlled by Jonathan Zhan Hua Leong and is located at Suite 309, Capital City Building, Independence
Avenue, Victoria, Mahe, Republic of Seychelles.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(82)</TD><TD STYLE="text-align: justify">Consists of 378,379 shares of our common stock acquired by Hyla Fund III LLC. Hyla Fund III LLC is controlled
by Vitruvian GP, LLC. The individuals with voting and investment power over the securities held by Hyla Fund III LLC are Theodore Moskovitz
and Ralph Matthew McKibbin. Hyla Fund III LLC is located at 1313 Kenwood Ave, Austin, TX 78704, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(83)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Hypersphere Atlas Master Fund Ltd. Hypersphere
Atlas Master Fund Ltd is controlled by John Boyle Platts and Paul Gavin Parker and is located at 1111 Lincoln Road, Suite 500, Miami Beach,
FL 33139, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(84)</TD><TD STYLE="text-align: justify">Consists of 108,109 shares of our common stock acquired by Hypersphere Parallel Network Master Fund LP.
Hypersphere Parallel Network Master Fund LP is controlled by John Boyle Platts and is located at 1111 Lincoln Road, Suite 500, Miami Beach,
FL 33139, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(85)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Ian Kolman. Ian Kolman is located at 245 E 44th
St, 10E, New York City, NY 10017, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(86)</TD><TD STYLE="text-align: justify">Consists of 540,541 shares of our common stock acquired by Innoval Network Limited. Innoval Network Limited
is controlled by Xin Jin and is located at Room 419, Dina House, Ruttonjee Centre 3-11 Duddell Street, Central, Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(87)</TD><TD STYLE="text-align: justify">Consists of 12,406,639 shares of our common stock acquired by J Digital 6 Cayman Ltd., including 4,458,796
shares issuable upon the exercise of the Lead Investor Warrants. J Digital 6 Cayman Ltd. is owned by J Digital 6 LLC, DYSO TC, LLC, and
PXG, LLC each own 50% of J Digital 6 LLC. The individuals with voting and investment power over the securities held by J Digital 6 Cayman
Ltd. are William DiSomma and Paul Gurinas. The business address of J Digital 6 Cayman Ltd. is P.O. Box 309, Ugland House, Grand Cayman
KY1-1104, Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(88)</TD><TD STYLE="text-align: justify">Consists of 4,064,290 (i) shares of our common stock acquired by Jane Street Global Trading, LLC and (ii)
28,000 shares of our common stock which Jane Street Global Trading, LLC would be entitled to receive upon the exercise of certain call
options currently held. Jane Street Global Trading, LLC is a wholly owned subsidiary of Jane Street Group, LLC. Turner Batty and Matthew
Berger are the members of Jane Street Group&rsquo;s Management Committee who exercise dispositive power over the securities of the Company.
Each of these individuals will disclaim beneficial interest of the securities of the Company, except to the extent of his or her pecuniary
interest. Jane Street Global Trading, LLC is under common control with the following US registered broker-dealers: Jane Street Capital,
LLC; Jane Street Options, LLC; and Jane Street Execution Services, LLC. Jane Street Global Trading, LLC is located at 250 Vesey Street,
3rd Floor, New York, NY 10281, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(89)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Jason O&rsquo;Reilly. Jason O&rsquo;Reilly is
located at 21 Poinciana Cay, Sandyport, West Bay St., Nassau, Bahamas.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(90)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Jason Urban. Jason Urban is located at 3051
WEST LOGAN BOULEVARD, Chicago, IL 60647, United States.</TD></TR>
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<TD STYLE="width: 5%">(91)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 10,811 shares of our common stock acquired by Jim Hiltner. Jim Hiltner is located at 3234
Corte Aliso, Carlsbad, CA 92009, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(92)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by John Pridjian. John Pridjian is located at 300
Inverness Drive, La Ca&ntilde;ada, CA, 91011 United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(93)</TD><TD STYLE="text-align: justify">Consists of 40,541 shares of our common stock acquired by John Robert Reed. John Robert Reed is located
at 1210 Castle Hill St., Austin, TX 78703, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(94)</TD><TD STYLE="text-align: justify">Consists of 135,136 shares of our common stock acquired by Kamunting Street Master Fund, Lt.d. Kamunting
Street Master Fund, Ltd. is located at 119 Washington Ave Suite 600, Miami Beach, FL 33139, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(95)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Keith Amirault. Keith Amirault is located at
70 Little West Street, Apt 23D, New York, NY 10004, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(96)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Kelly Hwang. Kelly Hwang is located at 60 water
st #1103, Brooklyn, NY 11201, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(97)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by KK 2024 Limited. KK 2024 Limited is controlled
by Kanav Parag Kariya and is located at 2nd Floor, Harbour Centre, 159 Mary Street, George Town, Grand Cayman.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(98)</TD><TD STYLE="text-align: justify">Consists of 21,622 shares of our common stock acquired by Kyle Smith. Kyle Smith is located at 4955 Mountainshyre
Rd, Reno, NV 89519, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(99)</TD><TD STYLE="text-align: justify">Consists of 324,325 shares of our common stock acquired by L1D Blockchain Venture II SLP. L1D Blockchain
Venture II SLP is controlled by Julien Godat, Martin Ellis, and Peter de Ve and is located at 7, rue Lou Hemmer, L-1748, Senningerberg,
Grand Duchy of Luxembourg.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(100)</TD><TD STYLE="text-align: justify">Consists of 540,541 shares of our common stock acquired by LEGION STRATEGIES LTD. LEGION STRATEGIES LTD
is controlled by SKYBRIDGE CAPITAL II LLC. The individuals with voting and investment power over the securities held by LEGION STRATEGIES
LTD are Anthony Scaramucci and Brett Messing. LEGION STRATEGIES LTD is located at 527 Madison Avenue, 4th Floor, New York, NY 10022, United
States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(101)</TD><TD STYLE="text-align: justify">Consists of 1,351,352 shares of our common stock acquired by Lemmings Holdings LLC. Lemmings Holdings
LLC is controlled by Pyahm Samani and is located at 382 NE 191st St., PMB 96912, Miami, FL, 33179-3899, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(102)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Lindzon &amp; Associates LLC. Lindzon &amp;
Associates LLC is controlled by Howard Lindzon and is located at 3030 E. Squaw Peak Circle, Phoenix, AZ 85016, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(103)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Lo Enterprises LLC. Lo Enterprises LLC is controlled
by Jeffrey Lo and is located at 33 Union square West #11, New York, NY 10003, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(104)</TD><TD STYLE="text-align: justify">Consists of 108,109 shares of our common stock acquired by LPT Holdings LLC. LPT Holdings LLC is controlled
by Luca Schnetzler and is located at 7390 NE 4th CT, Miami, FL 33138, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(105)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by Lvna Blockchain Fund LP. Lvna Blockchain Fund
LP is controlled by Allan Cassis and is located at 237 South Dixie Highway, 4th Floor, Coral Gables, FL 33133, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(106)</TD><TD STYLE="text-align: justify">Consists of 108,108 shares of our common stock acquired by Lvna Disruption Fund I Ltd. Lvna Disruption
Fund I Ltd is controlled by Allan Cassis and is located at 237 South Dixie Highway, 4th Floor, Coral Gables, FL 33133, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(107)</TD><TD STYLE="text-align: justify">Consists of 162,163 shares of our common stock acquired by Mantle EF Holdings Limited. Mantle EF Holdings
Limited is controlled by Toh Yan Hui David and Chen Weisheng and is located at Commerce House, Wickhams Cay 1, P.O. Box 3140, Road Town,
Tortola VG1110, British Virgin Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(108)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Matthew Fiacco. Matthew Fiacco is located at
198 Von Vorst Street Apt 509, Jersey City, NJ 07302, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(109)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Max Bareiss. Max Bareiss is located at 390A 9th
St., Brooklyn, NY 11215, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(110)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Meshflow SOL LLC. Meshflow SOL LLC is controlled
by Bartosz Lipinski and located at 406 N Sangamon St 3rd Floor, Chicago, IL 60642, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(111)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Michael Ashe. Michael Ashe is located at 355
Pacific Street, Unit HH, Brooklyn, NY 11217, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(112)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Michael Bucella. Michael Bucella is located
at 1201 20th St, Apt 404, Miami Beach, FL 33139, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(113)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Michael Harvey. Michael Harvey is located at
9 W. 20th Street, Floor 10, New York, NY 10011, United States. The Selling Securityholder is an employee of Galaxy Digital Services LLC,
which is affiliated with three registered broker dealers: Galaxy Digital Partners LLC, Galaxy Securities LLC and Fin 2 LLC.</TD></TR>
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<TD STYLE="width: 5%">(114)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 10,811 shares of our common stock acquired by Michael Horton. Michael Horton is located at
24288 Dawnridge Dr, Los Altos Hills, CA 94204, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(115)</TD><TD STYLE="text-align: justify">Consists of 81,082 shares of our common stock acquired by Michael J. Rems Revocable Trust. Michael J.
Rems Revocable Trust is controlled by Michael J. Rems and is located at 10265 Symphony Grove Dr., Golden Oak, FL 32836, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(116)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Michael Johannes. Michael Johannes is located
at 207 W 10TH ST APT 2D, New York, NY 10014, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(117)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Michael Marcantonio. Michael Marcantonio is located
at 144 Eaton&rsquo;s Neck Road, Northport, NY 11768, United States. The Selling Securityholder is an employee of Galaxy Digital Services
LLC, which is affiliated with three registered broker dealers: Galaxy Digital Partners LLC, Galaxy Securities LLC and Fin 2 LLC.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(118)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Michael Mills. Michael Mills is located at 11369
Spruce Run Dr., San Diego, CA 92131, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(119)</TD><TD STYLE="text-align: justify">Consists of 49,405 shares of our common stock acquired by Mission Pure Alpha LP. Mission Pure Alpha LP
is controlled by Jeff Muller CCO/COO of Monashee Investment Management LLC. Mission Pure Alpha LP is located at 75 Park Plaza, 4th Floor,
Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(120)</TD><TD STYLE="text-align: justify">Consists of 45,370 shares of our common stock acquired by Mission Pure Alpha Master LP. Mission Pure Alpha
Master LP is controlled by Jeff Muller CCO/COO of Monashee Investment Management LLC. Mission Pure Alpha Master LP is located at 75 Park
Plaza, 4th Floor, Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(121)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by MMF LT, LLC. Moore Capital Management, LP,
the investment manager of MMF LT, LLC, has voting and investment control of the shares held by MMF LT, LLC. Mr. Louis M. Bacon controls
the general partner of Moore Capital Management, LP and may be deemed the beneficial owner of the shares of the Company held by MMF LT,
LLC. Mr. Bacon also is the indirect majority owner of MMF LT, LLC. The address of MMF LT, LLC, Moore Capital Management, LP and Mr. Bacon
is 11 Times Square, New York, New York 10036.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(122)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Moglia Capital LLC. Moglia Capital LLC is controlled
by Joseph H. Moglia and is located at 505 Cornhusker Rd. Suite 105, #393, Bellevue, NE 68005, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(123)</TD><TD STYLE="text-align: justify">Consists of 189,190 shares of our common stock acquired by Moglia Family Foundation. Moglia Family Foundation
is controlled by Joseph H. Moglia and is located at 505 Cornhusker Rd. Suite 105, #393, Bellevue, NE 68005, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(124)</TD><TD STYLE="text-align: justify">Consists of 189,190 shares of our common stock acquired by Moglia Trust 2. Moglia Trust 2 is controlled
by Robert C. Weeks and is located at 505 Cornhusker Rd. Suite 105, #393, Bellevue, NE 68005, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(125)</TD><TD STYLE="text-align: justify">Consists of 110,528 shares of our common stock acquired by Monashee Pure Alpha SPV I LP. Monashee Pure
Alpha SPV I LP is controlled by Jeff Muller CCO/COO of Monashee Investment Management LLC. Monashee Pure Alpha SPV I LP is located at
75 Park Plaza, 4th Floor, Boston, MA 02116, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(126)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by MTG Consulting LLC. MTG Consulting LLC is controlled
by Michael T Green and is located at 151 Calle San Francisco Suite #200, San Juan, PR 00901 United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(127)</TD><TD STYLE="text-align: justify">Consists of 12,406,639 shares of our common stock acquired by Multicoin Capital Master Fund, LP, including
1,783,519 Lead Investor Shares and 4,458,796 shares issuable upon the exercise of the Lead Investor Warrants. Multicoin Capital Master
Fund, LP is controlled by Multicoin Capital Management, LLC. The individuals with voting and investment power over the securities held
by Multicoin Capital Master Fund, LP are Pyahm &ldquo;Kyle&rdquo; Samani and Tushar Jain, Multicoin Capital Master Fund, LP is located
at 501 West Ave. STE 3901, Austin, TX 78701, United States. Multicoin Capital Master Fund, LP is an affiliate of the Company due to Pyahm
&ldquo;Kyle&rdquo; Samani being a beneficial owner of the Selling Securityholder and Chairman of the Board of Directors of the Company,
since September, 2025.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(128)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Mythic Corp Holdings LP. Mythic Corp Holdings
is controlled by Ben Lamm and is located at LP is located at 10020 Meadowbrook Dr., Dallas, TX 75229, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(129)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by N Coharie Holdings LLC. N Coharie Holdings LLC
is controlled by Thomas E Turlington III and is located at 3500 South Dupont Highway c/o Incorporating Services Ltd, Dover, DE 19901,
United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(130)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Nicholas Parsons. Nicholas Parsons is located
at 90 Furman St, N-810, Brooklyn, NY 11201, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(131)</TD><TD STYLE="text-align: justify">Consists of 108,108 shares of our common stock acquired by OGTM Holdings LLC. OGTM Holdings LLC is controlled
by Matthew Liu and is located at 4525 Dean Martin Drive, 2600, Las Vegas, NV 89103, United States.</TD></TR>
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<TD STYLE="width: 5%">(132)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 108,108 shares of our common stock acquired by Origin Capital Partners Limited. Origin Capital
Partners Limited is controlled by Matthew Cheng-Yu Liu and Joshua Fraser. Origin Capital Partners Limited is located at Craigmuir Chambers,
Road Town, Tortola VG1110, British Virgin Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(133)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Palmas Accelerate SPV LLC a series of Palmas
SPV LLC. Palmas Accelerate SPV LLC a series of Palmas SPV LLC is controlled by Caribe Accelerate Manager LLC a Series of Caribe Manager
LLC. The individuals with voting and investment power over the securities held by Palmas Accelerate SPV LLC a series of Palmas SPV LLC
are Jeannie Vu, Jehan Chu, and John Fiorelli. Palmas Accelerate SPV LLC a series of Palmas SPV LLC is located at 7720 NE Highway 99 Ste
D, PMB 819, Vancouver, WA 98665-8859, Canada.</TD></TR>
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<TD>(134)</TD><TD STYLE="text-align: justify">Consists of 81,082 shares of our common stock acquired by Paper Group Inc. Paper Group Inc is controlled
by Danish Chaudhry and is located at Craigmuir Chambers, P.O. Box 71, Road Town, Tortola VG1110, British Virgin Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(135)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Paul Cappelli. Paul Cappelli is located at 15
Adams St., Garden City, NY 11530, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(136)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Phillips Holdings LLC. Phillips Holdings LLC
is controlled by Barron P. Jeter and is located at 108 W. 13th Street, Suite 100, Wilmington, DE 19801, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(137)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Pierre M. Henry. Pierre M. Henry is located
at 382 NE 191st Street, Miami, FL 33179-3899, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(138)</TD><TD STYLE="text-align: justify">Consists of 324,325 shares of our common stock acquired by PIPE SPV II LLC. PIPE SPV II LLC is controlled
by Ryotaro Tamura and is located at 22471 Aspan St #239, Lake Forest, CA 92630, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(139)</TD><TD STYLE="text-align: justify">Consists of 1,351,352 shares of our common stock acquired by Polar Multi-Strategy Master Fund. The shares
are held directly by Polar Multi-Strategy Master Fund (the &ldquo;Polar Fund&rdquo;). The Polar Fund is under management by Polar Asset
Management Partners Inc. (&ldquo;PAMPI&rdquo;). PAMPI serves as Investment Advisor to the Polar Fund and has control and discretion over
the shares held by the Polar Fund. As such, PAMPI may be deemed the beneficial owner of the shares held by the Polar Fund. PAMPI disclaims
any beneficial ownership of the reported shares other than to the extent of any pecuniary interest therein. The ultimate natural person
who has voting and dispositive power over the shares held by the Polar Fund is Paul Sabourin, Chief Investment Officer of PAMPI. The business
address of the Polar Fund is c/o Polar Asset Management Partners Inc., 16 York Street, Suite 2900, Toronto, Ontario M5J OE6, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(140)</TD><TD STYLE="text-align: justify">Consists of 2,016,217 shares of our common stock acquired by Polychain Master Fund I LP. Polychain Master
Fund I LP is controlled by Polychain Partners LLC. The individuals with voting and investment power over the securities held by Polychain
Master Fund I LP are Olaf Carlson-Wee and is located at 548 Market Street, Suite 64375, San Francisco, CA 94014, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(141)</TD><TD STYLE="text-align: justify">Consists of 145,946 shares of our common stock acquired by Polychain Parallel Fund I LP. Polychain Parallel
Fund I LP is controlled by Polychain Partners LLC. The individuals with voting and investment power over the securities held by Polychain
Parallel Fund I LP are Olaf Carlson-Wee and is located at 548 Market Street, Suite 64375, San Francisco, CA 94014, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(142)</TD><TD STYLE="text-align: justify">Consists of 135,136 shares of our common stock acquired by Quantum Digital Group Limited. Quantum Digital
Group Limited is controlled by Willy Lan, Kenneth King, and Kung Kit Wen. Quantum Digital Group Limited is located at Craigmuir Chambers,
Road Town, Tortola VG1110, British Virgin Island.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(143)</TD><TD STYLE="text-align: justify">Consists of 108,108 shares of our common stock acquired by Ray Hindi. Ray Hindi is located at Gr&uuml;tstrasse
47b, 8704, Herrliberg, Switzerland.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(144)</TD><TD STYLE="text-align: justify">Consists of 540,541 shares of our common stock acquired by RBCH II Ltd. RBCH II Ltd is controlled by Viktor
Fischer and Jakub Havrlant and is located at 89 Nexus Way, Camana Bay Grand Cayman, KY1-9009 Cayman Islands.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(145)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Republic Digital Opportunistic Digital Assets
Master Fund Ltd. Republic Digital Fund Manager LLC (&ldquo;Republic Digital&rdquo;) serves as the investment manager to Republic Digital
Opportunistic Digital Assets Master Fund, Ltd. (the &ldquo;Selling Stockholder&rdquo;). Joseph Naggar is the Chief Executive Officer and
Chief Investment Officer of Republic Digital and, in such capacity, holds voting and investment power over the shares held by the Selling
Stockholder. Accordingly, Republic Digital and Mr. Naggar may each be deemed to be the beneficial owner of the shares held by the Selling
Stockholder. Each of Republic Digital and Mr. Naggar disclaims beneficial ownership of such shares except to the extent of their pecuniary
interest therein. The address for the Selling Stockholder is 149 5th Avenue, 10th Floor, New York, NY 10010.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(146)</TD><TD STYLE="text-align: justify">Consists of 810,811 shares of our common stock acquired by Ribbit OB1 (Master), L.P. Meyer Malka is the
director of Ribbit OB1 GP, LLC, general partner of Ribbit OB1 (Master), L.P., and as such may be deemed to hold voting and investment
control of the shares of Common Stock held by Ribbit OB1 (Master), L.P. The address of Ribbit OB1 (Master), L.P. is c/o Ribbit Management
Company, LLC, 364 University Avenue, Palo Alto, CA 94301.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(147)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by Robert Rico. Robert Rico is located at 304 Orchard
St, Greenwich, CT 06830, United States.</TD></TR>
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<TD STYLE="width: 5%">(148)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 810,811 shares of our common stock acquired by Robert S. Leshner Revocable Trust. Robert S.
Leshner Revocable Trust is controlled by Robert Leshner and is located at 40 Dune Rd, Water Mill, NY 11976, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(149)</TD><TD STYLE="text-align: justify">Consists of 40,541 shares of our common stock acquired by Robinson Burkey. Robinson Burkeyis located at
5840 SW 8th St, Plantation, FL 33317, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(150)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Robot Ventures Fund IV, LP. Robot Ventures Fund
IV, LP is controlled by Robot Ventures GP IV, LLC. The individuals with voting and investment power over the securities held by Robot
Ventures Fund IV, LP are Tarun Chitra. Robot Ventures Fund IV, LP is located at 259 Bowery PH 6, New York, New York 10002.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(151)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Rodimus Prime LLC. Rodimus Prime LLC is controlled
by Peter Wisniewski and is located at 2800 Emathla St, Miami, FL 33133, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(152)</TD><TD STYLE="text-align: justify">Consists of 175,676 shares of our common stock acquired by Roseco2 LLC. Roseco2 LLC is controlled by Richard
James Rosenblum and is located at 2428 Calle Granada, San Juan, PR 00913, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(153)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Ross Fedenia. Ross Fedenia is located at 1117
Enterprise Dr, Verona, WI 53593, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(154)</TD><TD STYLE="text-align: justify">Consists of 137,838 shares of our common stock acquired by RV Summit Investment Limited Partnership. RV
Summit Investment Limited Partnership is controlled by Fox Brook Investment Limited. The individual with voting and investment power over
the securities held by RV Summit Investment Limited Partnership is Zhaojie Huang and is located at 68E Block1A The Arch No. 1 Austin Road,
Hong Kong.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(155)</TD><TD STYLE="text-align: justify">Consists of 135,136 shares of our common stock acquired by Sand Dune Investments LLC. Sand Dune Investments
LLC is controlled by Douglas Adams and is located at 550 W Jackson Blvd., Suite 1300, Chicago, IL 60661, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(156)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by SCB Limited. Chase Lax is the Chief Executive
Officer of SCB Limited and, in such capacity, holds voting and investment power over the shares held by SCB Limited. Accordingly, Mr.
Lax may be deemed to be the beneficial owner of the shares held by SCB Limited. Mr. Lax disclaims any beneficial ownership of such shares
except to the extent of any pecuniary interest therein. SCB Limited is an affiliate of one or more registered broker-dealers and has represented
to us that (1) it purchased the securities in the ordinary course of business and (2) at the time of purchase, it had no agreements or
understandings, directly or indirectly, with any person to distribute the securities. The address for SCB Limited is Tamarind West, West
Bay Street, Lyford Cay, Nassau, The Bahamas.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(157)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Sebastian Benkert. Sebastian Benkert is located
at 160 Front Street, Apt 607, Brooklyn, NY 11201</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(158)</TD><TD STYLE="text-align: justify">Consists of 18,243 shares of our common stock acquired by Series F Liquid Opportunities LP. Series F Liquid
Opportunities LP is controlled by Seth Ginns and is located at 5 Bryant Park, Suite 1003, New York, NY 10018, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(159)</TD><TD STYLE="text-align: justify">Consists of 18,243 shares of our common stock acquired by Series G Liquid Opportunities LP. Series G Liquid
Opportunities LP is controlled by Seth Ginns and is located at 5 Bryant Park, Suite 1003, New York, NY 10018, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(160)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Shappiness Ventures LLC. Shappiness Ventures
LLC is controlled by Matthew Shapiro and is located at 29 Westmount Drive, Livingston, NJ 07039, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(161)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Sharing LLC Sunburst PS. Sharing LLC Sunburst
PS is controlled by Jacob Goldfield and is located at 33 Union Square West #11, New York, NY 10003, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(162)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Shayon Sengupta. Shayon Sengupta is located
at 255 Bowery #5, New York, NY 10002, United States. The Selling Securityholder is affiliated with the company due to being an employee
of Multicoin Capital, Sponsor of PIPE.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(163)</TD><TD STYLE="text-align: justify">Consists of 810,811 shares of our common stock acquired by Sigil PCC Limited. Sigil PCC Limited is controlled
by Sigil Management Limited, which is wholly owned by Devmons Management Limited. The individuals with voting and investment power over
the securities held by Sigil PCC Limited are Pavel Stehno, Michal Safranek, and Matej Galvanek. Sigil PCC Limited is located at Unit G02
Eurocity, Europort Avenue, Gibraltar, GX11 1AA, Gibraltar.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(164)</TD><TD STYLE="text-align: justify">Consists of 5,406 shares of our common stock acquired by Silver Dip LLC. Silver Dip LLC is controlled
by Alex Thorn and is located at 201 Varick St., New York, NY, 10014, P.O. Box 485, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(165)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Simon Johansen. Simon Johansen is located at
24651 Canary Island Ct Unit 102, Bonita Springs FL 34134, United States.</TD></TR>
</TABLE>

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<TD STYLE="width: 5%">(166)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 54,055 shares of our common stock acquired by Sixtav Ventures LLC. Sixtav Ventures LLC is
controlled by Richard J. Tavoso and is located at 20 Sullivan St., New York, NY 10012, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(167)</TD><TD STYLE="text-align: justify">Consists of 540,541 shares of our common stock acquired by Solios, Inc. Solios, Inc. is controlled by
Robert Rutherford and is located at 1850 Gateway Drive, 6th Floor, San Mateo, CA 94404, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(168)</TD><TD STYLE="text-align: justify">Consists of 13,514 shares of our common stock acquired by Spencer Applebaum. Spencer Applebaum is located
at 304 Bleecker St Apt 4, New York, NY 10014, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(169)</TD><TD STYLE="text-align: justify">Consists of 648,649 shares of our common stock acquired by Splendid Height Holdings Limited. Splendid
Height Holdings Limited is controlled by Wong Hoi Pong and is located at 3308,33/F, Champion Tower, 3 Garden Road, Central, HK</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(170)</TD><TD STYLE="text-align: justify">Consists of 594,595 shares of our common stock acquired by Standard Crypto Flagship Fund LP. Standard
Crypto Flagship Fund LP is controlled by Standard Crypto Flagship Fund GP LLC. The individuals with voting and investment power over the
securities held by Standard Crypto Flagship Fund LP are Adam Goldberg and Alok Vasudev Standard Crypto Flagship Fund LP is located at
447 Sutter Street, Ste 405 PMB1284, San Francisco, CA 94108, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(171)</TD><TD STYLE="text-align: justify">Consists of 1,205,514 shares of our common stock acquired by Steadfast International Master Fund Ltd.
Robert Pitts, Jr. and Miraj Patel are portfolio managers of Steadfast Capital Management LP, the investment manager of Steadfast International
Master Fund Ltd. Messrs. Pitts and Patel have the shared voting and dispositive power over the Registrable Securities. Steadfast International
Master Fund Ltd is located at 450 Park Avenue, 20th Floor New York, NY 10022, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(172)</TD><TD STYLE="text-align: justify">Consists of 27,028 shares of our common stock acquired by Stephen Kurz. Stephen Kurz is located at 555
W 22nd St, Apt 8H, New York, NY 10011, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(173)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by Sunshine 511 Holdings LLC. Sunshine 511 Holdings
LLC is controlled by Evan Rapoport. Sunshine 511 Holdings LLC is located at 10251 Hunt Club Ln, Palm Beach Gardens, FL 33418, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(174)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by The Carl E. Esrey Irrevocable Trust. The Carl
E. Esrey Irrevocable Trust is controlled by Carl Esrey and is located at 10000 N Central Expressway, Dallas, TX 75231, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(175)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by The Makan Family Trust DTD 10/10/05. The Makan
Family Trust DTD 10/10/05 is controlled by Divesh Makan and is located at 50 Beale St, STE 2300, San Francisco, CA 94105, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(176)</TD><TD STYLE="text-align: justify">Consists of 189,190 shares of our common stock acquired by The Michael Steven Ovitz Dispositive Trust.
The Michael Steven Ovitz Dispositive Trust is controlled by Michael Ovitz and is located at 11444 W. Olympic Blvd., 11th Fl., Los Angeles,
CA 90064, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(177)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by The Robert J. Donahue Jr. Revocable Trust U/A/D
03/09/2016. The Robert J. Donahue Jr. Revocable Trust U/A/D 03/09/2016 is controlled by Robert J. Donahue and is located at 1202 Ballantrae
Ln, Mclean, VA 22101, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(178)</TD><TD STYLE="text-align: justify">Consists of 270,271 shares of our common stock acquired by Tough Investments Limited. Tough Investments
Limited is controlled by Michael Daffey and is located at 1st floor liberation house, castle street, St Helier, JE1GL, Jersey.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(179)</TD><TD STYLE="text-align: justify">Consists of 54,055 shares of our common stock acquired by UNCAP SPV Holdings LLC Series 52. UNCAP SPV
Holdings LLC Series 52 is controlled by UNCAP US Fund 1 GP LLC. The individuals with voting and investment power over the securities held
by UNCAP SPV Holdings LLC Series 52 are Jeremy Sziklay, Samuel Sayegh, and Jamie Weber. UNCAP SPV Holdings LLC Series 52 is located 1000
Brickell Ave, Ste 715 PMB 5111, Miami, FL 33131, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(180)</TD><TD STYLE="text-align: justify">Consists of 16,221 shares of our common stock acquired by VA Consulting &amp; Advisory Inc. VA Consulting
&amp; Advisory Inc.is controlled by Varun Anand and is located at 223 Bayview Fairways Drive, Thornhill, Ontario L3T2Z1, Canada.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(181)</TD><TD STYLE="text-align: justify">Consists of 108,109 shares of our common stock acquired by Vernon Capital, LLC. Vernon Capital, LLC is
controlled by DBA Vernon Capital, LLC. The individual with voting and investment power over the securities held by Vernon Capital, LLC
is Anthony Trotta. Vernon Capital, LLC is located at 366 Camino de Les Pomerroses, Dorado, PR 00646, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(182)</TD><TD STYLE="text-align: justify">Consists of 2,703 shares of our common stock acquired by William Cavagnaro. William Cavagnaro is located
at 23 Deer Run Road, Wilton, CT 06897, United States.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(183)</TD><TD STYLE="text-align: justify">Consists of 32,433 shares of our common stock acquired by William Zanker. William Zanker is located at
Ritz Carlton 200 Dorado Dr. Apt 4121, Dorado, PR 00646, United States.</TD></TR>
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<TD STYLE="width: 5%">(184)</TD><TD STYLE="text-align: justify; width: 95%">Consists of 135,950 shares of our common stock acquired by WVP Emerging Onshore Fund LLC Structured Small
Cap Lending Series (the &ldquo;Selling Stockholder&rdquo;), including 44,444 shares issuable upon the exercise of the PS Agreement Warrants
and 91,506 shares of common stock which were issued upon conversion of the Series B Preferred Stock. WVP Management, LLC, the managing
member of WVP Emerging Manager Onshore Fund LLC &ndash; C/M Capital Series, has discretionary authority to vote and dispose of the shares
beneficially owned by this Selling Stockholder and may be deemed to be the beneficial owner of these shares. C/M Capital Partners, LP
and Worth Venture Partners, LLC, in their capacity as advisors to this Selling Stockholder, may also be deemed to have investment discretion
and voting power of the shares beneficially owned by this Selling Stockholder. Thomas Walsh and Jonathan Juchno in their capacity as partners
of C/M Capital Partners, LP, may also be deemed to have investment discretion and voting power over the shares beneficially owned by this
Selling Stockholder. Abby Flamholz, in her capacity as Managing Member of WVP Management, LLC and in her capacity as managing member of
Worth Venture Partners, LLC, may also be deemed to have investment discretion and voting power of the shares beneficially owned by this
Selling Stockholder. WVP Management, LLC, C/M Capital Partners, LP, Worth Venture Partners, LLC, Mr. Walsh, Mr. Juchno and Ms. Flamholz
each disclaim any beneficial ownership of these shares, except to the extent of any pecuniary interest therein. The business address is
1111 Brickell Avenue, Suite 2920, Miami, FL 33131.</TD></TR>
<TR STYLE="vertical-align: top">
<TD>(185)</TD><TD STYLE="text-align: justify">Consists of 10,811 shares of our common stock acquired by Zane Glauber. Zane Glauber is located at 70
Little West Street #PH1F, New York City, NY 10004, United States. The Selling Securityholder is an employee of Galaxy Digital Services
LLC, which is affiliated with three registered broker dealers: Galaxy Digital Partners LLC, Galaxy Securities LLC and Fin 2 LLC.</TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_011"></A>PLAN
OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest, selling the Shares or interests in the Shares
received after the date of this prospectus supplement from a selling shareholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their Shares or interests in the Shares on any
stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed
prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined
at the time of sale, or at negotiated prices.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may
use any one or more of the following methods when disposing of Shares or interests therein:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">distributions to members, partners, shareholders or other equityholders of the selling shareholders;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">block trades in which the broker-dealer will attempt to sell the Shares as agent, but may position and
resell a portion of the block as principal to facilitate the transaction;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">purchases by a broker-dealer as principal and resale by the broker-dealer for its account;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an exchange distribution in accordance with the rules of the applicable exchange;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">privately negotiated transactions;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">short sales and settlement of short sales entered into after the effective date of the registration statement
of which this prospectus supplement is a part;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">through the writing or settlement of options or other hedging transactions, whether through an options
exchange or otherwise;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">broker-dealers may agree with the selling shareholders to sell a specified number of such Shares at a
stipulated price per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a combination of any such methods of sale; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other method permitted pursuant to applicable law.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders may,
from time to time, pledge or grant a security interest in some or all of the Shares owned by them and, if they default in the performance
of their secured obligations, the pledgees or secured parties may offer and sell the Shares, from time to time, under this prospectus
supplement, or under an amendment to this prospectus supplement under Rule 424(b)(3) or other applicable provision of the Securities Act,
by amending the list of selling shareholders to include the pledgee, transferee or other successors in interest as selling shareholders
under this prospectus supplement. The selling shareholders also may transfer the Shares in other circumstances, in which case the transferees,
pledgees or other successors in interest will be the selling shareholders for purposes of this prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the sale
of our Shares or interests therein, the selling shareholders may enter into hedging transactions with broker-dealers or other financial
institutions, which may in turn engage in short sales of the Shares in the course of hedging the positions they assume. The selling shareholders
may also sell Shares short and deliver these securities to close out their short positions, or loan or pledge the Shares to broker-dealers
that in turn may sell these securities. The selling shareholders may also enter into option or other transactions with broker-dealers
or other financial institutions or the creation of one or more derivative securities which require the delivery to such broker-dealer
or other financial institution of Shares offered by this prospectus supplement, which Shares such broker-dealer or other financial institution
may resell pursuant to this prospectus supplement (as supplemented or amended to reflect such transaction, to the extent required).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders also
may resell all or a portion of the Shares in open market transactions in reliance upon Rule 144 under the Securities Act; provided that
they meet the criteria and conform to the requirements of that rule, or another available exemption from the registration requirements
under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The selling shareholders and
any underwriters, broker-dealers or agents that participate in the sale of the Shares or interests therein may be &ldquo;underwriters&rdquo;
within the meaning of Section 2(a)(11) of the Securities Act (it being understood that the selling shareholders shall not be deemed to
be underwriters solely as a result of their participation in this offering). Any discounts, commissions, concessions or profit they earn
on any resale of the Shares may be underwriting discounts and commissions under the Securities Act. Selling shareholders will be subject
to the delivery requirements of the Securities Act (or an exemption therefrom).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required, the
Shares to be sold, the names of the selling shareholders, the respective purchase prices and public offering prices, the names of any
agent, dealer or underwriter, and any applicable commissions or discounts with respect to a particular offer will be set forth in an accompanying
prospectus supplement or, if appropriate, a post-effective amendment to the registration statement of which this prospectus supplement
forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to comply with the
securities laws of some states, if applicable, the Shares may be sold in these jurisdictions only through registered or licensed brokers
or dealers. In addition, in some states the Shares may not be sold unless it has been registered or qualified for sale or an exemption
from registration or qualification requirements is available and is complied with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have advised the selling
shareholders that the anti-manipulation rules of Regulation M under the Exchange Act may apply to sales of Shares in the market and to
the activities of the selling shareholders and their Affiliates. In addition, to the extent applicable, we will make copies of this prospectus
supplement (as it may be supplemented or amended from time to time) available to the selling shareholders for the purpose of satisfying
the delivery requirements of the Securities Act. The selling shareholders may indemnify any broker-dealer that participates in transactions
involving the sale of the Shares against certain liabilities, including liabilities arising under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed to indemnify
the selling shareholders against liabilities, including liabilities under the Securities Act and state securities laws, relating to the
registration of the Shares offered by this prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have agreed with the selling
shareholders to use commercially reasonable efforts to cause the registration statement of which this prospectus supplement constitutes
a part to become effective and to remain continuously effective until the earlier of: (i) the date on which the selling shareholders shall
have resold or otherwise disposed of all the Shares covered by this prospectus supplement and (ii) the date on which the Shares covered
by this prospectus supplement no longer constitute &ldquo;Registrable Securities&rdquo; as such term is defined in the Registration Rights
Agreement, such that they may be resold by the selling shareholders without registration and without regard to any volume or manner-of-sale
limitations and without current public information pursuant to Rule 144 under the Securities Act or any other rule of similar effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_012"></A>LEGAL
MATTERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the securities
offered hereby will be passed upon for us by Nason, Yeager, Gerson, Harris &amp; Fumero, P.A., Palm Beach Gardens, Florida.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="ps_013"></A>EXPERTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of Forward Industries, Inc. and Subsidiaries for the years ended September 30, 2024 and 2023, have been audited by CohnReznick
LLP, independent registered public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries&rsquo;
Annual Report on Form 10-K for the year ended September 30, 2024, and incorporated by reference herein. Such consolidated financial statements
are incorporated by reference herein in reliance upon such report, which includes an explanatory paragraph on Forward Industries, Inc.
and Subsidiaries&rsquo; ability to continue as a going concern, given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">102,848,137 Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="forward_logo.jpg" ALT="A close up of a logo&#10;&#10;AI-generated content may be incorrect." STYLE="height: 100px; width: 253px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">PROSPECTUS SUPPLEMENT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">The date of this prospectus supplement is
November 3, 2025</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;<IMG SRC="forward_logo.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORWARD INDUSTRIES, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Depositary Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Subscription Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Purchase Contracts</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer and sell from time to time shares
of our common stock, shares of our preferred stock, depositary shares, warrants, subscription rights, purchase contracts or units, or
any combination thereof, in one or more offerings in amounts, at prices and on terms that we determine at the time of the offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each time we offer securities pursuant to this
prospectus, we will provide a prospectus supplement containing more information about the particular offering together with this prospectus.
The prospectus supplement also may add, update or change information contained in this prospectus. This prospectus may not be used to
offer and sell securities without a prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">These securities may be sold on a continuous or
delayed basis directly to or through agents, dealers or underwriters as designated from time to time, or through a combination of these
methods. If any agents, dealers or underwriters are involved in the sale of any of the securities, their names and any applicable purchase
price, fee, commission or discount arrangement between or among them will be set forth, or will be calculable from the information set
forth, in the applicable prospectus supplement. See the sections of this prospectus entitled &#8220;About this Prospectus&#8221; and &#8220;Plan
of Distribution&#8221; for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is traded on The Nasdaq Capital
Market under the symbol &#8220;FORD.&#8221; If we decide to list or seek a quotation for any other securities, the prospectus supplement
relating to those securities will disclose the exchange or market on which those securities will be listed or quoted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in these securities involves significant
risks. We strongly recommend that you read carefully the risks we describe in this prospectus as well as in any accompanying prospectus
supplement and the risk factors that are incorporated by reference into this prospectus from our filings made with the Securities and
Exchange Commission. See &#8220;<FONT STYLE="text-decoration: underline"><A HREF="#a_007">Risk Factors</A></FONT>&#8221; beginning on page 14 of this prospectus.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 45%"><DIV STYLE="border-top: Black 1pt solid; font-size: 1pt">&#160;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is September
16, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&#160;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="a_002"></FONT>TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.5in; text-indent: -0.5in">&#160;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_003">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">1</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_004">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_005">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_006">SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_007">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_008">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">25</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_009">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">26</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_010">SELLING SECURITY HOLDERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_011">DESCRIPTION OF CAPITAL STOCK</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_012">DESCRIPTION OF DEPOSITARY SHARES</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">30</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_013">DESCRIPTION OF THE WARRANTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">31</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_014">DESCRIPTION OF SUBSCRIPTION RIGHTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">32</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_016">DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">33</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_015">DESCRIPTION OF THE UNITS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">34</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_017">CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">35</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_018">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_019">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">37</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_020">LEGAL MATTERS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">39</TD></TR>
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    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_021">EXPERTS</A></TD>
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</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_003"></FONT>ABOUT
THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To understand the terms of the securities offered
by this prospectus, you should carefully read this prospectus and any applicable prospectus supplement. You should also read the documents
referred to under the heading &#8220;<A HREF="#a_004">Where You Can Find More Information</A>&#8221; for information on us and the business conducted by us.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of an automatic
registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the &#8220;<FONT STYLE="text-decoration: underline">SEC</FONT>&#8221;), as a
&#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933, as amended (the
&#8220;<FONT STYLE="text-decoration: underline">Securities Act</FONT>&#8221;) using a &#8220;shelf&#8221; registration process. Under this shelf registration process, we may
offer and sell from time to time shares of our common stock, shares of our preferred stock, warrants or units, or any combination
thereof, in one or more offerings in amounts, at prices and on terms that we determine at the time of the offering.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus provides you with a general description
of the securities that we may offer. Each time securities are sold under this shelf registration statement, we will provide an accompanying
prospectus supplement that will contain specific information about the terms of those securities and the terms of that offering. The prospectus
supplement also may add, update or change information contained in this prospectus. If there is any inconsistency between the information
in this prospectus and any accompanying prospectus supplement, you should rely on the information in the accompanying prospectus supplement.
Before making an investment decision, you should read carefully both this prospectus and any prospectus supplement together with the documents
incorporated by reference into this prospectus as described below under the heading &#8220;Incorporation by Reference.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registration statement that contains this
prospectus, including the exhibits to the registration statement and the information incorporated by reference, provides additional information
about us and our securities. That registration statement can be found on the SEC&#8217;s website at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should rely only on the information provided
in the registration statement, this prospectus, and any accompanying prospectus supplement, including the information incorporated by
reference. We have not authorized anyone to provide you with different information. You should not assume that the information in this
prospectus or any supplement to this prospectus is accurate at any date other than the date indicated on the cover page of these documents.
We are not making an offer to sell the securities in any jurisdiction where the offer or sale is not permitted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have not authorized any dealer, agent or other
person to give any information or to make any representation other than those contained or incorporated by reference in this prospectus
and any accompanying prospectus supplement. We take no responsibility for and can provide no assurance as to the reliability of any other
information that others may give you.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may sell the securities to or through underwriters,
dealers or agents or directly to purchasers. The securities may be sold for U.S. dollars, foreign-denominated currency, currency units
or composite currencies. Amounts payable with respect to any securities may be payable in U.S. dollars or foreign-denominated currency,
currency units or composite currencies as specified in the applicable prospectus supplement. We and our agents reserve the sole right
to accept or reject in whole or in part any proposed purchase of the securities. The prospectus supplement, which we will provide each
time we offer the securities, will set forth the names of any underwriters, dealers or agents involved in the sale of the securities,
and any related fee, commission or discount arrangements. See &#8220;<A HREF="#a_018">Plan of Distribution</A>&#8221; beginning on page 37 of this
prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein and therein contain estimates, projections, market research and other information concerning, among other things,
our industry, our business, and the digital asset ecosystems in which we operate. Unless otherwise expressly stated, we obtain this information
from reports, research surveys, studies and similar data prepared by market research firms and other third parties, industry, digital
asset and general publications, government data and similar sources as well as from our own internal estimates and research and from publications,
research, surveys and studies conducted by third parties on our behalf. We believe this information is accurate in all material respects
as of the date of this prospectus. Information that is based on estimates, projections, market research or similar methodologies is inherently
subject to uncertainties and actual events or circumstances may differ materially from events and circumstances that are reflected in
this information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement may also contain information
about any material U.S. federal income tax considerations relating to the securities covered by the prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context requires otherwise, in this
prospectus, the terms &#8220;Forward Industries,&#8221; &#8220;Forward,&#8221; &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221;
and &#8220;our&#8221; refer to Forward Industries, Inc. Unless otherwise stated or indicated by context, the phrase &#8220;this prospectus&#8221;
refers to the prospectus and any applicable prospectus supplement.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_004"></FONT>WHERE
YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As required by the Securities Act, we filed an
automatic registration statement on Form S-3 relating to the securities offered by this prospectus with the SEC. This prospectus
is a part of that registration statement, which includes additional information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the reporting requirements of
the Securities Exchange Act of 1934, as amended (the &#8220;<FONT STYLE="text-decoration: underline">Exchange Act</FONT>&#8221;), and are required to file with the SEC annual,
quarterly and current reports, proxy statements and other information. Such reports include our audited financial statements. Our publicly
available filings can be found on the SEC&#8217;s website at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>. Our filings, including the audited financial statements,
and additional information that we have made public to investors, may also be found on our website at <FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>.
Information on or accessible through our website does not constitute part of this prospectus (except for SEC reports expressly incorporated
by reference herein).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also maintain a section on our website (<FONT STYLE="text-decoration: underline">sol.forwardindustries.com</FONT>)
as a disclosure channel for providing broad, non-exclusionary distribution of information regarding the Company to the public, including
information regarding market prices of its outstanding securities, Solana token (&#8220;<FONT STYLE="text-decoration: underline">SOL</FONT>&#8221;) purchases and holdings, certain
Key Performance Indicator (&#8220;<FONT STYLE="text-decoration: underline">KPI</FONT>&#8221;) metrics and other supplemental information, and as one means of disclosing non-public
information in compliance with its disclosure obligations under Regulation FD. Investors and others are encouraged to regularly review
the information that the Company makes public via that section of its website.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As permitted by SEC rules, this prospectus does
not contain all of the information we have included in the registration statement and the accompanying exhibits and schedules we file
with the SEC. You may refer to the registration statement, exhibits and schedules for more information about us and the securities. The
registration statement, exhibits and schedules are available through the SEC&#8217;s website.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_005"></FONT>FORWARD-LOOKING
STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein contain &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties. All statements other than statements of historical facts contained in this prospectus,
including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects,
plans, objectives of management, and expected market growth are forward-looking statements. These forward-looking statements are contained
principally in the sections entitled &#8220;Risk Factors&#8221; and &#8220;Use of Proceeds.&#8221; Without limiting the generality of
the preceding sentence, any time we use the words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;could,&#8221; &#8220;target,&#8221; &#8220;potential,&#8221;
&#8220;is likely,&#8221; &#8220;will,&#8221; &#8220;expect&#8221; and, in each case, their negative or other various or comparable terminology,
and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in
nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. We have based
these forward-looking statements largely on our current expectations and projections about future events and financial trends that we
believe may affect our financial condition, results of operations, business strategy and financial needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results anticipated by any or all of these
forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially
from these forward-looking statements are contained in the risk factors that follow and elsewhere in this prospectus and the documents
incorporated by reference. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. For more information regarding some of the ongoing risks and uncertainties of our business,
see the risk factors that follow and/or that are disclosed in our incorporated documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_006"></FONT>SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Company Overview</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward is an engineering design company serving
top-tier customers worldwide. The Company provides hardware and software product design and engineering services to customers predominantly
located in the U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide a complete range of design, engineering
and development services with respect to a diverse array of consumer and industrial electronics products. These include but are not limited
to medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting, security and detections
systems, cameras, wearables and vehicle controls. Solutions in these and other areas are designed and developed in-house, beginning at
product concept, extending through design, engineering and prototype, and final design for manufacturing and computer-aided design files.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>New Treasury Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2025, in connection with the Private
Placement (as defined below), we announced the launch of our digital asset treasury strategy, pursuant to which we plan to pursue a number
of strategic initiatives to acquire SOL and other digital assets. We entered into the Asset Management Agreement and Services Agreement
(each as defined below) to guide us through the implementation of our new digital assets treasury business. On September 15, 2025, we
announced our initial liquid SOL purchases of 6,822,000 at an average price of $232 per SOL, or $1.58 billion in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our new treasury policy and strategy (the
&#8220;<FONT STYLE="text-decoration: underline">Treasury Policy</FONT>&#8221;), the principal holding in our treasury reserve on the balance sheet will be allocated to digital
assets, primarily SOL by applying a public-market&#160;treasury model to an asset that&#8217;s earlier in its lifecycle, structurally
reflexive, and underexposed as compared to Bitcoin. Our approach involves acquiring SOL directly through market purchases and staking
our holdings via our own or third-party operated&#160;validators and generating incremental revenue through strategic partnerships and
deployments within the Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to operating our hardware and software
product design and engineering services business, our management will focus its resources on our Treasury Policy and a significant portion
of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, our Treasury Policy is primarily dedicated
to SOL and other Solana ecosystem tokens. As a result, our assets are highly concentrated in a single digital asset. Adverse developments
specific to SOL, its protocol, or its ecosystem could have a disproportionate impact on our financial condition and results of operations.
We may utilize a range of capital markets and onchain strategies, including staking, lending, and participation in decentralized finance
(&#8220;<FONT STYLE="text-decoration: underline">DeFi</FONT>&#8221;) protocols, as well as pursuing accretive partnerships and acquisitions within the Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Treasury Policy is intended to bring value
to our stockholders through the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">utilizing intelligent capital markets issuances, including the issuance of equity, preferred and debt,
where we may issue capital for the benefit of stockholders to purchase and hold more SOL;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">staking the majority of the SOL in our treasury to earn a staking yield and turn the treasury into a productive
asset;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">purchasing SOL at a discount to the current spot price, including through over the counter transactions
and strategic partnerships;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">actively participating in DeFi protocols and other onchain strategies to increase SOL per share;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">selling our SOL holdings, whether on the open market, through block trades, or other negotiated transactions,
for various reasons and at various times, including, in order to repurchase shares of our Common Stock when our Board of Directors (the
&#8220;<FONT STYLE="text-decoration: underline">Board</FONT>&#8221;) believes such repurchases will result in accretive value creation for our stockholders and at such times when
it is legally permissible to do so.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that SOL is the fastest and most used
public blockchain in the world, processing more transactions and generating more on chain fee revenue than all other blockchains combined.
Solana has established itself as a high-performance blockchain and one of the most active onchain ecosystems, primarily due to its differentiated
approach to blockchain design, committed and growing developer community, and strong social layer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that the value of SOL
will increase, and investors should carefully consider the risks associated with digital assets. See &#8220;<I>Risk Factors - Risks Related
to the Company&#8217;s Business and Solana Strategy and Holdings</I>&#8221; for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How We Earn Staking Rewards</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To earn staking rewards, we intend to delegate
our SOL to our own validators, which are operated by third-party service providers through a white-label arrangement. We may also delegate
to other third-party SOL validators via Solana&#8217;s in-protocol delegation system. We will continue to keep the SOL held by third party
custodians. This means we deposit our SOL into a stake account, which is then delegated to a validator&#8217;s vote account. Both our
validators and the third-party validators we select are integrated into our qualified custodians&#8217; platforms, allowing us to stake
SOL to them directly from our custody accounts. We will work closely with our white-label service provider for our validators to achieve
a track record of high performance, high yield generation, and attractive delegator economics. We will also delegate to other third-party
validators who, in our opinion, have demonstrated a similar track record. We use multiple validators, both our own and third-party, to
seek to maximize the return on our SOL treasury and to mitigate the risk of having only one or two validators for our treasury staking.
We may also negotiate bespoke arrangements with DeFi teams and validator operators to further enhance returns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How We Manage Liquidity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acknowledge that during the deactivation period,
staked SOL is not earning rewards and is not yet liquid. We factor this into our liquidity and risk management framework.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our staking program involves a temporary loss
of transferability of staked SOL during the &#8220;deactivation&#8221; or cooldown period. Under normal conditions, we expect to regain
complete control over un-staked SOL within approximately 48 hours; however, network conditions could extend this period. To mitigate liquidity
risk, we intend to maintain a portion of our treasury in un-staked SOL and cash to meet short-term obligations. We may also utilize capital
markets instruments, such as structured products and non-dilutive debt, to enhance liquidity and expand our SOL holdings. Our use of SOL
options may involve margin requirements or collateral posting, which could reduce available liquidity. Option premiums paid or received
may also create volatility in our near-term cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also intend to participate in liquid staking
protocols by converting a portion of our SOL holdings into Liquid Staking Tokens (&#8220;<FONT STYLE="text-decoration: underline">LSTs</FONT>&#8221;). This will allow us to earn
staking rewards while maintaining the liquidity of our underlying SOL and enabling us to use the LSTs in various DeFi applications. We
may manage a mix of traditionally staked SOL and LSTs to optimize liquidity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of Custodians and Storage of SOL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We solely utilize third-party qualified custodians
to hold our SOL, other than the portion of our SOL held through a single non-qualified custodian, as set forth below. We do not self-custody
our SOL. We use qualified custodians that utilize risk management and operational best practices related to hot vs. cold storage, access
controls, custody technology and insurance, among other practices. We are in the process of onboarding with other qualified custodians
to ensure that we mitigate our SOL treasury risk through the use of several qualified custodians.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary custodians generally maintain the
majority of their custodied SOL holdings in cold storage (&gt;95%), with hot wallets used only for limited operational purposes. Custodians
employ SOC 2&#8211;audited security controls, geographic redundancy, multi-person approval processes, and conduct key-generation ceremonies
in offline, secure facilities. Private keys are never exposed to networked devices. Custodians maintain insurance coverage, which is in
addition to policies we maintain ourselves. Our custody agreements typically run for one to three years, may be terminated on 30 days&#8217;
notice, and include fees for storage and transactions. Our qualified custodians do not rehypothecate or otherwise use our SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of DeFi Protocols</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time interact with DeFi protocols,
either directly or indirectly through staking, validator operations, custody arrangements, or liquidity management activities. DeFi protocols
generally rely on open-source smart contracts deployed on public blockchains, including SOL. While these smart contracts are intended
to operate automatically according to their code, they may contain coding errors, vulnerabilities, or design flaws that can be exploited.
We actively evaluate DeFi opportunities within the Solana ecosystem to enhance treasury productivity, while maintaining robust risk management
practices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">SOL - The Token of the Solana Blockchain</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL is the native token of the Solana blockchain.
SOL was created with an initial supply of 500 million SOL, though much of the initial supply was locked or earmarked for various use cases
including the community, the foundation and investors. New SOL are brought into existence primarily through inflationary rewards distributed
to validators and delegators. The SOL staking yield is made up of three primary components: inflationary rewards, transaction/priority
fees, and maximal extractable value. Inflationary rewards started out at 8.0%, and are currently 4.3%, and will fall 15% every epoch-year
until they reach a long-term floor of 1.5%. Unlock schedules applicable to these allocations may periodically increase circulating supply,
creating potential selling pressure and adversely affecting the price of SOL. Historically, 50% of all transaction fees were burned (with
the other 50% going to the validator), but now all transaction fees go to the validator after the passage and adoption of the Solana Improvement
Document 96.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How SOL is Used</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL is used as part of Solana&#8217;s proof-of-stake
consensus mechanism. In general, proof-of-stake blockchains have block producers called validators that run nodes, bond or stake the protocol&#8217;s
native token, propose blocks when chosen to do so, and validate/sign the transactions and blocks of others when not. Validators are chosen
to produce a block in proportion to their stake, which makes it extremely costly for bad actors to attempt to control the network and
add invalid transactions to the blockchain. Validators receive staking rewards for the work they perform, which further incentivizes validators
to behave properly, as they would otherwise miss out on such rewards. Other proof-of-stake networks often &#8220;slash&#8221; some or
all of a validator&#8217;s stake if it intentionally or unintentionally performs its duties poorly, for example, by double-signing a transaction,
though Solana has not implemented slashing at this time. In addition to its use within consensus, SOL is also a &#8220;gas token&#8221;,
meaning that users of the Solana blockchain pay SOL to validators (and delegators) as compensation for processing their transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We see three particularly notable items giving
Solana a technical advantage compared to many smart contract blockchain peers. Solana&#8217;s proof-of-history gives validators a notion
of time and allows them to produce blocks without requiring the network to first agree upon the current block, resulting in speed advantages.
Further, unlike peer blockchains that often use single-threaded virtual machines, Solana enables parallel transaction execution to increase
throughput and take advantage of future hardware improvements resulting from increased CPU core counts. In addition, Solana is optimized
for speed and security, and is naturally growing into decentralization as hardware and bandwidth costs fall over time, positioning it
well along the Blockchain Trilemma.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While Solana Labs and the Solana Foundation have
played important roles in the development of the Solana ecosystem, no single entity owns or controls the Solana network. However, concentration
of influence in these entities, particularly in early-stage protocol governance, presents risks that investors should consider.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">The Solana Ecosystem</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana&#8217;s performance and technical capabilities
enable many use cases from DeFi to decentralized physical infrastructure networks, AI agents, social media, gaming, stablecoins, real-world
assets, among others. We believe Solana is advantaged by best-in-class technology and strong network effects that have attracted a large,
growing, and vibrant ecosystem of users, developers, and decentralized applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the regulatory characterization of
Solana, the markets for cryptocurrency in general, and our activities in particular, our business and our Solana acquisition strategy
may be subject to regulation by one or more regulators in the United States and globally. Ongoing and future regulatory actions may alter,
to a materially adverse extent, the nature of digital assets markets, the participation of industry participants, including service providers
and financial institutions in these markets, and our ability to pursue our SOL strategy. Additionally, U.S. state and federal and foreign
regulators and legislatures have taken action against industry participants, including digital assets businesses, and enacted restrictive
regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital assets activity.
U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of cryptocurrency mining, and
the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid and retail distribution
systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact of cryptocurrency mining
in their respective states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Commodities Futures Trading Commission (the
&#8220;<FONT STYLE="text-decoration: underline">CFTC</FONT>&#8221;) takes the position that some digital assets fall within the definition
of a &#8220;commodity&#8221; under the Commodities Exchange Act of 1936, as amended (the &#8220;<FONT STYLE="text-decoration: underline">CEA</FONT>&#8221;).
Under the CEA, the CFTC has broad enforcement authority to police market manipulation and fraud in spot digital assets markets in which
we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions
involving digital asset commodities that do not utilize margin, leverage, or financing. In addition, CFTC regulations and CFTC oversight
and enforcement authority apply with respect to futures, swaps, other derivative products and certain retail leveraged commodity transactions
involving digital asset commodities, including the markets on which these products trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, because transactions in SOL provide
a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or the perception
of such misuse, could lead to greater regulatory oversight of SOL and SOL platforms, and there is the possibility that law enforcement
agencies could close SOL platforms or other SOL-related infrastructure with little or no notice and prevent users from accessing or retrieving
SOL held via such platforms or infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, activities involving SOL and other
digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such laws and regulations
are rapidly evolving and increasing in scope. The laws and regulations applicable to SOL and digital assets are evolving and subject to
interpretation and change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governments around the world have reacted differently
to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while
in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As digital assets have grown in both popularity
and market size, the U.S. Executive Branch, Congress and a number of U.S. federal and state agencies, including the Financial Crimes Enforcement
Network, the CFTC, the SEC, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service and state financial regulators,
have been examining the operations of digital asset networks, digital asset users and digital asset exchanges, with particular focus on
the extent to which digital assets can be used to violate state or federal laws, including to facilitate the laundering of proceeds of
illegal activities or the funding of criminal or terrorist enterprises, and the safety and soundness and consumer-protective safeguards
of exchanges or other service-providers that hold, transfer, trade or exchange digital assets for users. Many of these state and federal
agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies,
and other countries have issued rules or guidance regarding the treatment of digital asset transactions and requirements for businesses
engaged in activities related to digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788, and our telephone number is (631) 430-6576. Our website address is <FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>.
Our website and the information contained on, or that can be accessed through, our website is not part of this prospectus, any prospectus
supplement, or any registration statement, and is not incorporated by reference into this prospectus or any other filing with the SEC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Securities Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a securities
purchase agreement (the &#8220;<FONT STYLE="text-decoration: underline">Securities Purchase Agreement</FONT>&#8221;) with certain accredited investors (the &#8220;<FONT STYLE="text-decoration: underline">Purchasers</FONT>&#8221;)
pursuant to which we sold and issued to the Purchasers in a private placement (the &#8220;<FONT STYLE="text-decoration: underline">Private Placement</FONT>&#8221;) an aggregate
of (i) 77,144,562 shares (the &#8220;<FONT STYLE="text-decoration: underline">Shares</FONT>&#8221;) of common stock of the Company, par value $0.01 per share (the &#8220;<FONT STYLE="text-decoration: underline">Common
Stock</FONT>&#8221;), at an offering price of $18.50 and (ii) pre-funded warrants (the &#8220;<FONT STYLE="text-decoration: underline">Pre-Funded Warrants</FONT>&#8221; and together
with the Shares, the &#8220;<FONT STYLE="text-decoration: underline">Securities</FONT>&#8221;) to purchase 12,031,364 shares of Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Pre-Funded Warrant
Shares</FONT>&#8221;) with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the &#8220;<FONT STYLE="text-decoration: underline">Per Share
Purchase Price</FONT>&#8221;). In the Private Placement, the Purchasers tendered U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company
as consideration for the Securities. The Private Placement closed on September 10, 2025. We received aggregate proceeds of approximately
$1.65 billion, before deducting placement agent fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unfunded exercise price of each Pre-Funded
Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of Common Stock issuable
upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock
combinations, or similar events affecting our Common Stock. The Pre-Funded Warrants are exercisable in cash or by means of a cashless
exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof (together with its affiliates) immediately
following such exercise would exceed a specified beneficial ownership limitation&#894; provided, however, that a holder may increase or
decrease the beneficial ownership limitation by giving notice to the Company (61 days&#8217; notice for increases), but not to any percentage
in excess of 9.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Private Placement, we
entered into a registration rights agreement (the &#8220;<FONT STYLE="text-decoration: underline">Registration Rights Agreement</FONT>&#8221;)
with the Purchasers, providing for the registration for resale of the Shares, the Advisor Shares (as defined below), the Lead Investor
Shares (as defined below), the Pre-Funded Warrant Shares and the shares of Common Stock underlying each of the Advisor Warrants and Lead
Investor Shares on an effective registration statement, pursuant to a registration statement to be filed with the SEC no later than October
10, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the net proceeds from the Private
Placement to purchase SOL, for working capital and any future transactions, for the payment of transaction costs and for the establishment
of our cryptocurrency treasury operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Galaxy Strategic Advisor Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a Strategic
Advisor and Lead Investor Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Strategic Advisor Agreement</FONT>&#8221;) with Galaxy Digital LP (&#8220;<FONT STYLE="text-decoration: underline">Galaxy</FONT>&#8221;)
pursuant to which we engaged Galaxy to serve as our strategic advisor with respect to the Private Placement. In consideration of Galaxy&#8217;s
services, we issued to Galaxy in addition to the Securities acquired by Galaxy pursuant to the Securities Purchase Agreement 1,783,519
of Pre-Funded Warrants and 4,458,796 warrants (the &#8220;<FONT STYLE="text-decoration: underline">Advisor Warrants</FONT>&#8221;) to purchase an amount of shares of our Common
Stock (the &#8220;<FONT STYLE="text-decoration: underline">Advisor Shares</FONT>&#8221;). The exercise price per share of the Advisor Warrants shall equal one penny ($0.01) per
share and shall be exercisable as follows: (1) one-third (1/3) of the Advisor Warrants shall be exercisable on and after the first date
on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is equal to or greater than 150%
of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration statement; (2) one-third
(1/3) of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&#8217;s
Common Stock on its principal stock exchange is equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading
days following the effectiveness of this registration statement; and (3) one-third (1/3) of the Advisor Warrants shall be exercisable
on and after the first date on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is
equal to or greater than 250% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration
statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Lead Investments Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a Lead Investor
Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Agreement</FONT>&#8221;) with J Digital 6 Cayman Ltd. (&#8220;<FONT STYLE="text-decoration: underline">Jump Crypto</FONT>&#8221;) and Multicoin
Capital Master Fund, LP (&#8220;<FONT STYLE="text-decoration: underline">Multicoin</FONT>,&#8221; and together with Galaxy and Jump Crypto, the &#8220;<FONT STYLE="text-decoration: underline">Sponsors</FONT>&#8221;)
to secure the commitment of Jump Crypto and Multicoin in the Private Placement. In consideration of Jump Crypto and Multicoin&#8217;s
participation, we issued to each of Jump Crypto and Multicoin in addition to the Securities acquired by Jump Crypto and Multicoin pursuant
to the Securities Purchase Agreement 1,783,519 shares of our Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Shares</FONT>&#8221;) and 4,458,796
warrants to purchase an amount of shares of the Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Warrants</FONT>&#8221;). The exercise price per
share of the Lead Investor Warrants shall equal one penny ($0.01) per share and shall be exercisable as follows: (1) one-third (1/3) of
the Lead Investor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&#8217;s
Common Stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase Price for 20 out of 30 trading
days following the effectiveness of this registration statement; (2) one-third (1/3) of the Lead Investor Warrants shall be exercisable
on and after the first date on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is
equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration
statement; and (3) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after the first date on which the closing
trading price of the Company&#8217;s Common Stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share
Purchase Price for 20 out of 30 trading days following the effectiveness of this registration statement. Pursuant to the Lead Investor
Agreement, for so long as Multicoin continues to beneficially own at least 5% of the Company&#8217;s issued and outstanding shares of
Common Stock, Multicoin has the right to nominate one individual for election to the Board, who shall also be chairperson of the Board
(such nominee, the &#8220;<FONT STYLE="text-decoration: underline">Investor Designee</FONT>&#8221;), and the Company agreed to use its reasonable best efforts to cause the Investor
Designee to be elected to the Board (including recommending that the Company&#8217;s stockholders vote in favor of the election of the
Investor Designee).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>C/M Waiver and Leak-Out Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2025, we entered into a waiver
and leak-out agreement (the &#8220;<FONT STYLE="text-decoration: underline">Waiver and Leak-out Agreement&#8221;</FONT>) with each of C/M Capital Master Fund, LP and WVP Emerging
Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, &#8220;<FONT STYLE="text-decoration: underline">C/M</FONT>&#8221;) in connection with our Series
B Convertible Preferred Stock, $0.01 par value (&#8220;<FONT STYLE="text-decoration: underline">Series B Stock</FONT>&#8221;), pursuant to which C/M agreed to (i) the termination,
waiver or amendment of all covenants and provisions to forgo all of C/M&#8217;s rights under the Common Stock Purchase Warrant (the &#8220;<FONT STYLE="text-decoration: underline">Warrant</FONT>&#8221;),
the Preferred Stock Purchase Agreement and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the
Company and C/M, including a general release from any liability for prior non-performance, and (ii) provide conversion notices and such
other documentation reasonably requested by the Company in order to complete the conversion of all of C/M&#8217;s Series B Stock into
shares of Common Stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Waiver and Leak-out Agreement,
the Company granted C/M the right to purchase up to $33,000,000 worth of shares of Common Stock at a purchase price per share equal to
the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement, on behalf of C/M as a selling
stockholder, all shares of Common Stock previously underlying the Series B Stock and Warrant held by C/M.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>ELOC Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously disclosed, on May 16, 2025, we entered
into a securities purchase agreement (the &#8220;<FONT STYLE="text-decoration: underline">ELOC&#160;Agreement&#8221;</FONT>) with C/M. Pursuant to the ELOC Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company&#8217;s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company&#8217;s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Asset Management Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, we entered into an asset
management agreement (the &#8220;<FONT STYLE="text-decoration: underline">Asset Management Agreement</FONT>&#8221;) with Galaxy Digital Capital Management LP, an SEC-registered
investment adviser (the &#8220;<FONT STYLE="text-decoration: underline">Asset Manager</FONT>&#8221;), pursuant to which we appointed the Asset Manager to provide discretionary
investment management services with respect to all of our (whether held directly by us or indirectly by a subsidiary or affiliate) cash,
cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly-traded equities acquired pursuant to
mergers, acquisitions, combinations or other similar transactions pursuant to which we acquire or otherwise combine or merge with another
publicly-traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt
instruments). Title to the account and all account assets will be held in our name. The Asset Manager is not authorized to act as custodian
of our assets, nor to take possession or title to any assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As compensation for the Asset Manager&#8217;s
services, we will pay management fees according to a fee schedule set forth in the Asset Management Agreement. In addition, the Asset
Manager is authorized to appoint an affiliate to stake some or all of the SOL purchased for, maintained in the account, or otherwise owned
or controlled by the Company. Such Asset Manager affiliate will be entitled to mutually agreed upon staking-based fees, subject to certain
parameters according to a schedule set forth in the Asset Management Agreement. The Asset Manager is otherwise responsible for all of
its overhead costs and the custody fees of any custodian selected by the Asset Manager, and the Company will pay or reimburse the Asset
Manager for all reasonable and documented expenses related to the operation of the account.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Asset Management Agreement has an initial
term of three years and renews for successive one-year renewal periods unless the Company or the Asset Manager terminates or elects not
to continue effectiveness of the Asset Management Agreement. The Asset Management Agreement may be terminated by either party without
cause after the initial term or any subsequent renewal period upon ninety (90) days&#8217; notice prior to the expiration of such term.
In addition, at any time, the Asset Management Agreement may be terminated either for cause or upon certain acts of insolvency, each as
described therein. While the Asset Manager is the exclusive asset manager for the Company, the Asset Manager may nonetheless provide similar
services to other clients, and the Asset Manager or its affiliates may engage in transactions for their own accounts. The Asset Management
Agreement contains customary representations, warranties, confidentiality, indemnification and limitation of liability provisions, and
is governed by the laws of the State of New York.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Services Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, we entered into a services
agreement (the &#8220;<FONT STYLE="text-decoration: underline">Services Agreement</FONT>&#8221;) with Galaxy, pursuant to which we engaged Galaxy to provide us with certain operational,
financial and human resources services to assist us with the inception of our new digital assets treasury business. Galaxy will not be
providing any (i) tax advice or services, (ii) legal advice or services, or (iii) advice in connection with the Investment Company Act
of 1940, as amended (the &#8220;Investment Company Act&#8221;), or any related analyses thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As compensation for its services, we will pay
Galaxy fees as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be extended for
one additional six (6) month period if mutually agreed in writing by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in cases of willful misconduct, gross negligence
or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors and agents shall have
any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result of any act or omission
by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion of Shares</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, Forward Industries (Asia-Pacific)
Corporation (&#8220;<FONT STYLE="text-decoration: underline">FC</FONT>&#8221;) converted 4,315 shares of Series A-1 Preferred Stock (&#8220;<FONT STYLE="text-decoration: underline">Series A-1</FONT>&#8221;) (Stated Value
of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a conversion price
of $7.50 per share) of the Company. Following FC&#8217;s conversion, no Series A-1 remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, WVP Emerging Manager Onshore
Fund, LLC &#8212; Structured Small Cap Lending Series (&#8220;<FONT STYLE="text-decoration: underline">WVP</FONT>&#8221;) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (&#8220;<FONT STYLE="text-decoration: underline">Series B</FONT>&#8221;) (Stated Value of $400,000) in accordance with the terms of the Series B and was
issued 91,506 shares of Common Stock (based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted
600,000 shares of Series B (Stated Value of $600,000) in accordance with the terms of the Series B and issued 137,259 shares of Common
Stock (based on a conversion price of $4.50 per share) of the Company. Following WVP&#8217;s and C/M&#8217;s conversion of their Series
B, no Series B remain outstanding.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Appointments</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, the Board appointed: (i)
Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting 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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><FONT ID="a_007"></FONT>RISK
FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 &#8220;Risk Factors&#8221; herein as well as those included in our Annual Report on Form&#160;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 &#8220;<A HREF="#a_004">Where You Can Find More Information</A>&#8221; and &#8220;<A HREF="#a_019">Incorporation by Reference</A>&#8221; beginning
on pages&#160;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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Company&#8217;s Business
and Solana Strategy and Holdings</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 a result of shifts in market sentiment, speculative trading, macroeconomic
trends, technology-related disruptions and regulatory announcements. In addition, digital assets do not pay interest or other returns,
unless utilized in staking or financial applications, and so the ability to generate a return on investment from the net proceeds of any
capital raisings will principally depend on whether there is appreciation in the value of digital assets following our purchases of digital
assets with the net proceeds from such capital raisings. Future fluctuations in digital asset trading prices may result in our converting
digital assets into cash with a value substantially below what we paid for such digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We intend to adopt a digital asset treasury
strategy with a focus on SOL, and we may be unable to successfully implement this new strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to adopt a digital asset treasury primarily
dedicated to SOL, including potential acquisitions SOL, including through staking and other decentralized finance activities. There is
no assurance that we will be able to successfully implement this new strategy or operate Solana-related activities at the scale or profitability
currently anticipated. Solana operates with a proof-of-stake combined with proof-of-history consensus mechanism, which differs significantly
from bitcoin&#8217;s proof-of-work mining mechanism. This strategic shift requires specialized employee skillsets and operational, technical
and compliance infrastructure to support SOL and related staking activities. This also requires that we implement different security protocols
and treasury management practices. Further, there is ongoing scrutiny and limited formal guidance from regulatory agencies, including
Nasdaq and the SEC, with respect to the treatment of public company cryptocurrency strategies. There is no assurance that we will be able
to execute this strategy by building out the needed infrastructure within the timeframe that we currently anticipate. Errors by key management
could result in significant loss of funds and reduced rewards. As a result, our shift towards SOL could have a material adverse effect
on our business and financial condition.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our shift towards a Solana-focused strategy
requires substantial changes in our day-to-day operations and exposes us to significant operational risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shift towards a SOL treasury-focused strategy,
including staking, liquid staking, and other decentralized finance activities, exposes us to significant operational risks. To participate
in Solana&#8217;s Proof-of-Stake consensus mechanism, we must either operate or delegate to validator nodes, and such validator nodes
must keep software updated, maintain validator uptime and employ secure key management. In addition, the Solana ecosystem rapidly evolves,
with frequent upgrades and protocol changes that may require significant adjustments to our operational setup if we are operating a validator
node. The upgrades and protocol changes may require that we incur unanticipated costs and could cause temporary service disruptions to
the Solana network. We may also need to employ third-party service providers in our operations, which may introduce risks outside of our
control, including significant cybersecurity risks. Any of these operational risks could materially and adversely affect our ability to
execute our SOL treasury strategy and may prevent us from realizing positive returns and could severely hurt our financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The concentration of our SOL holdings enhances
the risks inherent in our Solana-focused strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have and intend to purchase SOL and increase our
overall holdings of SOL in the future. The intended concentration of our SOL holdings limits the risk mitigation that we could achieve
if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent
in our Solana-focused strategy. The price of SOL experienced a significant decline in 2022, and any similar future significant declines
in the price of SOL could have a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse
portfolio of assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana is created and transmitted through the
operations of the peer-to-peer Solana network, a decentralized network of computers running software following the Solana protocol. If
the Solana network is disrupted or encounters any unanticipated difficulties, the value of SOL could be negatively impacted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Solana network is disrupted or encounters
any unanticipated difficulties, then the processing of transactions on the Solana network may be disrupted, which in turn may prevent
us from depositing or withdrawing SOL from our accounts with our custodian or otherwise affecting SOL transactions. Such disruptions could
include, for example: the insolvency, business failure, interruption, default, failure to perform, security breach, or other problems
of participants, custodians, or others; the closing of SOL trading platforms due to fraud, failures, security breaches or otherwise; or
network outages or congestion, power outages, or other problems or disruptions affecting the Solana network. In 2021 and 2022, the Solana
network experienced performance degradation including liveness disruptions due to network congestion; although the Solana network has
been upgraded to address those congestion issues, there is no assurance that future issues may not arise. The implementation of material
network upgrades, such as the proposed Alpenglow consensus upgrade or the continued integration of the Firedancer validator client, could
result in future degradation of performance. Any disruption of the Solana network could materially impact the operation of decentralized
finance on the network, resulting in the inability of the Company to transfer or sell SOL, and the price of SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>SOL and other digital assets are novel assets,
and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company&#8217;s
financial position, operations and prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL and other digital assets, as well as applications
on blockchain networks such as Solana, are relatively novel and are subject to significant uncertainty, which could adversely impact their
price. The application of state and federal securities laws and other laws and regulations to digital assets and blockchain-based applications
is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing
laws and regulations in a manner that adversely affects the price of SOL or other digital assets, or the ability of blockchain-based applications
to operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal government, states, regulatory agencies,
and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that
could materially impact the price of SOL or the ability of individuals or institutions such as us to own or transfer SOL and utilize blockchain-based
applications on networks such as Solana. For example, the U.S. executive branch, the SEC, the European Union&#8217;s Markets in Crypto
Assets Regulation, among others, have been active in recent years, and in the United Kingdom, the Financial Services and Markets Act 2023
became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities
to the SEC, Commodity Futures Trading Commission (&#8220;<FONT STYLE="text-decoration: underline">CFTC</FONT>&#8221;), or other regulators, or whether, or when, any other federal,
state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional
authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness
of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes
to existing regulations might impact the value of digital assets generally and SOL specifically. The consequences of increased regulation
of digital assets and digital asset activities could adversely affect the market price of SOL and in turn adversely affect the market
price of our common stock.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, the risks of engaging in a digital asset
treasury strategy are relatively novel and have created, and could continue to create complications due to the lack of experience that
third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or
the potential inability to obtain such coverage on acceptable terms in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The growth of the digital assets industry in general,
and the use and acceptance of SOL in particular, may also impact the price of SOL and is subject to a high degree of uncertainty. The
pace of worldwide growth in the adoption and use of the Solana network and SOL may depend, for instance, on public familiarity with digital
assets, ease of buying, accessing or gaining exposure to SOL, institutional demand for SOL as an investment asset, the participation of
traditional financial institutions in the digital assets industry, consumer demand for SOL as a means of payment, and the availability
and popularity of alternatives to SOL. Even if growth in SOL adoption occurs in the near or medium term, there is no assurance that SOL
and Solana network usage will continue to grow over the long term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because SOL have no physical existence beyond the
record of transactions on the Solana blockchain, a variety of technical factors related to the Solana blockchain could also impact the
price of SOL. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize validating of Solana
transactions, hard &#8220;forks&#8221; of the Solana blockchain into multiple blockchains, difficulties with upgrades to the Solana network
(such as the proposed Alpenglow consensus upgrade or integration of the Firedancer validator client) and advances in digital computing,
algebraic geometry, and quantum computing could undercut the integrity of the Solana blockchain and negatively affect the price of SOL.
The liquidity of SOL may also be reduced and damage to the public perception of Solana may occur, if financial institutions were to deny
or limit banking services to businesses that hold SOL, provide Solana-related services or accept SOL as payment, which could also decrease
the price of SOL. Similarly, the open-source nature of the Solana blockchain means the contributors and developers of the Solana blockchain
are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly
monitor and upgrade the Solana blockchain could adversely affect the Solana blockchain and negatively affect the price of SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liquidity of SOL may also be impacted to the
extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide
services for SOL and other digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with our SOL treasury strategy,
we expect to interact with various smart contracts deployed on the Solana network, which may expose us to risks and technical vulnerabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our SOL treasury strategy, including
staking, liquid staking, and other decentralized finance activities, we expect to interact with various smart contracts deployed on the
Solana network in order to optimize our strategy and generate income. Smart contracts are self-executing code that operate without human
intervention once deployed. Although smart contracts are integral to the functionality of staking deposit contracts, liquid staking protocols,
and decentralized finance applications, they are subject to many known risks such as technical vulnerabilities, coding errors, security
flaws, and exploits. Any vulnerability in a smart contract we interact with could result in the loss or theft of SOL or other digital
assets, which could have a materially adverse impact on our business. In addition, certain smart contracts are upgradable or subject to
certain governance controls which could result in unforeseen code errors, asset or account freezing, or the loss of digital assets. A
vulnerability in a smart contract could create an unintended and unforeseeable consequence that has adverse financial consequences, such
as the loss of or inability to access funds. There is no assurance that the smart contracts we integrate with or rely upon will function
as intended or remain secure. Exploitation of such vulnerabilities could have a material adverse effect on our business and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s time and energy, as well as decreases in the amount of expected revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain of the Sponsors and their affiliates
have been, and may continue to be, the subjects of legal and regulatory proceedings and investigations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Sponsors and their affiliates have
been, and may continue to be, the subjects of legal and regulatory proceedings and investigations. For example, Galaxy Digital Inc. agreed
to pay $200 million as part of an agreement with the New York Attorney General to resolve civil claims related to certain investments,
trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. Separately, Multicoin Capital Management,
LLC and its managing partner Kyle Samani have been named as co-defendants along with Solana Labs in a putative class-action litigation
related to the promotion and sale of SOL for which a motion to dismiss is pending. Certain of these matters have involved, among other
things, allegations of improper marketing practices and misrepresentations, as well as unregistered securities offerings with respect
to SOL and other digital assets. Any adverse outcome in these proceedings or other future litigation or regulatory inquiries could negatively
affect public perception of the Sponsors, the Company, and Solana itself, which could constrain trading activity and suppress the price
and liquidity of SOL. Any such development could materially and adversely affect the value of our digital asset treasury, the market price
of our stock and our ability to execute on our digital asset treasury strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in regulatory interpretations could
require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulatory regime for digital assets in the U.S.
and elsewhere is uncertain. The Company may be unable to effectively react to proposed legislation and regulation of digital assets, which
could adversely affect its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If regulatory changes or interpretations require
us to register as a money services business with The Financial Crimes Enforcement Network (FinCEN) under the U.S. Bank Secrecy Act, or
as a money transmitter under state laws, we may be subject to extensive regulatory requirements, resulting in significant compliance costs
and operational burdens. In such a case, we may incur extraordinary expenses to meet these requirements or, alternatively, may determine
that continued operations are not viable. If we decide to cease certain operations in response to new regulatory obligations, such actions
could occur at a time that is unfavorable to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Multiple states have implemented or proposed regulatory
frameworks for digital asset businesses. Compliance with such state-specific regulations may increase costs or impact our business operations.
Further, if we or our service providers are unable to comply with evolving federal or state regulations, we may be forced to dissolve
or liquidate certain operations, which could materially impact our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If any of the digital assets that we hold are
classified as a security, we may be subject to extensive regulation, which could result in significant costs or force us to cease operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulatory changes or interpretations that classify
digital assets that we hold as a security under the Securities Act of 1933, as amended, or the Investment Company Act, could require us
to register and comply with additional regulations. Compliance with these requirements could impose extraordinary, non-recurring expenses
on our business. If the costs and regulatory burdens become too great, we may be forced to modify or cease certain operations, which could
be detrimental to our investors.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC has previously indicated that certain digital
assets may be considered securities depending on their structure and use. Future developments could change the legal status of digital
assets that we may hold, requiring us to comply with securities laws. If we fail to do so, we may be forced to discontinue some or all
of our business activities, negatively impacting investments in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the SEC or other regulators determine that digital
assets that we may hold qualify as securities, we may be required to change our operations, wind down our operations, or register as an
investment company under the Investment Company Act. This classification would subject us to additional periodic reporting, disclosure
requirements, and regulatory compliance obligations, significantly increasing our operational costs. Compliance with the requirements
of the Investment Company Act applicable to registered investment companies may make it difficult for us to continue our current operations,
and this would materially and adversely affect our business, financial condition and results of operations. In addition, if SOL or another
digital asset we hold were determined to constitute a security for purposes of the federal securities laws, we would likely take steps
to reduce the percentage of SOL or such other digital assets that constitute investment assets under the Investment Company Act. These
steps may include, among others, selling SOL that we might otherwise hold for the long term and deploying our cash in non-investment assets,
and we may be forced to sell our SOL or other digital assets at unattractive prices, or cease our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not currently engage in investing,
reinvesting, or trading securities, and we do not hold ourselves out as an investment company, we could inadvertently be deemed one under
the Investment Company Act. If we are unable to rely on an exclusion, we would be required to register with the SEC, which could impose
additional financial and regulatory burdens.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, state regulators may conclude that the digital
assets we hold are securities under state laws, requiring us to comply with state-specific securities regulations. States like California
have stricter definitions of &#8220;investment contracts&#8221; than the SEC, increasing the risk of additional regulatory scrutiny.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The classification of digital assets that we
hold as a commodity could subject us to additional CFTC regulation, resulting in significant compliance costs or the cessation of certain
operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under current interpretations, SOL are classified
as a commodity under the Commodity Exchange Act and are subject to regulation by the CFTC. If our activities require CFTC registration,
we may be required to comply with extensive regulatory obligations, which could result in significant costs and operational disruptions.
Additionally, current and future legislative or regulatory developments, including new CFTC interpretations, could further impact how
SOL and SOL derivatives are classified and traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If SOL are further regulated as a commodity, we may
be required to register as a commodity pool operator and register the Company as a commodity pool with the CFTC through the National Futures
Association. Compliance with these additional regulatory requirements could result in substantial, non-recurring expenses, adversely affecting
an investment in our securities. If we determine not to comply with such regulations, we may be forced to cease certain operations, which
could negatively impact our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are not subject to legal and regulatory
obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment
advisers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mutual funds, exchange-traded funds (ETFs) and their
management are subject to extensive regulation as &#8220;investment companies&#8221; and &#8220;investment advisers&#8221; under U.S.
federal and state law; this regulation is intended for the benefit and protection of investors. We are not subject to, and do not otherwise
voluntarily comply with, these laws and regulations. This means, among other things, that the execution of our changes to our digital
asset strategy, our use of leverage, our ability to engage in transactions with affiliated parties and our operating and investment activities
generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment
advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Due to the unregulated nature and lack of transparency
surrounding the operations of many digital asset trading venues, digital asset trading venues experience greater risk of fraud, market
manipulation and other deceptive marketing practices, as well as security failures or regulatory or operational problems than trading
venues for more established asset classes, which may result in a loss of confidence in digital asset trading venues and adversely affect
the value of digital assets, and the Company&#8217;s financial position, operations and prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital asset trading venues are relatively new and,
in many cases, unregulated. Furthermore, there are many digital asset trading venues that do not provide the public with significant information
regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may
lose confidence in digital asset trading venues, including prominent exchanges that handle a significant volume of such trading and/or
are subject to regulatory oversight, in the event one or more digital asset trading venues cease or pause for a prolonged period the trading
of digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Negative perception, a lack of stability in the broader
digital asset markets and the closure, temporary shutdown or operational disruption of digital asset trading venues, lending institutions,
institutional investors, institutional miners, custodians, or other major participants in the digital asset ecosystem, due to fraud, business
failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence
in digital assets and the broader digital asset ecosystem and greater volatility in the price of digital assets. The price of our listed
securities may be affected by the value of our future digital asset holdings, and the failure of a major participant in the ecosystem
could have a material adverse effect on the market price of our listed securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our historical financial statements do not
reflect the potential variability in earnings that we may experience in the future relating to our proposed holdings of digital assets.
Accordingly, it may be difficult to evaluate the Company&#8217;s business and future prospects, and the Company may not be able to achieve
or maintain profitability in any given period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our historical financial statements do not reflect
the potential variability in earnings that we may experience in the future from holding or selling digital assets. The price of digital
assets generally has historically been subject to dramatic price fluctuations and is highly volatile. We will need to perform an analysis
each quarter to identify whether events or changes in circumstances indicate that our digital assets are impaired. As a result, volatility
in our earnings may be significantly more than what we experienced in prior periods.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Digital asset holdings are less liquid than
cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, the digital asset market has been
characterized by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, concerns
regarding pseudonymity of digital asset addresses, a developing regulatory landscape, potential susceptibility to market abuse and manipulation,
compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and
decentralized network. During times of market instability, we may not be able to sell our digital assets at favorable prices or at all.
As a result, digital asset holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
Further, digital assets we hold with our custodians and transact with our trade execution partners do not enjoy the same protections
or insurance as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal
Deposit Insurance Corporation or the Securities Investor Protection Corporation. Additionally, we may be unable to enter into term loans
or other capital raising transactions collateralized by our unencumbered digital assets or otherwise generate funds using our digital
asset holdings, including in particular during times of market instability or when the price of digital assets has declined significantly.
If we are unable to sell our digital assets, enter into additional capital raising transactions, including capital raising transactions
using SOL as collateral, or otherwise generate funds using our SOL holdings, or if we are forced to sell our digital assets at a significant
loss, in order to meet our working capital requirements, our business and financial condition could be negatively impacted.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The availability of spot ETPs for SOL and other
digital assets may adversely affect the market price of our listed securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although bitcoin, SOL and other digital assets have
experienced a surge of investor attention since bitcoin was developed in 2008, until recently investors in the United States had limited
means to gain direct exposure to SOL through traditional investment channels, and instead generally were only able to hold SOL through
&#8220;hosted&#8221; wallets provided by digital asset service providers or through &#8220;unhosted&#8221; wallets that expose the investor
to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity
with the processes needed to hold SOL directly, as well as the potential reluctance of financial planners and advisers to recommend direct
SOL holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure
to bitcoin, SOL and other digital assets through investment vehicles that hold bitcoin, SOL and other digital assets and issue shares
representing fractional undivided interests in their underlying digital asset holdings. These vehicles, which were previously offered
only to &#8220;accredited investors&#8221; on a private placement basis, have in the past traded at substantial premiums (and sometimes
discounts) to net asset value, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure
to digital assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 10, 2024, the SEC approved the listing
and trading of spot bitcoin exchange-traded products (&#8220;<FONT STYLE="text-decoration: underline">ETPs</FONT>&#8221;), the shares of which can be sold in public offerings
and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024,
with a trading volume of $4.6 billion on the first trading day. The SEC has not yet approved the listing of spot SOL ETPs, but is expected
to consider such applications by October 2025. To the extent investors view our common stock as providing exposure to SOL, it is possible
that the value of our common stock may also include a premium over the value of our SOL due to the prior scarcity of traditional investment
vehicles providing investment exposure to SOL and other digital assets, and that the value of our common stock may decline due to investors
having a greater range of options to gain exposure to SOL if SOL ETPs are approved and investors choosing to gain such exposure through
ETPs rather than our common stock. The listing and trading of spot ETPs for SOL or other digital assets offers investors another alternative
to gain exposure to digital assets, which could result in a decline in the trading price of SOL as well as a decline in the value of our
common stock relative to the value of our SOL.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are an operating company, and we believe
we offer a different value proposition than a SOL investment vehicle such as a spot SOL ETP, investors may nevertheless view our common
stock as an alternative to an investment in an ETP and choose to purchase shares of a spot SOL ETP instead of our common stock. They may
do so for a variety of reasons, including if they believe that ETPs offer a &#8220;pure play&#8221; exposure to SOL that is generally
not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as
ours. Additionally, unlike spot SOL ETPs, we (i) do not seek for our shares of common stock to track the value of the underlying SOL we
hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange
Act of 1934, as amended, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their
shares to the price of the underlying assets they hold through share creation and redemption, (iii) are a Delaware corporation rather
than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment
objectives, and (iv) are not required to provide daily transparency as to our SOL holdings or our daily net asset value. Furthermore,
recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving
such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations
with respect to our common stock. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure
to SOL, such as SOL futures exchange-traded funds (&#8220;ETFs&#8221;), leveraged SOL futures ETFs, and similar vehicles offered on international
exchanges, any premium or discount in our common stock relative to the value of our SOL holdings may increase or decrease in different
market conditions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing factors, the availability
of spot ETPs for bitcoin, SOL and other digital assets could have a material adverse effect on the market price of our listed securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Digital asset lending arrangements may expose
us to risks of borrower default, operational failures and cybersecurity threats</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are not initially planning to lend SOL
to counterparties, from time to time, we may generate income through lending digital assets, which carries significant risks. The volatility
of such digital assets increases the likelihood that borrowers may default due to market downturns, liquidity crises, fraud or other financial
distress. These lending transactions may be unsecured and so may be subordinated to the secured debt of the borrower. If a borrower becomes
insolvent, we may be unable to recover the loaned SOL, leading to substantial financial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, digital asset lending platforms are
vulnerable to operational and cybersecurity risks. Technical failures, software bugs or system outages could disrupt lending activities,
delay transactions or result in inaccurate record-keeping. Cybersecurity threats, including hacking, phishing and other malicious attacks,
pose further risks, potentially leading to the loss, theft or misappropriation of our loaned SOL. A successful cyberattack or security
breach could materially and adversely impact our financial position, reputation and ability to conduct future lending activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Decentralized finance arrangements may expose
us to risks of smart contract risk, operational failures and cybersecurity threats.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may generate income through
the use of digital assets including SOL or stablecoins in decentralized protocols including decentralized finance (&#8220;DeFi&#8221;)
applications. DeFi applications include over-collateralized borrow-lend vaults, token-exchange pools, and other financial or commercial
arrangements. Although these protocols are largely designed to limit counterparty risk in transactions, they introduce novel risks relating
to software code bugs, liquidation risks, and governance risks that are designed to operate in decentralized environments but can be subject
to failures or exploits. In addition: (a) network congestion or downtime can increase the likelihood of asset loss or liquidation; (b)
the volatility of digital assets deployed into DeFi applications may increase the likelihood of liquidation due to market downturns, liquidity
crises, governance attacks or other exploits, leading to substantial financial losses; (c) the uncertainty in the accounting treatment
of certain DeFi applications; (d) DeFi applications generally operate on a user-to-protocol basis where a user of a DeFi application does
not know the identity of other parties utilizing the DeFi application; and (e) the use of monitoring and forensics software to mitigate
risks of engaging in DeFi application may not prevent engaging in DeFi pools that are also used by bad actors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The reliance on open-source code by digital
asset networks exposes us to risks related to competitive networks and products built on such code, the failure of individuals to maintain
that code, and discovery of security vulnerabilities that could threaten the ability of such networks to operate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital asset networks are open-source projects and,
although there may be an influential group of leaders in the network community, generally there is no official developer or group of developers
that formally controls the digital asset network. Without guaranteed financial incentives, there may be insufficient resources to address
emerging issues, upgrade security or implement necessary improvements to the network in a timely manner. If the digital asset network&#8217;s
software is not properly maintained or developed, it could become vulnerable to security threats, operational inefficiencies and reduced
trust, all of which could negatively impact the digital assets&#8217; long-term viability and our business.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The lack of legal recourse and insurance for
digital assets increases the risk of total loss in the event of theft or destruction.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets that we acquire will not be insured
against theft, loss or destruction. If an event occurs where we lose our digital assets, whether due to cyberattacks, fraud or other malicious
activities, we may not have any viable legal recourse or ability to recover the lost assets. Unlike funds held in insured banking institutions,
our digital assets are not protected by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. If
our digital assets are lost under circumstances that render another party liable, there is no guarantee that the responsible party will
have the financial resources to compensate us. As a result, we and our stockholders could face significant financial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company will face risks relating to the
custody of its digital assets. If we or our third-party service providers experience a security breach or cyberattack and unauthorized
parties obtain access to our private keys, or if our private keys are lost or destroyed, or other similar circumstances or events occur,
we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our primary counterparty risk with respect
to our SOL will be custodian performance obligations under the custody arrangements we enter into. A series of recent high-profile bankruptcies,
closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry,
the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry,
SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against digital asset industry
participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent
created in these bankruptcies and other proceedings may increase the risk of future rulings adverse to our interests in the event one
or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While our custodians will be subject to regulatory
regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance
can be provided that our custodially held SOL will not become part of the custodian&#8217;s insolvency estate if one or more of our custodians
enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face risks relating to the use of third-party
trading platforms in connection with our Solana-focused strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The irreversibility of digital asset transactions
exposes us to risks of theft, loss and human error, which could negatively impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent we are unable to seek a corrective
transaction to identify the third party which has received our digital assets through error or theft, we will be unable to revert or otherwise
recover the impacted digital assets, and any such loss could adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will be subject to significant competition
in the growing digital asset industry and the Company&#8217;s business, operating results, and financial condition may be adversely affected
if the Company is unable to compete effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the launch of the Company&#8217;s proposed
digital asset treasury strategy, the Company will operate in a competitive environment and will compete against other companies and other
entities with similar strategies, including companies with significant holdings in SOL and other digital assets, and the Company&#8217;s
business, operating results, and financial condition may be adversely affected if the Company is unable to compete effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana faces unique technical, governance and
concentration risks that could materially affect its long-term viability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana is a high-throughput Layer 1 blockchain with
architectural features that differ significantly from other blockchains, such as Ethereum. While these features allow for rapid processing
of transactions, they introduce risks that could adversely impact the value of SOL and the stability of the Solana network. Historically,
Solana has suffered network outages, slow operations and validator coordination failures. If such challenges were to persist, the confidence
of the Solana development community and its users will be adversely affected, which could cause a rapid decline in the value of SOL. In
addition, Solana&#8217;s consensus mechanism (Proof of History combined with Proof of Stake) is novel and relatively untested at a large
scale over time. Structural flaws could emerge that require a fork, which may have an adverse impact on the Solana network and our holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana validators are relatively small in number,
compared to some other leading blockchains, which may lead to coordinated censorship.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana has fewer validators than certain other blockchains
but has a high Nakamoto coefficient, which refers to the minimum number of validators or node operators that need to cooperate to take
over a blockchain network. In contrast, Ethereum has a higher number of validators. In theory, a malicious actor might more easily be
able to gain control of a network with fewer validators. Such control of the network could allow a malicious actor to censor transactions,
reverse transactions (double-spending), or manipulate block validations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana is subject to technological obsolescence,
including competition from emerging blockchain and artificial intelligence protocols.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The digital asset ecosystem is characterized by rapid
technological innovation, short development cycles, and intense competition among blockchains and related infrastructure providers. Solana
faces intense competition among existing protocols, such as Aptos, Hyperliquid, Sei and Sui, the Ethereum Layer 2 blockchains such as
Base, and new entrants that are currently being developed. Competitors may in the future offer superior scalability, security, interoperability,
decentralization, programmability and adoption, and may attract developers away from the Solana ecosystem. Advancements in AI and blockchain
technology are likely to accelerate the development of such protocols, including the development of additional networks that natively
integrate AI into consensus mechanisms and other core features. If Solana is unable to evolve to address such increased competition or
if market participants believe that Solana&#8217;s core technology stack is outdated or less attractive compared with other blockchain
networks, Solana may be considered technologically obsolete by the next generation of protocols. The decline in the Solana network would
materially impact the market value of SOL and adversely affect the value of our SOL treasury holdings and our stock price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be subject to additional tax
liability if regulation or policy changes adversely affect the tax treatment of rewards from staking SOL.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal income tax treatment of rewards
from staking digital assets such as SOL or utilizing liquid staking tokens remains uncertain and is currently the subject of debate and
regulatory attention. Under current guidance by the Internal Revenue Service (&#8220;<FONT STYLE="text-decoration: underline">IRS</FONT>&#8221;), staking rewards and transaction
fees may be treated as ordinary income upon receipt, although additional guidance is expected pursuant to the President&#8217;s Working
Group July 2025 report &#8220;Strengthening American Leadership in Digital Financial Technology.&#8221; If regulation or policy changes,
or the interpretation or enforcement thereof, results in adverse tax treatment of rewards from staking SOL, we could be subject to increased
audits by the IRS and additional tax liabilities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Solana blockchain experiences a high number
of &#8220;spam&#8221; transactions which can cause periods of congestion or outages or make it difficult for users to have their transactions
processed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana&#8217;s high throughput and lower transaction
fees compared to other blockchains have made it an attractive target for large volumes of low-value or &#8220;spam&#8221; transactions,
which are often generated by automated bots or malicious actors seeking to exploit the network&#8217;s resources. These spam transactions
can congest the network, delay or prevent the processing of legitimate transactions, and in some cases, cause partial or complete performance
degradation for the blockchain. During periods of high congestion, users may experience significant delays, increased transaction fees,
or failed transactions, which can erode confidence in the network and reduce its utility for both users and developers. In addition, repeated
or prolonged network disruptions may discourage new projects from building on Solana, limit the adoption of decentralized applications,
and negatively impact the value of SOL. The Solana development team and community have implemented, and may in the future implement additional,
technical upgrades or other measures to address these issues, but there can be no assurance that such efforts will be successful or sufficient
to prevent future disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A high percentage of Solana validators rely
on software provided by Jito Labs, a third party unaffiliated with Solana Labs. If Jito Labs were to stop maintaining such software or
if such software failed to function properly, it could have an adverse effect on the Solana blockchain and value of SOL.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of Solana validators utilize
software developed and maintained by Jito Labs, an independent third party that is not affiliated with Solana Labs or the Solana Foundation.
This reliance on third-party software introduces additional operational and security risks to the Solana network. If Jito Labs were to
discontinue support for its software, experience operational difficulties, or if the software were to contain critical bugs, vulnerabilities,
or backdoors, the performance and security of the Solana network could be compromised. For example, a failure or exploit in the Jito Labs
software could result in network instability, validator downtime or other adverse outcomes. The software offered by Jito Labs has also
reduced the impact of &#8220;spam&#8221; transactions on the Solana blockchain. If Jito Labs were to stop offering or supporting its software,
there could be a far greater impact of &#8220;spam&#8221; transactions on the Solana network which could congest the network, delay or
prevent the processing of legitimate transactions, and in some cases, cause partial or complete outages of the blockchain. Any such events
could materially and negatively affect the value of SOL, reduce confidence in the network, and impair the ability of the Company to realize
the expected benefits of its investment in SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A cyberattack or other malicious attack on
the Solana blockchain could have a material impact on the value of SOL held by the Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana and other digital assets and the entities
that provide services to participants in blockchain ecosystems have been, and may in the future be, subject to security breaches, cyberattacks,
or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process
and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase
reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading
digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack
could result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">a partial or total loss of our digital assets in a manner that may not be covered by insurance or the liability
provisions of the custody agreements with the custodians who hold our digital assets;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">harm to our reputation and brand;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">improper disclosure of data and violations of applicable data privacy and other laws; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual
and financial exposure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, any actual or perceived data security breach
or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of
whether we are directly impacted, could lead to a general loss of confidence in the broader Solana ecosystem or in the use of the Solana
network to conduct financial transactions, which could negatively impact us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attacks upon systems across a variety of industries,
including industries related to Solana, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted
by sophisticated, well organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper
or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems
are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched
against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience
breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities.
In particular, we expect that unauthorized parties will attempt to gain access to our systems and facilities, as well as those of our
partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can
come from a variety of sources, including criminal hackers, hacktivists, state intrusions, industrial espionage, and insiders. In addition,
certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant
or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate
preventative measures. Further, there has been an increase in such activities due to the increase in work arrangements. The risk of cyberattacks
could also be increased by cyberwarfare in connection with the ongoing Russia and Israel conflicts, or other future conflicts, including
potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in
the Solana industry, including third-party services on which we rely, could materially and adversely affect our financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The emergence or growth of other digital
assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions,
could have a negative impact on the price of SOL and adversely affect the Company&#8217;s securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the launch of the Company&#8217;s proposed
digital asset treasury strategy, as a result of our Solana strategy, we expect our assets to be concentrated in SOL holdings. Accordingly,
the emergence or growth of digital assets other than SOL, including those with significant private or public sector backing, including
by governments, consortiums or financial institutions, may have a material adverse effect on our financial condition. As of June 30, 2025,
Solana was the fifth largest digital asset by market capitalization, excluding stablecoins. However, there are numerous alternative digital
assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned
blockchain platforms. If the mechanisms or network effects on alternative blockchain platforms are perceived as superior to the Solana
network, those digital assets could gain market share relative to Solana.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of the blockchain applications on large blockchain
networks involve the use of &#8220;stablecoins,&#8221; which are designed to maintain a constant price related to or based on some other
asset or traditional currency because of, for instance, their issuers&#8217; promise to hold high-quality liquid assets (such as U.S.
dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. In July 2025, the U.S.
President signed into law the &#8220;GENIUS Act,&#8221; which establishes a federal framework for &#8220;payment stablecoins,&#8221; treating
them as payment systems, not securities, and mandating fiat-backed reserves, monthly disclosures, anti-money laundering safeguards, and
similar measures. Stablecoins have grown rapidly as a medium of exchange and store of value, particularly on digital asset trading platforms,
and their use as an alternative to digital assets such as bitcoin and SOL could expand further as rules are promulgated under the GENIUS
Act. As of June 30, 2025, two of the seven largest digital assets by market capitalization were U.S. dollar-pegged stablecoins. Stablecoins
are an important aspect of blockchain networks such as Solana and if other blockchains are deemed more attractive than Solana for the
use of stablecoins, that may impact the usefulness of the Solana network and Solana-based blockchain applications, and therefore the value
of SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If we lose key personnel, if we fail to
recruit additional highly skilled personnel, or if we lose the services of our Asset Manager, our ability to operate and manage our digital
asset treasury strategy will be impaired.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our ability to operate and manage our digital
asset treasury strategy depends upon our ability to attract and retain highly qualified personnel, including our newly appointed Chairman,
Kyle Samani, members of our executive team, or other key personnel. In addition, we rely heavily on the services of our Asset Manager
for the management of our digital asset treasury and for strategic guidance relating to our business, operations, growth initiatives and
industry trends in the crypto technology sector. The loss of the services of any of our executive officers, key employees, or the Asset
Manager, or our inability to find suitable replacements, could result in significant disruptions to our operations and management of our
digital assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_008"></FONT>USE
OF PROCEEDS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless we specify otherwise in an accompanying
prospectus supplement, we intend to use the net proceeds from the sale of the securities by us to provide additional funds for working
capital, and other general corporate purposes. Any specific allocation of the net proceeds of an offering of securities will be determined
at the time of such offering and will be described in the accompanying supplement to this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will not receive any proceeds from the sale
of securities by the selling security holders offered by any prospectus supplement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="a_009"></FONT>DIVIDEND POLICY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to pay any cash dividends to
our stockholders in the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of our board of directors
and will depend on a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law, and other factors our board of directors deems relevant<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_010"></FONT>SELLING
SECURITY HOLDERS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus also relates to the possible resale
by certain of our selling security holders, who we refer to in this prospectus as the &#8220;selling security holders,&#8221; of securities.
One or more selling security holders to be identified by prospectus supplement or post-effective amendment may sell, under this prospectus
and any applicable supplements, securities issued or to be issued to them by us. The selling security holders shall not sell any securities
pursuant to this prospectus until we have identified such selling security holders and the securities being offered for resale by such
selling security holders as described above. However, the selling security holders may sell or transfer all or a portion of their securities
pursuant to any available exemption from the registration requirements of the Securities Act.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_011"></FONT>DESCRIPTION
OF CAPITAL STOCK</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are authorized to issue
300,000,000 shares of common stock, par value $0.01 per share, and 4,000,000 shares of preferred stock, par value $0.01 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Common Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are authorized to issue
300,000,000 shares of common stock, par value $0.01 per share. The holders of common stock are entitled to one vote per share on all matters
submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors.
In the event of our liquidation or dissolution, holders of common stock are entitled to share ratably in all assets remaining after payment
of liabilities and the liquidation preferences of any outstanding shares of preferred stock. Holders of common stock have no preemptive
rights and have no right to convert their common stock into any other securities and there are no redemption provisions applicable to
our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of common stock
are entitled to any dividends that may be declared by the Board out of funds legally available for payment of dividends subject to the
prior rights of holders of preferred stock and any contractual restrictions we have against the payment of dividends on common stock.
We have not paid dividends on our common stock since inception and do not plan to pay dividends on our common stock in the foreseeable
future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 16, 2025, we had 85,067,662
shares of common stock outstanding. In addition, as of that date, there were approximately 27,658,436 shares underlying our
outstanding warrants and stock options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are authorized to issue
4,000,000 shares of &#8220;blank check&#8221; preferred stock with designations, rights and preferences as may be determined from time
to time by our Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the date of this prospectus,
100,000 shares have been designated as Series A Participating Preferred Stock (&#8220;<FONT STYLE="text-decoration: underline">Series A Preferred</FONT>&#8221;) and there are
no shares of Series A Preferred outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus,
6,700 shares have been designated as Series A-1 Preferred Stock and there are no shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date of this prospectus,
1,000,000 shares have been designated Series B preferred stock and there are no shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Preferred stock is available
for possible future financings or acquisitions and for general corporate purposes without further authorization of our stockholders unless
such authorization is required by applicable law, or the rules of any securities exchange or market on which our stock is then listed
or admitted or trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Board may authorize the
issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders
of common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate
purposes, could, under some circumstances, have the effect of delaying, deferring or preventing a change in control of the Company. For
a description of how future issuances of our preferred stock could affect the rights of our stockholders, see &#8220;Certain Provisions
of New York Law and of Our Charter and Bylaws&#8212;Certificate of Incorporation and Bylaws,&#8221; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A prospectus supplement relating
to any series of preferred stock being offered will include specific terms relating to the offering. Such prospectus supplement will include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

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<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the number of shares of the preferred stock offered, the liquidation preference per share and the offering
price of the preferred stock;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the dividend rate(s), period(s) and/or payment date(s) or method(s) of calculation thereof applicable to
the preferred stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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on the preferred stock shall accumulate;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the provisions for a sinking fund, if any, for the preferred stock;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the provisions for redemption, if applicable, of the preferred stock;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
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stock, including the conversion price or the manner of calculating the conversion price and conversion period;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
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<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_012"></FONT>DESCRIPTION
OF DEPOSITARY SHARES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may offer depositary receipts
representing fractional shares of our preferred stock, rather than full shares of preferred stock. The shares of preferred stock represented
by depositary shares will be deposited under a depositary agreement between us and a bank or trust company that meets certain requirements
and is selected by us (the &#8220;Bank Depositary&#8221;). Each owner of a depositary share will be entitled to all the rights and preferences
of the preferred stock represented by the depositary share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description in an accompanying
prospectus supplement of any depositary shares we offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable depositary agreement, which will be filed with the SEC if we offer depositary shares. For more information on how you
can obtain copies of any depositary agreement if we offer depositary shares, see &#8220;Where You Can Find More Information.&#8221; We
urge you to read the applicable depositary agreement and any accompanying prospectus supplement in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Dividends and Other Distributions</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we pay a cash distribution
or dividend on a series of preferred stock represented by depositary shares, the Bank Depositary will distribute such dividends to the
record holders of such depositary shares. If the distributions are in property other than cash, the Bank Depositary will distribute the
property to the record holders of the depositary shares. However, if the Bank Depositary determines that it is not feasible to make the
distribution of property, the Bank Depositary may, with our approval, sell such property and distribute the net proceeds from such sale
to the record holders of the depositary shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Redemption of Depositary Shares</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If we redeem a series of preferred
stock represented by depositary shares, the Bank Depositary will redeem the depositary shares from the proceeds received by the Bank Depositary
in connection with the redemption. The redemption price per depositary share will equal the applicable fraction of the redemption price
per share of the preferred stock. If fewer than all the depositary shares are redeemed, the depositary shares to be redeemed will be selected
by lot or pro rata as the Bank Depositary may determine.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Voting the Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon receipt of notice of
any meeting at which the holders of the preferred stock represented by depositary shares are entitled to vote, the Bank Depositary will
mail the notice to the record holders of the depositary shares relating to such preferred stock. Each record holder of these depositary
shares on the record date, which will be the same date as the record date for the preferred stock, may instruct the Bank Depositary as
to how to vote the preferred stock represented by such holder&#8217;s depositary shares. The Bank Depositary will endeavor, insofar as
practicable, to vote the amount of the preferred stock represented by such depositary shares in accordance with such instructions, and
we will take all action that the Bank Depositary deems necessary in order to enable the Bank Depositary to do so. The Bank Depositary
will abstain from voting shares of the preferred stock to the extent it does not receive specific instructions from the holders of depositary
shares representing such preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Amendment and Termination
of the Depositary Agreement</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The form of depositary receipt
evidencing the depositary shares and any provision of the depositary agreement may be amended by agreement between the Bank Depositary
and us. However, any amendment that materially and adversely alters the rights of the holders of depositary shares will not be effective
unless such amendment has been approved by the holders of at least a majority of the depositary shares then outstanding. The depositary
agreement may be terminated by the Bank Depositary or us only if (1) all outstanding depositary shares have been redeemed or (2) there
has been a final distribution in respect of the preferred stock in connection with any liquidation, dissolution or winding up of our company
and such distribution has been distributed to the holders of depositary receipts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Withdrawal of Preferred Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as may be provided
otherwise in an accompanying prospectus supplement, upon surrender of depositary receipts at the principal office of the Bank Depositary,
subject to the terms of the depositary agreement, the owner of the depositary shares may demand delivery of the number of whole shares
of preferred stock and all money and other property, if any, represented by those depositary shares. Partial shares of preferred stock
will not be issued. If the depositary receipts delivered by the holder evidence a number of depositary shares in excess of the number
of depositary shares representing the number of whole shares of preferred stock to be withdrawn, the Bank Depositary will deliver to such
holder at the same time a new depositary receipt evidencing the excess number of depositary shares. Holders of withdrawn preferred stock
may not thereafter deposit those shares under the depositary agreement or receive depositary receipts evidencing depositary shares therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_013"></FONT>DESCRIPTION
OF THE WARRANTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may issue warrants for the
purchase of common stock. Warrants may be issued independently or together with other securities and may be attached to or separate from
any offered securities. Each series of warrants will be issued under a separate warrant agreement. Set forth below is a brief summary
of the general terms and provisions of the warrants that we may issue from time to time. Additional terms of the warrants and the applicable
warrant agreement will be described in the applicable prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The following descriptions,
and any description of the warrants included in a prospectus supplement, may not be complete and is subject to and qualified in its entirety
by reference to the terms and provisions of the applicable warrant agreement, which we will file with the SEC in connection with any offering
of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">General</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The prospectus supplement relating
to a particular issue of warrants will describe the terms of the warrants, including the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

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<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the offering price of the warrants, if any;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the currency or currencies, including composite currencies, in which the purchase price and/or exercise price
of the warrants may be payable;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the aggregate number of the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the exercise price and the amount of securities you will receive upon exercise;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the procedure for exercise of the warrants and the circumstances, if any, that will cause the warrants to
be automatically exercised;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the terms of the security that may be purchased upon exercise of the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">anti-dilution provisions of the warrants, including adjustments for stock splits, combinations, reclassifications,
reorganizations, mergers, consolidations, sales of assets, or similar events;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the rights, if any, we have to redeem the warrants;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the date on which the right to exercise the warrants will commence and the date on which the warrants will
expire;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the name of the warrant agent; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">any other material terms of the warrants.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Exercise of warrants</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Each warrant will entitle the
holder of the warrant to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we
describe in the applicable prospectus supplement. Holders may exercise warrants at any time up to 5:00 p.m. Eastern Time on the expiration
date set forth in the applicable prospectus supplement, unless otherwise specified in the warrant agreement. After the close of business
on the expiration date, unexercised warrants will automatically expire and become void. Holders may exercise warrants as set forth in
the prospectus supplement relating to the warrants being offered. Until a holder exercises the warrants to purchase any securities underlying
the warrants, the holder will not have any rights as a holder of the underlying securities by virtue of ownership of warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_014"></FONT>DESCRIPTION
OF SUBSCRIPTION RIGHTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue subscription
rights to purchase shares of our common stock or shares of our preferred stock. We may issue subscription rights independently or together
with any other offered security, which may or may not be transferable by the stockholder. In connection with any offering of subscription
rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or
other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The prospectus supplement
relating to any subscription rights we may offer will contain the specific terms of the subscription rights. These terms may include the
following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the price, if any, for the subscription rights;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the number and terms of each share of common stock or preferred stock which may be purchased per each subscription
right;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the exercise price payable for each share of common stock or preferred stock upon the exercise of the subscription
rights;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the extent to which the subscription rights are transferable;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">any provisions for adjustment of the number or amount of securities receivable upon exercise of the subscription
rights or the exercise price of the subscription rights;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">any other terms of the subscription rights, including the terms, procedures and limitations relating to the
exchange and exercise of the subscription rights;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the date on which the right to exercise the subscription rights shall commence, and the date on which the
subscription rights shall expire;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed
securities; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us
in connection with the offering of subscription rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description in an accompanying
prospectus supplement of any subscription rights we offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC if we offer subscription
rights. For more information on how you can obtain copies of any subscription rights certificate or subscription rights agreement if we
offer subscription rights, see &#8220;Where You Can Find More Information.&#8221; We urge you to read the applicable subscription rights
certificate, the applicable subscription rights agreement and any accompanying prospectus supplement in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_016"></FONT>DESCRIPTION
OF PURCHASE CONTRACTS AND PURCHASE UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue purchase contracts,
including contracts obligating holders to purchase from us, and obligating us to sell to the holders, a specified number of shares of
our common stock or shares of our preferred stock at a future date or dates, which we refer to in this prospectus as purchase contracts.
The price of the securities and the number of securities may be fixed at the time the purchase contracts are issued or may be determined
by reference to a specific formula set forth in the purchase contracts and may be subject to adjustment under anti-dilution formulas.
The purchase contracts may be issued separately or as part of units consisting of a stock purchase contract and our debt securities or
preferred securities or debt obligations of third parties, including U.S. treasury securities, or any combination of the foregoing, securing
the holders&#8217; obligations to purchase the securities under the purchase contracts, which we refer to herein as purchase units. The
purchase contracts may require holders to secure their obligations under the purchase contracts in a specified manner. The purchase contracts
also may require us to make periodic payments to the holders of the purchase contracts or the purchase units, as the case may be, or vice
versa, and those payments may be unsecured or pre-funded in whole or in part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The description in an accompanying
prospectus supplement of any purchase contract or purchase unit we offer will not necessarily be complete and will be qualified in its
entirety by reference to the applicable purchase contract or purchase unit, which will be filed with the SEC if we offer purchase contracts
or purchase units. For more information on how you can obtain copies of any purchase contract or purchase unit we may offer, see &#8220;Where
You Can Find More Information.&#8221; We urge you to read the applicable purchase contract or applicable purchase unit and any accompanying
prospectus supplement in their entirety.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_015"></FONT>DESCRIPTION
OF THE UNITS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We may issue units comprised
of one or more of the other securities described in this prospectus or any prospectus supplement in any combination. Each unit will be
issued so that the holder of the unit will automatically become the holder of each security included in the unit, with all associated
rights and obligations of such securities. The unit agreement under which a unit is issued may provide that the securities included in
the unit may not be held or transferred separately, at any time or at any times before a specified date or upon the occurrence of a specified
event or occurrence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The applicable prospectus supplement
will describe:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the designation and the terms of the units and of the securities comprising the units, including whether
and under what circumstances those securities may be held or transferred separately;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">any unit agreement under which the units will be issued;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities
comprising the units; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">whether the units will be issued in fully registered or global form.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Transfer Agent</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We have appointed Equity Stock
Transfer, LLC as our stock transfer agent. The transfer agent&#8217;s address is 237 W 37th St. Suite 602, New York, NY 10018.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_017"></FONT>CERTAIN
PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Anti-Takeover Effects of New
York Law</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Section 912 of the New York
Business Corporation Law (the &#8220;<FONT STYLE="text-decoration: underline">NYBCL</FONT>&#8221;) prohibits a business combination, such as a merger, consolidation, recapitalization,
asset sale or disposition of stock, with any &#8220;interested shareholder&#8221; for a period of five years from the date that the interested
shareholder first became an interested shareholder unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the business combination, or the acquisition of stock that resulted in the interested shareholder first becoming
an interested shareholder, was approved by the Board prior to the interested shareholder becoming an interested shareholder;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the business combination is approved by the disinterested shareholders at a meeting of Forward&#8217;s shareholders
called no earlier than five years after the date that the interested shareholder first became an interested shareholder; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">the business combination meets certain &#8220;fair price&#8221; valuation requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">An &#8220;interested shareholder&#8221;
is any person that is the beneficial owner of 20% or more of the outstanding voting stock of Forward or is an affiliate or associate of
Forward that at any time during the prior five years was the beneficial owner, directly or indirectly, of 20% or more of the then outstanding
voting stock of Forward. The definition of &#8220;combination&#8221; contained in the statute is sufficiently broad to cover virtually
any kind of transaction that would allow a potential acquirer to use the corporation&#8217;s assets to finance the acquisition or otherwise
to benefit its own interests rather than the interests of the corporation and its other shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">The effect of New York&#8217;s
business combination law is to potentially discourage parties interested in taking control of the Company from doing so if they cannot
obtain the approval of our Board or shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, under New York
law (a) directors may be removed for cause by vote of the shareholders, and (b) directors may be removed without cause by vote of the
shareholders only if specifically authorized by the Certificate of Incorporation or Bylaws. Further, removal of directors with or without
cause is subject to: (1) if a corporation has cumulative voting, no director may be removed when the votes cast against such director&#8217;s
removal would be sufficient to elect such director if voted cumulatively at an election at which the same total number of votes were cast
and the entire Board, or class of directors of which he is a member, were then being elected; and (2) when, pursuant to the certificate
of incorporation, the holders of any class of shares are entitled to elect one or more directors, any director so elected may be removed
only by the vote of the holders of such class. Any such removal requires the affirmative vote of stockholders representing not less than
two-thirds of the voting power of the shares entitled to vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">Certificate of Incorporation
and Bylaws</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Provisions of our Certificate
of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our
management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our
stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common
stock. Among other things, our Certificate of Incorporation and Bylaws:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">permit our Board to issue up to 4,000,000 shares of preferred stock, without further stockholder approval,
with such rights, preferences and privileges as our Board may designate in accordance with applicable law, including rights relating to
acquisitions or changes in control;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">provide that the authorized number of directors may be changed only by a resolution adopted by the Board;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: left">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">provide that, for interim periods before the next meeting of the stockholders held for the election of directors,
all vacancies, including newly created directorships, may, except as otherwise required by law, be filled by the affirmative vote of a
majority of directors then in office, even if less than a quorum;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">do not provide for cumulative voting rights (therefore allowing the holders of a majority of the shares of
common stock entitled to vote in any election of directors to elect all of the directors standing for election, if they should choose);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">provide that special meetings of stockholders may be called only by the President, the Chairman of the Board,
by the Board of Directors pursuant to a resolution adopted by the majority of the &#8220;entire board&#8221; (as defined in the Bylaws),
or Qualified Shareholders (as defined in the Bylaws) holding at least 30% of all votes entitled to be cast on any issue proposed to be
considered at the special meeting;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">provide advance notice provisions applicable to a stockholder who wishes to nominate a director or propose
other business to be considered at a stockholders&#8217; meeting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_018"></FONT>PLAN
OF DISTRIBUTION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">We or the selling securityholders
may sell the securities being offered hereby in one or more of the following ways from time to time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">to underwriters for resale to purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">directly to purchasers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">through agents or dealers to purchasers; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: left">through a combination of any of these methods.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">In addition, we or the selling
securityholders may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus
to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities covered
by and pursuant to this prospectus and any accompanying prospectus supplement. If so, the third party may use securities borrowed from
us or the selling securityholders or others to settle such sales and may use securities received from us to close out any related short
positions. We or the selling securityholders may also loan or pledge securities covered by this prospectus and any accompanying prospectus
supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities
pursuant to this prospectus and any accompanying prospectus supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We or the selling securityholders will identify
the specific plan of distribution, including any underwriters, dealers, agents or direct purchasers and their compensation in a prospectus
supplement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_019"></FONT>INCORPORATION
BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &#8220;incorporate by reference&#8221;
the information we file with the SEC, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is considered to be part of this prospectus. Information that we file later with the SEC will
automatically update and supersede information in this prospectus. In all cases, you should rely on the later information over different
information included in this prospectus or the prospectus supplement. The following documents have been filed by us with the SEC and are
incorporated by reference into this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824009011/forward_i10k-093024.htm">Annual Report on Form 10-K</A> for the year ended September 30, 2024 filed with the SEC on December 27,
2024, and amended on <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000424/forward_10ka1-093024.htm">Form 10-K/A</A> on January 17, 2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our Quarterly Reports on Form 10-Q for the quarters ended <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000993/forward_i10q-123124.htm">December 31, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003548/forward_i10q-033125.htm">March 31, 2025</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006141/forward_i10q-063025.htm">June 30, 2025</A> filed with the SEC on February 13, 2025, May 14, 2025, and August 14, 2025, respectively;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our Current Reports on Form 8-K (including 8-K/A) filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824006943/forward_8k.htm">October 4, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824007224/forward_8k.htm">October 18, 2024</A>,
<A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824007539/forward_8k.htm">November 1, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008222/forward_8k.htm">November 18, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008710/forward_8k.htm">December 13, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008908/forward_8k.htm">December 23, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000650/forward_8k.htm">February 3, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000650/forward_8k.htm">February 13, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001267/forward_8k.htm">February 27, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001658/forward_8k.htm">March 17, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001830/forward_8k.htm">March 24, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002064/forward_8k.htm">March 31, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002064/forward_8k.htm">March 31, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002225/forward_8k.htm">April 2, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003025/forward_8k.htm">May 1, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003025/forward_8k.htm">May 8, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/forward_8k.htm">May 22, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003989/forward_8k.htm">May 23, 2025</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825004223/forward_8k.htm">June 4, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825004604/forward_8k.htm">June 18, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005403/forward_8k.htm">July 25, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005900/forward_8k.htm">August 11, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005974/forward_8k.htm">August 12, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_8k.htm">September 8, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_8k.htm">September 11, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006916/forward_8k.htm">September 12, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006963/forward_8k.htm">September 15, 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825007036/forward_i8k.htm">September 16, 2025</A> (other than information furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits relating to such
information, which is neither filed nor incorporated by reference herein); and</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The description of our securities contained in our Registration Statement (File No. 001-34780) on Form
8-A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000100329713000151/esform8-a.htm">April 26, 2013</A>, and any amendments and reports filed for the purpose of updating such description, including
Exhibit 4.1 to our Annual Report on Form 10-K filed with the SEC on December 27, 2019.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All reports and other documents that we subsequently
file with the SEC (other than any portion of such filings that are furnished under applicable SEC rules rather than filed) pursuant to
Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the later of (1) the completion
of the offering of the securities described in this prospectus and any prospectus supplement and (2) the date we stop offering securities
pursuant to this prospectus and any prospectus supplement, will be deemed to be incorporated by reference into this prospectus and to
be part of this prospectus from the date of filing of such reports and documents. The information contained on our website (<FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>)
is not incorporated into this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information in
this prospectus, the prospectus supplement, any applicable pricing supplement or any document incorporated by reference is accurate as
of any date other than the date of the applicable document. Any statement contained in a document incorporated or deemed to be incorporated
by reference into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement
contained in this prospectus or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus
modifies or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded,
to constitute a part of this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may request a copy of any or all documents
referred to above that have been or may be incorporated by reference into this prospectus (excluding certain exhibits to the documents)
at no cost, by writing or calling us at the following address or telephone number:</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forward Industries, Inc.<BR>
700 Veterans Memorial Highway, Suite 100<BR>
Hauppauge, New York 11788<BR>
(631) 547-3055</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_020"></FONT>LEGAL
MATTERS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless otherwise indicated in the applicable prospectus
supplement, certain legal matters will be passed upon for us by Nason, Yeager, Gerson, Harris &amp; Fumero, P.A., Palm Beach Gardens,
Florida. If legal matters in connection with offerings made pursuant to this prospectus are passed upon by counsel for underwriters, dealers,
or agents, if any, such counsel will be named in the prospectus supplement relating to such offering.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT ID="a_021"></FONT>EXPERTS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of Forward
Industries, Inc. and Subsidiaries for the years ended September 30, 2024 and 2023, have been audited by CohnReznick LLP, independent registered
public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries&#8217; Annual report
on Form 10-K for the year ended September 30, 2024, and incorporated by reference herein. Such consolidated financial statements are incorporated
by reference herein in reliance upon such report, which includes an explanatory paragraph on Forward Industries, Inc. and Subsidiaries&#8217;
ability to continue as a going concern, given on the authority of such firm as experts in accounting and auditing.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">PROSPECTUS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="forward_logo.jpg" ALT="">&#160;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORWARD INDUSTRIES, INC.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Up to $4,000,000,000</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have entered into a Controlled Equity Offering<SUP>SM</SUP>
Sales Agreement with Cantor Fitzgerald &amp; Co. (&#8220;<FONT STYLE="text-decoration: underline">Cantor</FONT>&#8221; or the &#8220;<FONT STYLE="text-decoration: underline">Agent</FONT>&#8221;), dated September 16,
2025 (the &#8220;<FONT STYLE="text-decoration: underline">Sales Agreement</FONT>&#8221;) relating to shares of our common stock, $0.01 par value per share (&#8220;<FONT STYLE="text-decoration: underline">Common Stock</FONT>&#8221;),
offered by this prospectus. In accordance with the terms of the Sales Agreement, from time to time we may offer and sell shares of our
Common Stock having an aggregate gross sales price of up to $4 billion to or through Cantor, acting as principal and/or sales agent, pursuant
to this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of our Common Stock, if any, under this
prospectus may be made in sales deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) promulgated under
the Securities Act of 1933, as amended (the &#8220;<FONT STYLE="text-decoration: underline">Securities Act</FONT>&#8221;). Subject to the terms of the Sales Agreement, Cantor
is not required to sell any specific number or dollar amounts of our Common Stock but will use commercially reasonable efforts consistent
with its normal trading and sales practices, on mutually agreed terms between Cantor and us. There is no current arrangement for funds
to be received in any escrow, trust or similar arrangement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agent will be entitled to compensation under
the terms of the Sales Agreement at a commission rate of up to 3.0% of the gross proceeds from each sale of our Common Stock. In connection
with the sales of our Common Stock on our behalf, the Agent will be deemed to be an &#8220;underwriter&#8221; within the meaning of the
Securities Act and the compensation of the Agent will be deemed to be underwriting commissions or discounts. We have also agreed to provide
indemnification and contributions to the Agent against certain liabilities, including liabilities under the Securities Act and the Securities
Exchange Act of 1934, as amended (the &#8220;<FONT STYLE="text-decoration: underline">Exchange Act</FONT>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Common Stock is listed on The Nasdaq Capital
Market (&#8220;<FONT STYLE="text-decoration: underline">Nasdaq</FONT>&#8221;) under the symbol &#8220;FORD.&#8221;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 15, 2025, the last reported sale
price of our Common Stock on the Nasdaq was $39.00 per share.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our Common Stock involves
significant risks. See &#8220;<A HREF="#b_008">Risk Factors</A>&#8221; beginning on page 14 of this prospectus and the risk factors
that are incorporated by reference into this prospectus from our filings made with the Securities and Exchange Commission (the
&#8220;<FONT STYLE="text-decoration: underline">SEC</FONT>&#8221;) pursuant to the Exchange Act for a discussion of the factors you should carefully consider before deciding
to invest in our Common Stock.</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Neither the SEC nor any
state securities commission has approved or disapproved of our Common Stock or determined if this prospectus is accurate, truthful or
complete. Any representation to the contrary is a criminal offense.</P>

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<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cantor</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is September 16, 2025.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_001"></FONT>TABLE OF CONTENTS</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
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    <TD STYLE="width: 90%; text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_002">ABOUT THIS PROSPECTUS</A></TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0in">2</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#a_004">WHERE YOU CAN FIND MORE INFORMATION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">3</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_004">INCORPORATION BY REFERENCE</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">4</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_005">FORWARD-LOOKING STATEMENTS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">5</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_006">PROSPECTUS SUMMARY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">6</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_007">THE OFFERING</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">13</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_008">RISK FACTORS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">14</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_009">USE OF PROCEEDS</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">27</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_010">DIVIDEND POLICY</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">28</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_011">PLAN OF DISTRIBUTION</A></TD>
    <TD STYLE="text-align: right; padding-top: 0in; padding-bottom: 0in">29</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: -0.5in; padding-top: 0in; padding-bottom: 0in; padding-left: 0.5in"><A HREF="#b_012">LEGAL MATTERS</A></TD>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_002"></FONT>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus is part of an automatic shelf
registration statement on Form S-3 that we have filed with the SEC as a &#8220;well-known seasoned issuer&#8221; as defined in Rule 405
under the Securities Act. Under this prospectus, we may from time to time sell shares our Common Stock having an aggregate offering price
of up to $4 billion at prices and on terms to be determined by market conditions at the time of the offering. Before investing in our
Common Stock offered by this prospectus, we urge you to carefully read this prospectus, together with the information incorporated by
reference as described under &#8220;Where You Can Find More Information&#8221; and &#8220;Incorporation by Reference&#8221; in this prospectus.
These documents contain important information that you should consider when making your investment decision.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent the information contained in this
prospectus differs from or conflicts with the information contained in any document incorporated by reference, the information in this
prospectus will control. If any statement in one of these documents is inconsistent with a statement in another document having a later
date &#8211; for example, a document incorporated by reference into this prospectus - the statement in the document having the later date
modifies or supersedes the earlier statement.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In deciding whether or not to invest in our Common
Stock, you should rely only on the information contained in, or incorporated by reference into, this prospectus and any related free writing
prospectus that we have authorized for use in connection with this offering. Neither we nor the Agent have authorized anyone to provide
you with different information or to make any representation other than those contained in, or incorporated by reference into, this prospectus
and any related free writing prospectus. If anyone provides you with different or inconsistent information or representation, you should
not rely on them. This prospectus, and any accompanying supplement to this prospectus, does not constitute an offer to sell or the solicitation
of an offer to buy our Common Stock in any circumstances in which such offer or solicitation is unlawful. You should assume that the information
appearing in this prospectus and any related free writing prospectus and the documents incorporated by reference is accurate only as of
their respective dates, regardless of the time of delivery of this prospectus or any related free writing prospectus or any sale of our
Common Stock. Our business, financial condition, results of operations and prospects may have changed materially since those dates.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We further note that the representations, warranties
and covenants made by us in any agreement that is filed as an exhibit to any document that is incorporated by reference into this prospectus
was made solely for the benefit of the parties to such agreement, including, in some cases, for the purpose of allocating risk among the
parties to such agreements, and should not be deemed to be a representation, warranty or covenant to you. Moreover, such representations,
warranties or covenants were accurate only as of the date when made. Accordingly, such representations, warranties and covenants should
not be relied on as accurately representing the current state of our business, financial condition, results of operations or prospects.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not consider any information in this
prospectus to be investment, legal or tax advice. You should consult your own counsel, accountants and other advisers for legal, tax,
business, financial and related advice regarding the purchase of our Common Stock offered by this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context requires otherwise, references
in this prospectus to &#8220;Forward Industries,&#8221; &#8220;Forward,&#8221; the &#8220;Company,&#8221; the &#8220;Registrant,&#8221;
&#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to Forward Industries, Inc. together with its consolidated subsidiaries.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_003"></FONT>WHERE YOU CAN FIND MORE INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We are subject to the reporting requirements of
the Exchange Act and are required to file with the SEC annual, quarterly and current reports, proxy statements and other information.
Such reports include our audited financial statements. Our publicly available filings can be found on the SEC&#8217;s website at <FONT STYLE="text-decoration: underline">www.sec.gov</FONT>.
Our filings, including the audited financial statements, and additional information that we have made public to investors, may also be
found on our website at <FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>. Information on or accessible through our website does not constitute part of
this prospectus (except for SEC reports expressly incorporated by reference herein).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also maintain a section on our website (<FONT STYLE="text-decoration: underline">sol.forwardindustries.com</FONT>)
as a disclosure channel for providing broad, non-exclusionary distribution of information regarding the Company to the public, including
information regarding market prices of its outstanding securities, Solana token (&#8220;SOL&#8221;) purchases and holdings, certain KPI
metrics and other supplemental information, and as one means of disclosing non-public information in compliance with its disclosure obligations
under Regulation FD. Investors and others are encouraged to regularly review the information that the Company makes public via that section
of its website.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As permitted by SEC rules, this prospectus does
not contain all of the information we have included in the registration statement on Form&#160;S-3 we filed with the SEC under the Securities
Act and do not contain all the information set forth in the registration statement or the exhibits and schedules thereto. For further
information about us and our Common Stock offered by this prospectus, you may refer to such registration statement and the exhibits and
schedules thereto. Statements contained in this prospectus regarding the contents of any contract or any other document to which reference
is made are not necessarily complete and, in each instance where a copy of a contract or other document has been filed as an exhibit to
the registration statement, reference is made to the copy so filed, each of those statements being qualified in all respects by the reference.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_004"></FONT>INCORPORATION BY REFERENCE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC allows us to &#8220;incorporate by reference&#8221;
into this prospectus the information we file with the SEC, which means that we can disclose important information to you by referring
you to those documents. The information incorporated by reference is considered to be part of this prospectus. Information that we file
later with the SEC will automatically update and supersede information in this prospectus. In all cases, you should rely on the later
information over different information included in this prospectus. The following documents have been filed by us with the SEC and are
incorporated by reference into this prospectus:</P>

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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824009011/forward_i10k-093024.htm">Annual Report on Form 10-K</A> for the year ended September 30, 2024 filed with the SEC on December 27,
2024, and amended on <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000424/forward_10ka1-093024.htm">Form 10-K/A</A> on January 17, 2025;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our Quarterly Reports on Form 10-Q for the quarters ended <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000993/forward_i10q-123124.htm">December 31, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003548/forward_i10q-033125.htm">March 31, 2025</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006141/forward_i10q-063025.htm">June 30, 2025</A> filed with the SEC on February 13, 2025, May 14, 2025, and August 14, 2025, respectively;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">Our Current Reports on Form 8-K (including 8-K/A) filed with the SEC on <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824006943/forward_8k.htm">October 4, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824007224/forward_8k.htm">October 18, 2024</A>,
<A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824007539/forward_8k.htm">November 1, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008222/forward_8k.htm">November 18, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008710/forward_8k.htm">December 13, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316824008908/forward_8k.htm">December 23, 2024</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000650/forward_8k.htm">February 3, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825000650/forward_8k.htm">February 13, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001267/forward_8k.htm">February 27, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001658/forward_8k.htm">March 17, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825001830/forward_8k.htm">March 24, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002064/forward_8k.htm">March 31, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002064/forward_8k.htm">March 31, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825002225/forward_8k.htm">April 2, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003025/forward_8k.htm">May 1, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003025/forward_8k.htm">May 8, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/forward_8k.htm">May 22, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825003989/forward_8k.htm">May 23, 2025</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825004223/forward_8k.htm">June 4, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825004604/forward_8k.htm">June 18, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005403/forward_8k.htm">July 25, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005900/forward_8k.htm">August 11, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825005974/forward_8k.htm">August 12, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_8k.htm">September 8, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_8k.htm">September 11, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006916/forward_8k.htm">September 12, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825006963/forward_8k.htm">September 15, 2025</A> and <A HREF="https://www.sec.gov/Archives/edgar/data/38264/000168316825007036/forward_i8k.htm">September 16, 2025</A> (other than information furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits relating to such
information, which is neither filed nor incorporated by reference herein); and</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&#160;</TD><TD>&#160;</TD><TD STYLE="text-align: justify">&#160;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">The description of our securities contained in our Registration Statement (File No. 001-34780) on Form
8-A filed with the SEC on <A HREF="http://www.sec.gov/Archives/edgar/data/38264/000100329713000151/esform8-a.htm">April 26, 2013</A>, and any amendments and reports filed for the purpose of updating such description, including
Exhibit 4.1 to our Annual Report on Form 10-K filed with the SEC on December 27, 2019.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All reports and other documents that we subsequently
file with the SEC (other than any portion of such filings that are furnished under applicable SEC rules rather than filed) pursuant to
Section&#160;13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this prospectus and before the later of (1) the completion
of the offering of the securities described in this prospectus and (2) the date we stop offering securities pursuant to this prospectus,
will be deemed to be incorporated by reference into this prospectus and to be part of this prospectus from the date of filing of such
reports and documents. The information contained on our website (<FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>) is not incorporated into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You should not assume that the information in
this prospectus, the prospectus, any applicable pricing supplement or any document incorporated by reference is accurate as of any date
other than the date of the applicable document. Any statement contained in a document incorporated or deemed to be incorporated by reference
into this prospectus will be deemed to be modified or superseded for purposes of this prospectus to the extent that a statement contained
in this prospectus or any other subsequently filed document that is deemed to be incorporated by reference into this prospectus modifies
or supersedes the statement. Any statement so modified or superseded will not be deemed, except as so modified or superseded, to constitute
a part of this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You may request a copy of any or all documents
referred to above that have been or may be incorporated by reference into this prospectus (excluding certain exhibits to the documents)
at no cost, by writing or calling us at the following address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Forward Industries, Inc.<BR>
700 Veterans Memorial Highway, Suite 100<BR>
Hauppauge, New York 11788<BR>
(631) 547-3055</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&#160;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_005"></FONT>FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus and the documents incorporated
by reference herein contain &#8220;forward-looking statements&#8221; within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995, which involve risks and uncertainties. All statements other than statements of historical facts contained in this prospectus,
including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects,
plans, objectives of management, and expected market growth are forward-looking statements. These forward-looking statements are contained
principally in the sections entitled &#8220;Risk Factors&#8221; and &#8220;Use of Proceeds.&#8221; Without limiting the generality of
the preceding sentence, any time we use the words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;estimate,&#8221; &#8220;continue,&#8221;
&#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;should,&#8221; &#8220;plan,&#8221; &#8220;could,&#8221; &#8220;target,&#8221; &#8220;potential,&#8221;
&#8220;is likely,&#8221; &#8220;will,&#8221; &#8220;expect&#8221; and, in each case, their negative or other various or comparable terminology,
and similar expressions, we intend to clearly express that the information deals with possible future events and is forward-looking in
nature. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. We have based
these forward-looking statements largely on our current expectations and projections about future events and financial trends that we
believe may affect our financial condition, results of operations, business strategy and financial needs.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The results anticipated by any or all of these
forward-looking statements might not occur. Important factors, uncertainties and risks that may cause actual results to differ materially
from these forward-looking statements are contained in the risk factors that follow and elsewhere in this prospectus and the documents
incorporated by reference. We undertake no obligation to publicly update or revise any forward-looking statements, whether as the result
of new information, future events or otherwise. For more information regarding some of the ongoing risks and uncertainties of our business,
see the risk factors that follow and/or that are disclosed in our incorporated documents.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_006"></FONT>PROSPECTUS SUMMARY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This summary does not
contain all of the information that you should consider before investing in our Common Stock offered by this prospectus. Before making
an investment decision, you should carefully read the entire prospectus, including the &#8220;Risk Factors&#8221; sections, as well as
our financial statements, including the accompanying notes, and the other information incorporated by reference herein and the information
in any related free writing prospectus that we may authorize for use in connection with this offering of our Common Stock.</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Company Overview</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Forward is an engineering design company serving
top-tier customers worldwide. The Company provides hardware and software product design and engineering services to customers predominantly
located in the U.S.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We provide a complete range of design, engineering
and development services with respect to a diverse array of consumer and industrial electronics products. These include but are not limited
to medical products, smart displays, beverage vending, enterprise and mobile software applications, lighting, security and detections
systems, cameras, wearables and vehicle controls. Solutions in these and other areas are designed and developed in-house, beginning at
product concept, extending through design, engineering and prototype, and final design for manufacturing and computer-aided design files.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>New Treasury Strategy</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2025, in connection with the Private
Placement (as defined below), we announced the launch of our digital asset treasury strategy, pursuant to which we plan to pursue a number
of strategic initiatives to acquire SOL and other digital assets. We entered into the Asset Management Agreement and Services Agreement
(each as defined below) to guide us through the implementation of our new digital assets treasury business. On September 15, 2025, we
announced our initial liquid SOL purchases of 6,822,000 at an average price of $232 per SOL, or $1.58 billion in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our new treasury policy and strategy (the
&#8220;<FONT STYLE="text-decoration: underline">Treasury Policy</FONT>&#8221;), the principal holding in our treasury reserve on the balance sheet will be allocated to digital
assets, primarily SOL by applying a public-market&#160;treasury model to an asset that&#8217;s earlier in its lifecycle, structurally
reflexive, and underexposed as compared to Bitcoin. Our approach involves acquiring SOL directly through market purchases and staking
our holdings via our own or third-party operated&#160;validators and generating incremental revenue through strategic partnerships and
deployments within the Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to operating our hardware and software
product design and engineering services business, our management will focus its resources on our Treasury Policy and a significant portion
of the balance sheet will initially be allocated to holding SOL in our digital asset treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, our Treasury Policy is primarily dedicated
to SOL and other Solana ecosystem tokens. As a result, our assets are highly concentrated in a single digital asset. Adverse developments
specific to SOL, its protocol, or its ecosystem could have a disproportionate impact on our financial condition and results of operations.
We may utilize a range of capital markets and onchain strategies, including staking, lending, and participation in decentralized finance
(&#8220;<FONT STYLE="text-decoration: underline">DeFi</FONT>&#8221;) protocols, as well as pursuing accretive partnerships and acquisitions within the Solana ecosystem.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our Treasury Policy is intended to bring value
to our stockholders through the following:</P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">utilizing intelligent capital markets issuances, including the issuance of equity, preferred and debt,
where we may issue capital for the benefit of stockholders to purchase and hold more SOL;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">staking the majority of the SOL in our treasury to earn a staking yield and turn the treasury into a productive
asset;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">purchasing SOL at a discount to the current spot price, including through over the counter transactions
and strategic partnerships;</TD></TR></TABLE>

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</DIV>


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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">actively participating in DeFi protocols and other onchain strategies to increase SOL per share;</TD></TR></TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">selling our SOL holdings, whether on the open market, through block trades, or other negotiated transactions,
for various reasons and at various times, including, in order to repurchase shares of our Common Stock when our Board of Directors (the
&#8220;<FONT STYLE="text-decoration: underline">Board</FONT>&#8221;) believes such repurchases will result in accretive value creation for our stockholders and at such times when
it is legally permissible to do so.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that SOL is the fastest and most used
public blockchain in the world, processing more transactions and generating more on chain fee revenue than all other blockchains combined.
Solana has established itself as a high-performance blockchain and one of the most active onchain ecosystems, primarily due to its differentiated
approach to blockchain design, committed and growing developer community, and strong social layer.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There can be no assurance that the value of SOL
will increase, and investors should carefully consider the risks associated with digital assets. See &#8220;<I>Risk Factors - Risks Related
to the Company&#8217;s Business and Solana Strategy and Holdings</I>&#8221; for additional information.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How We Earn Staking Rewards</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To earn staking rewards, we intend to delegate
our SOL to our own validators, which are operated by third-party service providers through a white-label arrangement. We may also delegate
to other third-party SOL validators via Solana&#8217;s in-protocol delegation system. We will continue to keep the SOL held by third party
custodians. This means we deposit our SOL into a stake account, which is then delegated to a validator&#8217;s vote account. Both our
validators and the third-party validators we select are integrated into our qualified custodians&#8217; platforms, allowing us to stake
SOL to them directly from our custody accounts. We will work closely with our white-label service provider for our validators to achieve
a track record of high performance, high yield generation, and attractive delegator economics. We will also delegate to other third-party
validators who, in our opinion, have demonstrated a similar track record. We use multiple validators, both our own and third-party, to
seek to maximize the return on our SOL treasury and to mitigate the risk of having only one or two validators for our treasury staking.
We may also negotiate bespoke arrangements with DeFi teams and validator operators to further enhance returns.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How We Manage Liquidity</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We acknowledge that during the deactivation period,
staked SOL is not earning rewards and is not yet liquid. We factor this into our liquidity and risk management framework.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our staking program involves a temporary loss
of transferability of staked SOL during the &#8220;deactivation&#8221; or cooldown period. Under normal conditions, we expect to regain
complete control over un-staked SOL within approximately 48 hours; however, network conditions could extend this period. To mitigate liquidity
risk, we intend to maintain a portion of our treasury in un-staked SOL and cash to meet short-term obligations. We may also utilize capital
markets instruments, such as structured products and non-dilutive debt, to enhance liquidity and expand our SOL holdings. Our use of SOL
options may involve margin requirements or collateral posting, which could reduce available liquidity. Option premiums paid or received
may also create volatility in our near-term cash flows.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We also intend to participate in liquid staking
protocols by converting a portion of our SOL holdings into Liquid Staking Tokens (&#8220;<FONT STYLE="text-decoration: underline">LSTs</FONT>&#8221;). This will allow us to earn
staking rewards while maintaining the liquidity of our underlying SOL and enabling us to use the LSTs in various DeFi applications. We
may manage a mix of traditionally staked SOL and LSTs to optimize liquidity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of Custodians and Storage of SOL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We solely utilize third-party qualified custodians
to hold our SOL, other than the portion of our SOL held through a single non-qualified custodian, as set forth below. We do not self-custody
our SOL. We use qualified custodians that utilize risk management and operational best practices related to hot vs. cold storage, access
controls, custody technology and insurance, among other practices. We are in the process of onboarding with other qualified custodians
to ensure that we mitigate our SOL treasury risk through the use of several qualified custodians.</P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our primary custodians generally maintain the
majority of their custodied SOL holdings in cold storage (&gt;95%), with hot wallets used only for limited operational purposes. Custodians
employ SOC 2&#8211;audited security controls, geographic redundancy, multi-person approval processes, and conduct key-generation ceremonies
in offline, secure facilities. Private keys are never exposed to networked devices. Custodians maintain insurance coverage, which is in
addition to policies we maintain ourselves. Our custody agreements typically run for one to three years, may be terminated on 30 days&#8217;
notice, and include fees for storage and transactions. Our qualified custodians do not rehypothecate or otherwise use our SOL.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Use of DeFi Protocols</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may from time to time interact with DeFi protocols,
either directly or indirectly through staking, validator operations, custody arrangements, or liquidity management activities. DeFi protocols
generally rely on open-source smart contracts deployed on public blockchains, including SOL. While these smart contracts are intended
to operate automatically according to their code, they may contain coding errors, vulnerabilities, or design flaws that can be exploited.
We actively evaluate DeFi opportunities within the Solana ecosystem to enhance treasury productivity, while maintaining robust risk management
practices.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">SOL - The Token of the Solana Blockchain</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL is the native token of the Solana blockchain.
SOL was created with an initial supply of 500 million SOL, though much of the initial supply was locked or earmarked for various use cases
including the community, the foundation and investors. New SOL are brought into existence primarily through inflationary rewards distributed
to validators and delegators. The SOL staking yield is made up of three primary components: inflationary rewards, transaction/priority
fees, and maximal extractable value. Inflationary rewards started out at 8.0%, and are currently 4.3%, and will fall 15% every epoch-year
until they reach a long-term floor of 1.5%. Unlock schedules applicable to these allocations may periodically increase circulating supply,
creating potential selling pressure and adversely affecting the price of SOL. Historically, 50% of all transaction fees were burned (with
the other 50% going to the validator), but now all transaction fees go to the validator after the passage and adoption of the Solana Improvement
Document 96.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">How SOL is Used</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL is used as part of Solana&#8217;s proof-of-stake
consensus mechanism. In general, proof-of-stake blockchains have block producers called validators that run nodes, bond or stake the protocol&#8217;s
native token, propose blocks when chosen to do so, and validate/sign the transactions and blocks of others when not. Validators are chosen
to produce a block in proportion to their stake, which makes it extremely costly for bad actors to attempt to control the network and
add invalid transactions to the blockchain. Validators receive staking rewards for the work they perform, which further incentivizes validators
to behave properly, as they would otherwise miss out on such rewards. Other proof-of-stake networks often &#8220;slash&#8221; some or
all of a validator&#8217;s stake if it intentionally or unintentionally performs its duties poorly, for example, by double-signing a transaction,
though Solana has not implemented slashing at this time. In addition to its use within consensus, SOL is also a &#8220;gas token&#8221;,
meaning that users of the Solana blockchain pay SOL to validators (and delegators) as compensation for processing their transactions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We see three particularly notable items giving
Solana a technical advantage compared to many smart contract blockchain peers. Solana&#8217;s proof-of-history gives validators a notion
of time and allows them to produce blocks without requiring the network to first agree upon the current block, resulting in speed advantages.
Further, unlike peer blockchains that often use single-threaded virtual machines, Solana enables parallel transaction execution to increase
throughput and take advantage of future hardware improvements resulting from increased CPU core counts. In addition, Solana is optimized
for speed and security, and is naturally growing into decentralization as hardware and bandwidth costs fall over time, positioning it
well along the Blockchain Trilemma.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While Solana Labs and the Solana Foundation have
played important roles in the development of the Solana ecosystem, no single entity owns or controls the Solana network. However, concentration
of influence in these entities, particularly in early-stage protocol governance, presents risks that investors should consider.</P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">The Solana Ecosystem</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana&#8217;s performance and technical capabilities
enable many use cases from DeFi to decentralized physical infrastructure networks, AI agents, social media, gaming, stablecoins, real-world
assets, among others. We believe Solana is advantaged by best-in-class technology and strong network effects that have attracted a large,
growing, and vibrant ecosystem of users, developers, and decentralized applications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-decoration: underline">Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Depending on the regulatory characterization of
Solana, the markets for cryptocurrency in general, and our activities in particular, our business and our Solana acquisition strategy
may be subject to regulation by one or more regulators in the United States and globally. Ongoing and future regulatory actions may alter,
to a materially adverse extent, the nature of digital assets markets, the participation of industry participants, including service providers
and financial institutions in these markets, and our ability to pursue our SOL strategy. Additionally, U.S. state and federal and foreign
regulators and legislatures have taken action against industry participants, including digital assets businesses, and enacted restrictive
regimes in response to adverse publicity arising from hacks, consumer harm, or criminal activity stemming from digital assets activity.
U.S. federal and state energy regulatory authorities are also monitoring the total electricity consumption of cryptocurrency mining, and
the potential impacts of cryptocurrency mining to the supply and dispatch functionality of the wholesale grid and retail distribution
systems. Many state legislative bodies have passed, or are actively considering, legislation to address the impact of cryptocurrency mining
in their respective states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Commodities Futures Trading Commission (the
&#8220;<FONT STYLE="text-decoration: underline">CFTC</FONT>&#8221;) takes the position that some digital assets fall within the definition
of a &#8220;commodity&#8221; under the Commodities Exchange Act of 1936, as amended (the &#8220;<FONT STYLE="text-decoration: underline">CEA</FONT>&#8221;).
Under the CEA, the CFTC has broad enforcement authority to police market manipulation and fraud in spot digital assets markets in which
we may transact. Beyond instances of fraud or manipulation, the CFTC generally does not oversee cash or spot market exchanges or transactions
involving digital asset commodities that do not utilize margin, leverage, or financing. In addition, CFTC regulations and CFTC oversight
and enforcement authority apply with respect to futures, swaps, other derivative products and certain retail leveraged commodity transactions
involving digital asset commodities, including the markets on which these products trade.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, because transactions in SOL provide
a degree of anonymity, they are susceptible to misuse for criminal activities, such as money laundering. This misuse, or the perception
of such misuse, could lead to greater regulatory oversight of SOL and SOL platforms, and there is the possibility that law enforcement
agencies could close SOL platforms or other SOL-related infrastructure with little or no notice and prevent users from accessing or retrieving
SOL held via such platforms or infrastructure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As noted above, activities involving SOL and other
digital assets may fall within the jurisdiction of more than one financial regulator and various courts and such laws and regulations
are rapidly evolving and increasing in scope. The laws and regulations applicable to SOL and digital assets are evolving and subject to
interpretation and change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Governments around the world have reacted differently
to digital assets; certain governments have deemed them illegal, and others have allowed their use and trade without restriction, while
in some jurisdictions, such as the U.S., digital assets are subject to overlapping, uncertain and evolving regulatory requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As digital assets have grown in both popularity
and market size, the U.S. Executive Branch, Congress and a number of U.S. federal and state agencies, including the Financial Crimes Enforcement
Network, the CFTC, the SEC, the Financial Industry Regulatory Authority, the Consumer Financial Protection Bureau, the Department of Justice,
the Department of Homeland Security, the Federal Bureau of Investigation, the Internal Revenue Service and state financial regulators,
have been examining the operations of digital asset networks, digital asset users and digital asset exchanges, with particular focus on
the extent to which digital assets can be used to violate state or federal laws, including to facilitate the laundering of proceeds of
illegal activities or the funding of criminal or terrorist enterprises, and the safety and soundness and consumer-protective safeguards
of exchanges or other service-providers that hold, transfer, trade or exchange digital assets for users. Many of these state and federal
agencies have issued consumer advisories regarding the risks posed by digital assets to investors. In addition, federal and state agencies,
and other countries have issued rules or guidance regarding the treatment of digital asset transactions and requirements for businesses
engaged in activities related to digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<DIV STYLE="border: Black 1pt solid; margin: 0.1in; padding: 0.1in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Corporate Information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our principal executive offices are located at
700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788, and our telephone number is (631) 430-6576. Our website address is <FONT STYLE="text-decoration: underline">www.forwardindustries.com</FONT>.
Our website and the information contained on, or that can be accessed through, our website is not part of this prospectus, any prospectus
supplement, or any registration statement, and is not incorporated by reference into this prospectus or any other filing with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Recent Developments </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Securities Purchase Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a securities
purchase agreement (the &#8220;<FONT STYLE="text-decoration: underline">Securities Purchase Agreement</FONT>&#8221;) with certain accredited investors (the &#8220;<FONT STYLE="text-decoration: underline">Purchasers</FONT>&#8221;)
pursuant to which we sold and issued to the Purchasers in a private placement (the &#8220;<FONT STYLE="text-decoration: underline">Private Placement</FONT>&#8221;) an aggregate
of (i) 77,144,562 shares (the &#8220;<FONT STYLE="text-decoration: underline">Shares</FONT>&#8221;) of common stock of the Company, par value $0.01 per share (the &#8220;<FONT STYLE="text-decoration: underline">Common
Stock</FONT>&#8221;), at an offering price of $18.50 and (ii) pre-funded warrants (the &#8220;<FONT STYLE="text-decoration: underline">Pre-Funded Warrants</FONT>&#8221; and together
with the Shares, the &#8220;<FONT STYLE="text-decoration: underline">Securities</FONT>&#8221;) to purchase 12,031,364 shares of Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Pre-Funded Warrant
Shares</FONT>&#8221;) with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the &#8220;<FONT STYLE="text-decoration: underline">Per Share
Purchase Price</FONT>&#8221;). In the Private Placement, the Purchasers tendered U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company
as consideration for the Securities. The Private Placement closed on September 10, 2025. We received aggregate proceeds of approximately
$1.65 billion, before deducting placement agent fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The unfunded exercise price of each Pre-Funded
Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of Common Stock issuable
upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock
combinations, or similar events affecting our Common Stock. The Pre-Funded Warrants are exercisable in cash or by means of a cashless
exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof (together with its affiliates) immediately
following such exercise would exceed a specified beneficial ownership limitation&#894; provided, however, that a holder may increase or
decrease the beneficial ownership limitation by giving notice to the Company (61 days&#8217; notice for increases), but not to any percentage
in excess of 9.99%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Private Placement, we
entered into a registration rights agreement (the &#8220;<FONT STYLE="text-decoration: underline">Registration Rights Agreement</FONT>&#8221;)
with the Purchasers, providing for the registration for resale of the Shares, the Advisor Shares (as defined below), the Lead Investor
Shares (as defined below), the Pre-Funded Warrant Shares and the shares of Common Stock underlying each of the Advisor Warrants and Lead
Investor Shares on an effective registration statement, pursuant to a registration statement to be filed with the SEC no later than October
10, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to use the net proceeds from the Private
Placement to purchase SOL, for working capital and any future transactions, for the payment of transaction costs and for the establishment
of our cryptocurrency treasury operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Galaxy Strategic Advisor Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a Strategic
Advisor and Lead Investor Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Strategic Advisor Agreement</FONT>&#8221;) with Galaxy Digital LP (&#8220;<FONT STYLE="text-decoration: underline">Galaxy</FONT>&#8221;)
pursuant to which  we engaged Galaxy to serve as our strategic advisor with respect to the Private Placement. In consideration of Galaxy&#8217;s
services, we issued to Galaxy in addition to the Securities acquired by Galaxy pursuant to the Securities Purchase Agreement 1,783,519
of Pre-Funded Warrants and 4,458,796 warrants (the &#8220;<FONT STYLE="text-decoration: underline">Advisor Warrants</FONT>&#8221;) to purchase an amount of shares of our Common
Stock (the &#8220;<FONT STYLE="text-decoration: underline">Advisor Shares</FONT>&#8221;). The exercise price per share of the Advisor Warrants shall equal one penny ($0.01) per
share and shall be exercisable as follows: (1) one-third (1/3) of the Advisor Warrants shall be exercisable on and after the first date
on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is equal to or greater than 150%
of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration statement; (2) one-third
(1/3) of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&#8217;s
Common Stock on its principal stock exchange is equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading
days following the effectiveness of this registration statement; and (3) one-third (1/3) of the Advisor Warrants shall be exercisable
on and after the first date on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is
equal to or greater than 250% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration
statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<DIV STYLE="border: Black 1pt solid; margin: 0.1in; padding: 0.1in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Lead Investments Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 6, 2025, we entered into a Lead Investor
Agreement (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Agreement</FONT>&#8221;) with J Digital 6 Cayman Ltd. (&#8220;<FONT STYLE="text-decoration: underline">Jump Crypto</FONT>&#8221;) and Multicoin
Capital Master Fund, LP (&#8220;<FONT STYLE="text-decoration: underline">Multicoin</FONT>,&#8221; and together with Galaxy and Jump Crypto, the &#8220;<FONT STYLE="text-decoration: underline">Sponsors</FONT>&#8221;)
to secure the commitment of Jump Crypto and Multicoin in the Private Placement. In consideration of Jump Crypto and Multicoin&#8217;s
participation, we issued to each of Jump Crypto and Multicoin in addition to the Securities acquired by Jump Crypto and Multicoin pursuant
to the Securities Purchase Agreement 1,783,519 shares of our Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Shares</FONT>&#8221;) and 4,458,796
warrants to purchase an amount of shares of the Common Stock (the &#8220;<FONT STYLE="text-decoration: underline">Lead Investor Warrants</FONT>&#8221;). The exercise price per
share of the Lead Investor Warrants shall equal one penny ($0.01) per share and shall be exercisable as follows: (1) one-third (1/3) of
the Lead Investor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company&#8217;s
Common Stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase Price for 20 out of 30 trading
days following the effectiveness of this registration statement; (2) one-third (1/3) of the Lead Investor Warrants shall be exercisable
on and after the first date on which the closing trading price of the Company&#8217;s Common Stock on its principal stock exchange is
equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of this registration
statement; and (3) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after the first date on which the closing
trading price of the Company&#8217;s Common Stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share
Purchase Price for 20 out of 30 trading days following the effectiveness of this registration statement. Pursuant to the Lead Investor
Agreement, for so long as Multicoin continues to beneficially own at least 5% of the Company&#8217;s issued and outstanding shares of
Common Stock, Multicoin has the right to nominate one individual for election to the Board, who shall also be chairperson of the Board
(such nominee, the &#8220;<FONT STYLE="text-decoration: underline">Investor Designee</FONT>&#8221;), and the Company agreed to use its reasonable best efforts to cause the Investor
Designee to be elected to the Board (including recommending that the Company&#8217;s stockholders vote in favor of the election of the
Investor Designee).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>C/M Waiver and Leak-Out Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2025, we entered into a waiver
and leak-out agreement (the &#8220;<FONT STYLE="text-decoration: underline">Waiver and Leak-out Agreement&#8221;</FONT>) with each of C/M Capital Master Fund, LP and WVP Emerging
Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, &#8220;<FONT STYLE="text-decoration: underline">C/M</FONT>&#8221;) in connection with our Series
B Convertible Preferred Stock, $0.01 par value (&#8220;<FONT STYLE="text-decoration: underline">Series B Stock</FONT>&#8221;), pursuant to which C/M agreed to (i) the termination,
waiver or amendment of all covenants and provisions to forgo all of C/M&#8217;s rights under the Common Stock Purchase Warrant (the &#8220;<FONT STYLE="text-decoration: underline">Warrant</FONT>&#8221;),
the Preferred Stock Purchase Agreement and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the
Company and C/M, including a general release from any liability for prior non-performance, and (ii) provide conversion notices and such
other documentation reasonably requested by the Company in order to complete the conversion of all of C/M&#8217;s Series B Stock into
shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with the Waiver and Leak-out Agreement,
the Company granted C/M the right to purchase up to $33,000,000 worth of shares of Common Stock at a purchase price per share equal to
the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement, on behalf of C/M as a selling
stockholder, all shares of Common Stock previously underlying the Series B Stock and Warrant held by C/M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>ELOC Termination</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As previously disclosed, on May 16, 2025, we entered
into a securities purchase agreement (the &#8220;<FONT STYLE="text-decoration: underline">ELOC&#160;Agreement&#8221;</FONT>) with C/M. Pursuant to the&#160;ELOC&#160;Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company&#8217;s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company&#8217;s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Asset Management Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, we entered into an asset
management agreement (the &#8220;<FONT STYLE="text-decoration: underline">Asset Management Agreement</FONT>&#8221;) with Galaxy Digital Capital Management LP, an SEC-registered
investment adviser (the &#8220;<FONT STYLE="text-decoration: underline">Asset Manager</FONT>&#8221;), pursuant to which we appointed the Asset Manager to provide discretionary
investment management services with respect to all of our (whether held directly by us or indirectly by a subsidiary or affiliate) cash,
cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly-traded equities acquired pursuant to
mergers, acquisitions, combinations or other similar transactions pursuant to which we acquire or otherwise combine or merge with another
publicly-traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt
instruments). Title to the account and all account assets will be held in our name. The Asset Manager is not authorized to act as custodian
of our assets, nor to take possession or title to any assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<DIV STYLE="border: Black 1pt solid; margin: 0.1in; padding: 0.1in">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As compensation for the Asset Manager&#8217;s
services, we will pay management fees according to a fee schedule set forth in the Asset Management Agreement. In addition, the Asset
Manager is authorized to appoint an affiliate to stake some or all of the SOL purchased for, maintained in the account, or otherwise owned
or controlled by the Company. Such Asset Manager affiliate will be entitled to mutually agreed upon staking-based fees, subject to certain
parameters according to a schedule set forth in the Asset Management Agreement. The Asset Manager is otherwise responsible for all of
its overhead costs and the custody fees of any custodian selected by the Asset Manager, and the Company will pay or reimburse the Asset
Manager for all reasonable and documented expenses related to the operation of the account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Asset Management Agreement has an initial
term of three years and renews for successive one-year renewal periods unless the Company or the Asset Manager terminates or elects not
to continue effectiveness of the Asset Management Agreement. The Asset Management Agreement may be terminated by either party without
cause after the initial term or any subsequent renewal period upon ninety (90) days&#8217; notice prior to the expiration of such term.
In addition, at any time, the Asset Management Agreement may be terminated either for cause or upon certain acts of insolvency, each as
described therein. While the Asset Manager is the exclusive asset manager for the Company, the Asset Manager may nonetheless provide similar
services to other clients, and the Asset Manager or its affiliates may engage in transactions for their own accounts. The Asset Management
Agreement contains customary representations, warranties, confidentiality, indemnification and limitation of liability provisions, and
is governed by the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Services Agreement</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, we entered into a services
agreement (the &#8220;<FONT STYLE="text-decoration: underline">Services Agreement</FONT>&#8221;) with Galaxy, pursuant to which we engaged Galaxy to provide us with certain operational,
financial and human resources services to assist us with the inception of our new digital assets treasury business. Galaxy will not be
providing any (i) tax advice or services, (ii) legal advice or services, or (iii) advice in connection with the Investment Company Act
of 1940, as amended (the &#8220;Investment Company Act&#8221;), or any related analyses thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As compensation for its services, we will pay
Galaxy fees as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be extended for
one additional six (6) month period if mutually agreed in writing by the parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except in cases of willful misconduct, gross negligence
or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors and agents shall have
any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result of any act or omission
by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Conversion of Shares</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, Forward Industries (Asia-Pacific)
Corporation (&#8220;<FONT STYLE="text-decoration: underline">FC</FONT>&#8221;) converted 4,315 shares of Series A-1 Preferred Stock (&#8220;<FONT STYLE="text-decoration: underline">Series A-1</FONT>&#8221;) (Stated Value
of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a conversion price
of $7.50 per share) of the Company. Following FC&#8217;s conversion, no Series A-1 remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, WVP Emerging Manager Onshore
Fund, LLC &#8212; Structured Small Cap Lending Series (&#8220;<FONT STYLE="text-decoration: underline">WVP</FONT>&#8221;) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (&#8220;<FONT STYLE="text-decoration: underline">Series B</FONT>&#8221;) (Stated Value of $400,000) in accordance with the terms of the Series B and was
issued 91,506 shares of Common Stock (based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted
600,000 shares of Series B (Stated Value of $600,000) in accordance with the terms of the Series B and issued 137,259 shares of Common
Stock (based on a conversion price of $4.50 per share) of the Company. Following WVP&#8217;s and C/M&#8217;s conversion of their Series
B, no Series B remain outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Appointments</I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2025, the Board appointed: (i)
Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_007"></FONT>THE OFFERING</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD>&#160;</TD>
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  <TR>
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    <TD>&#160;</TD>
    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">Shares of our Common Stock having an aggregate gross sales price of up to $4 billion.</TD></TR>
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    sale of 102,564,103 shares of our Common Stock, in this offering assuming the sale of $4 billion shares of our Common Stock in this
    offering at an assumed offering price of $39.00 per share, which was the last reported sale price of our Common Stock on the Nasdaq
    on September 15, 2025. The actual number of shares of our Common Stock issued will vary depending on how many shares of our Common
    Stock we choose to sell and the sale prices at which such sales occur.</TD></TR>
  <TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">Sales of our Common Stock, if any, will be made from time
    to time in sales deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415 promulgated under the Securities
    Act to or through Cantor, acting as principal and/or sales agent. Cantor will use commercially reasonable efforts to sell on our
    behalf all of the Common Stock requested to be sold by us, consistent with its normal trading and sales practices. See &#8220;<A HREF="#b_011">Plan of Distribution</A>&#8221; beginning on page 29 of this prospectus.</TD></TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">We may use the net proceeds from the sale of shares of our
    Common Stock, if any, for general corporate purposes, which include, among other things: debt repayment, repurchases of shares of
    our Common Stock; working capital; and/or capital expenditures. We may also use such proceeds to fund acquisitions of businesses,
    assets or technologies that complement our current business. Our management will retain broad discretion over the allocation of the
    net proceeds from the sale of the shares of our Common Stock offered by this prospectus. See &#8220;<A HREF="#b_009">Use of Proceeds</A>&#8221; beginning
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  <TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">See the section titled &#8220;<A HREF="#b_008">Risk Factors</A>&#8221; beginning
    on page 14 of this prospectus and in the documents incorporated herein by reference for a discussion of certain factors you
    should carefully consider before deciding to invest in shares of our Common Stock.</TD></TR>
  <TR>
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    <TD STYLE="vertical-align: bottom; font-size: 10pt; text-align: justify">Our Common Stock is listed on the Nasdaq under the symbol &#8220;FORD.&#8221;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of shares of our Common Stock expected
to be outstanding immediately after this offering is based on 85,067,662 shares of our Common Stock outstanding as of September 16, 2025,
and unless otherwise indicated, excludes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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an exercise price of $0.00001 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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Investor Warrants with an exercise price of $0.01 per share;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_008"></FONT>RISK FACTORS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">Investing in our Common
Stock involves risks. Before purchasing any shares of our Common Stock, you should carefully consider the risks described below and discussed
under the section captioned &#8220;Risk Factors&#8221; in our Annual Report on Form&#160;10-K for the year ended September 30, 2024 filed
with the SEC on December 27, 2024, as well as any amendment, supplement or update to the risk factors reflected in subsequent filings
with the SEC, which are incorporated by reference into this prospectus, and all of the other information contained in this prospectus
and incorporated by reference into this prospectus and in any related free writing prospectus that we have authorized for use in connection
with this offering. These risks and uncertainties are not the only ones facing us. Additional risks and uncertainties that we are unaware
of, or that we currently deem immaterial, also may become important factors that affect us. If any of such risks or the risks described
below or in our SEC filings occur, our business, financial condition, results of operations or prospects could be materially and adversely
affected. In that case, the trading price of our Common Stock could decline, and you may lose some or all of your investment.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to this Offering and our Common
Stock </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The price of our Common Stock has and may
continue to fluctuate significantly, and this may make it difficult for you to resell shares of Common Stock owned by you at times or
at prices you find attractive.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The trading price of our Common Stock has fluctuated
widely and may continue to fluctuate widely as a result of a number of factors, many of which are outside our control. Since May 1, 2025,
our Common Stock has traded at prices as low as $5.69 per share and as high as $39.00 per share. This volatility may affect the price
at which you could sell the shares of our Common Stock, and the sale of substantial amounts of our Common Stock could adversely affect
the price of our Common Stock. Our stock price is likely to continue to be volatile and subject to significant price and volume fluctuations
in response to market and other factors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result, you may not be able to sell your
shares of Common Stock at or above the price at which you purchase them. In addition, the stock market in general, and Nasdaq and the
stock of digital asset and blockchain technology companies in particular, have experienced extreme price and volume fluctuations that
have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively
affect the market price of our Common Stock, regardless of our actual operating performance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Management will have broad discretion as
to the allocation of the net proceeds from the sale of the shares of our Common Stock offered by this prospectus, and we may not use the
net proceeds effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our management will have broad discretion in the
use of the net proceeds we receive from this offering, including for any of the purposes described in the section titled &#8220;Use of
Proceeds,&#8221; and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being
used in a manner you may deem appropriate. You must rely on the judgment of our management regarding the use of the net proceeds of this
offering. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate
use may vary substantially from their currently intended use. In addition, our management could use the proceeds in ways that do not improve
our business or results of operations or enhance the value of our Common Stock, which could have a material adverse effect on our business
and cause the price of our Common Stock to decline. See &#8220;Use of Proceeds.&#8221;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you purchase shares of Common Stock in
this offering, you will suffer an immediate and substantial dilution of&#160;your investment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The price per share of our Common Stock in this
offering may exceed the net tangible book value per share of our Common Stock outstanding prior to this offering. Therefore, if you purchase
shares of our Common Stock in this offering, you may pay a price per share that substantially exceeds our net tangible book value per
share after this offering. The exercise of outstanding stock options and warrants may result in further dilution
of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may experience future dilution as a
result of future equity offerings.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to raise additional capital, we may in
the future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock at prices
that may not be the same as the price per share of our Common Stock in this offering. We may sell shares of our Common Stock or other
securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors
purchasing shares of our Common Stock or other securities in the future could have rights superior to existing stockholders. The price
per share at which we sell additional shares of our Common Stock, or securities convertible into or exchangeable for our Common Stock,
in future transactions may be higher or lower than the price per share paid by investors in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the sale of shares our Common Stock
in this offering and any future sales of a substantial number of shares of our Common Stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our Common Stock. We cannot predict the effect, if any, that market sales of
those shares of our Common Stock, or the perception that those shares may be sold, will have on the market price of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We plan to sell shares of our Common Stock
in &#8220;at the market offerings,&#8221; and investors who purchase shares of our Common Stock at different times will likely pay different
prices.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Investors who purchase shares of our Common Stock
in this offering at different times will likely pay different prices and may experience different outcomes in their investment results.
We will have discretion, subject to the effect of market conditions, to vary the timing, prices and numbers of shares of our Common Stock
sold in this offering. Investors may experience a decline in the value of their shares of our Common Stock. Many factors could have an
impact on the market price of our Common Stock, including the factors described above and those disclosed under &#8220;Risk Factors&#8221;
in our most recent Annual Reports on Form 10-K, as well as those which may be disclosed in our subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K, and in the other filings we make with the SEC.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The sale or availability for sale of a substantial
number of shares of our Common Stock could adversely affect the market price of such shares.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales of a substantial number of shares of our
Common Stock in the public market, or the perception or indication that these sales could occur, could adversely affect the market price
of such shares and could materially impair our ability to raise capital through equity offerings in the future or cause the trading price
of our Common Stock to decline. We are unable to predict what effect, if any, sales of securities in this offering or by our significant
stockholders, directors or officers will have on the market price of our Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The actual number of shares we will issue
under the Sales Agreement, at any one time or in total, is uncertain.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to certain limitations in the Sales Agreement
and compliance with applicable law, we have the discretion to deliver instructions to Cantor to sell shares of our Common Stock at any
time throughout the term 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We do not expect to pay dividends in the
foreseeable future.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Company&#8217;s Business
and Solana Strategy and Holdings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 a result of shifts in market sentiment, speculative trading, macroeconomic
trends, technology-related disruptions and regulatory announcements. In addition, digital assets do not pay interest or other returns,
unless utilized in staking or financial applications, and so the ability to generate a return on investment from the net proceeds of any
capital raisings will principally depend on whether there is appreciation in the value of digital assets following our purchases of digital
assets with the net proceeds from such capital raisings. Future fluctuations in digital asset trading prices may result in our converting
digital assets into cash with a value substantially below what we paid for such digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We intend to adopt a digital asset treasury
strategy with a focus on SOL, and we may be unable to successfully implement this new strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We intend to adopt a digital asset treasury primarily
dedicated to SOL, including potential acquisitions SOL, including through staking and other decentralized finance activities. There is
no assurance that we will be able to successfully implement this new strategy or operate Solana-related activities at the scale or profitability
currently anticipated. Solana operates with a proof-of-stake combined with proof-of-history consensus mechanism, which differs significantly
from bitcoin&#8217;s proof-of-work mining mechanism. This strategic shift requires specialized employee skillsets and operational, technical
and compliance infrastructure to support SOL and related staking activities. This also requires that we implement different security protocols
and treasury management practices. Further, there is ongoing scrutiny and limited formal guidance from regulatory agencies, including
Nasdaq and the SEC, with respect to the treatment of public company cryptocurrency strategies. There is no assurance that we will be able
to execute this strategy by building out the needed infrastructure within the timeframe that we currently anticipate. Errors by key management
could result in significant loss of funds and reduced rewards. As a result, our shift towards SOL could have a material adverse effect
on our business and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our shift towards a Solana-focused strategy
requires substantial changes in our day-to-day operations and exposes us to significant operational risks.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our shift towards a SOL treasury-focused strategy,
including staking, liquid staking, and other decentralized finance activities, exposes us to significant operational risks. To participate
in Solana&#8217;s Proof-of-Stake consensus mechanism, we must either operate or delegate to validator nodes, and such validator nodes
must keep software updated, maintain validator uptime and employ secure key management. In addition, the Solana ecosystem rapidly evolves,
with frequent upgrades and protocol changes that may require significant adjustments to our operational setup if we are operating a validator
node. The upgrades and protocol changes may require that we incur unanticipated costs and could cause temporary service disruptions to
the Solana network. We may also need to employ third-party service providers in our operations, which may introduce risks outside of our
control, including significant cybersecurity risks. Any of these operational risks could materially and adversely affect our ability to
execute our SOL treasury strategy and may prevent us from realizing positive returns and could severely hurt our financial condition.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The concentration of our SOL holdings enhances
the risks inherent in our Solana-focused strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have and intend to purchase SOL and increase our
overall holdings of SOL in the future. The intended concentration of our SOL holdings limits the risk mitigation that we could achieve
if we were to purchase a more diversified portfolio of treasury assets, and the absence of diversification enhances the risks inherent
in our Solana-focused strategy. The price of SOL experienced a significant decline in 2022, and any similar future significant declines
in the price of SOL could have a more pronounced impact on our financial condition than if we used our cash to purchase a more diverse
portfolio of assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana is created and transmitted through the
operations of the peer-to-peer Solana network, a decentralized network of computers running software following the Solana protocol. If
the Solana network is disrupted or encounters any unanticipated difficulties, the value of SOL could be negatively impacted.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Solana network is disrupted or encounters
any unanticipated difficulties, then the processing of transactions on the Solana network may be disrupted, which in turn may prevent
us from depositing or withdrawing SOL from our accounts with our custodian or otherwise affecting SOL transactions. Such disruptions
could include, for example: the insolvency, business failure, interruption, default, failure to perform, security breach, or other problems
of participants, custodians, or others; the closing of SOL trading platforms due to fraud, failures, security breaches or otherwise;
or network outages or congestion, power outages, or other problems or disruptions affecting the Solana network. In 2021 and 2022, the
Solana network experienced performance degradation including liveness disruptions due to network congestion; although the Solana network
has been upgraded to address those congestion issues, there is no assurance that future issues may not arise. The implementation of material
network upgrades, such as the proposed Alpenglow consensus upgrade or the continued integration of the Firedancer validator client, could
result in future degradation of performance. Any disruption of the Solana network could materially impact the operation of decentralized
finance on the network, resulting in the inability of the Company to transfer or sell SOL, and the price of SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>SOL and other digital assets are novel assets,
and are subject to significant legal, commercial, regulatory and technical uncertainty, which could materially adversely affect the Company&#8217;s
financial position, operations and prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SOL and other digital assets, as well as applications
on blockchain networks such as Solana, are relatively novel and are subject to significant uncertainty, which could adversely impact their
price. The application of state and federal securities laws and other laws and regulations to digital assets and blockchain-based applications
is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing
laws and regulations in a manner that adversely affects the price of SOL or other digital assets, or the ability of blockchain-based applications
to operate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal government, states, regulatory agencies,
and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that
could materially impact the price of SOL or the ability of individuals or institutions such as us to own or transfer SOL and utilize blockchain-based
applications on networks such as Solana. For example, the U.S. executive branch, the SEC, the European Union&#8217;s Markets in Crypto
Assets Regulation, among others, have been active in recent years, and in the United Kingdom, the Financial Services and Markets Act 2023
became law. It is not possible to predict whether, or when, any of these developments will lead to Congress granting additional authorities
to the SEC, Commodity Futures Trading Commission (&#8220;<FONT STYLE="text-decoration: underline">CFTC</FONT>&#8221;), or other regulators, or whether, or when, any other federal,
state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional
authorities, how additional legislation or regulatory oversight might impact the ability of digital asset markets to function or the willingness
of financial and other institutions to continue to provide services to the digital assets industry, nor how any new regulations or changes
to existing regulations might impact the value of digital assets generally and SOL specifically. The consequences of increased regulation
of digital assets and digital asset activities could adversely affect the market price of SOL and in turn adversely affect the market
price of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Moreover, the risks of engaging in a digital asset
treasury strategy are relatively novel and have created, and could continue to create complications due to the lack of experience that
third parties have with companies engaging in such a strategy, such as increased costs of director and officer liability insurance or
the potential inability to obtain such coverage on acceptable terms in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The growth of the digital assets industry in general,
and the use and acceptance of SOL in particular, may also impact the price of SOL and is subject to a high degree of uncertainty. The
pace of worldwide growth in the adoption and use of the Solana network and SOL may depend, for instance, on public familiarity with digital
assets, ease of buying, accessing or gaining exposure to SOL, institutional demand for SOL as an investment asset, the participation of
traditional financial institutions in the digital assets industry, consumer demand for SOL as a means of payment, and the availability
and popularity of alternatives to SOL. Even if growth in SOL adoption occurs in the near or medium term, there is no assurance that SOL
and Solana network usage will continue to grow over the long term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Because SOL have no physical existence beyond the
record of transactions on the Solana blockchain, a variety of technical factors related to the Solana blockchain could also impact the
price of SOL. For example, malicious attacks by validators, inadequate validation and staking rewards to incentivize validating of Solana
transactions, hard &#8220;forks&#8221; of the Solana blockchain into multiple blockchains, difficulties with upgrades to the Solana network
(such as the proposed Alpenglow consensus upgrade or integration of the Firedancer validator client) and advances in digital computing,
algebraic geometry, and quantum computing could undercut the integrity of the Solana blockchain and negatively affect the price of SOL.
The liquidity of SOL may also be reduced and damage to the public perception of Solana may occur, if financial institutions were to deny
or limit banking services to businesses that hold SOL, provide Solana-related services or accept SOL as payment, which could also decrease
the price of SOL. Similarly, the open-source nature of the Solana blockchain means the contributors and developers of the Solana blockchain
are generally not directly compensated for their contributions in maintaining and developing the blockchain, and any failure to properly
monitor and upgrade the Solana blockchain could adversely affect the Solana blockchain and negatively affect the price of SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The liquidity of SOL may also be impacted to the
extent that changes in applicable laws and regulatory requirements negatively impact the ability of exchanges and trading venues to provide
services for SOL and other digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In connection with our SOL treasury strategy,
we expect to interact with various smart contracts deployed on the Solana network, which may expose us to risks and technical vulnerabilities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with our SOL treasury strategy, including
staking, liquid staking, and other decentralized finance activities, we expect to interact with various smart contracts deployed on the
Solana network in order to optimize our strategy and generate income. Smart contracts are self-executing code that operate without human
intervention once deployed. Although smart contracts are integral to the functionality of staking deposit contracts, liquid staking protocols,
and decentralized finance applications, they are subject to many known risks such as technical vulnerabilities, coding errors, security
flaws, and exploits. Any vulnerability in a smart contract we interact with could result in the loss or theft of SOL or other digital
assets, which could have a materially adverse impact on our business. In addition, certain smart contracts are upgradable or subject to
certain governance controls which could result in unforeseen code errors, asset or account freezing, or the loss of digital assets. A
vulnerability in a smart contract could create an unintended and unforeseeable consequence that has adverse financial consequences, such
as the loss of or inability to access funds. There is no assurance that the smart contracts we integrate with or rely upon will function
as intended or remain secure. Exploitation of such vulnerabilities could have a material adverse effect on our business and financial
condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>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.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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&#8217;s time and energy, as well as decreases in the amount of expected revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Certain of the Sponsors and their affiliates
have been, and may continue to be, the subjects of legal and regulatory proceedings and investigations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain of the Sponsors and their affiliates have
been, and may continue to be, the subjects of legal and regulatory proceedings and investigations. For example, Galaxy Digital Inc. agreed
to pay $200 million as part of an agreement with the New York Attorney General to resolve civil claims related to certain investments,
trading, and public statements made in connection with the LUNA digital asset from late 2020 to 2022. Separately, Multicoin Capital Management,
LLC and its managing partner Kyle Samani have been named as co-defendants along with Solana Labs in a putative class-action litigation
related to the promotion and sale of SOL for which a motion to dismiss is pending. Certain of these matters have involved, among other
things, allegations of improper marketing practices and misrepresentations, as well as unregistered securities offerings with respect
to SOL and other digital assets. Any adverse outcome in these proceedings or other future litigation or regulatory inquiries could negatively
affect public perception of the Sponsors, the Company, and Solana itself, which could constrain trading activity and suppress the price
and liquidity of SOL. Any such development could materially and adversely affect the value of our digital asset treasury, the market price
of our stock and our ability to execute on our digital asset treasury strategy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in regulatory interpretations could
require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The regulatory regime for digital assets in the U.S.
and elsewhere is uncertain. The Company may be unable to effectively react to proposed legislation and regulation of digital assets, which
could adversely affect its business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If regulatory changes or interpretations require
us to register as a money services business with The Financial Crimes Enforcement Network (FinCEN) under the U.S. Bank Secrecy Act, or
as a money transmitter under state laws, we may be subject to extensive regulatory requirements, resulting in significant compliance costs
and operational burdens. In such a case, we may incur extraordinary expenses to meet these requirements or, alternatively, may determine
that continued operations are not viable. If we decide to cease certain operations in response to new regulatory obligations, such actions
could occur at a time that is unfavorable to investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Multiple states have implemented or proposed regulatory
frameworks for digital asset businesses. Compliance with such state-specific regulations may increase costs or impact our business operations.
Further, if we or our service providers are unable to comply with evolving federal or state regulations, we may be forced to dissolve
or liquidate certain operations, which could materially impact our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If any of the digital assets that we hold are
classified as a security, we may be subject to extensive regulation, which could result in significant costs or force us to cease operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Regulatory changes or interpretations that classify
digital assets that we hold as a security under the Securities Act of 1933, as amended, or the Investment Company Act, could require us
to register and comply with additional regulations. Compliance with these requirements could impose extraordinary, non-recurring expenses
on our business. If the costs and regulatory burdens become too great, we may be forced to modify or cease certain operations, which could
be detrimental to our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The SEC has previously indicated that certain digital
assets may be considered securities depending on their structure and use. Future developments could change the legal status of digital
assets that we may hold, requiring us to comply with securities laws. If we fail to do so, we may be forced to discontinue some or all
of our business activities, negatively impacting investments in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the SEC or other regulators determine that digital
assets that we may hold qualify as securities, we may be required to change our operations, wind down our operations, or register as an
investment company under the Investment Company Act. This classification would subject us to additional periodic reporting, disclosure
requirements, and regulatory compliance obligations, significantly increasing our operational costs. Compliance with the requirements
of the Investment Company Act applicable to registered investment companies may make it difficult for us to continue our current operations,
and this would materially and adversely affect our business, financial condition and results of operations. In addition, if SOL or another
digital asset we hold were determined to constitute a security for purposes of the federal securities laws, we would likely take steps
to reduce the percentage of SOL or such other digital assets that constitute investment assets under the Investment Company Act. These
steps may include, among others, selling SOL that we might otherwise hold for the long term and deploying our cash in non-investment assets,
and we may be forced to sell our SOL or other digital assets at unattractive prices, or cease our operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we do not currently engage in investing,
reinvesting, or trading securities, and we do not hold ourselves out as an investment company, we could inadvertently be deemed one under
the Investment Company Act. If we are unable to rely on an exclusion, we would be required to register with the SEC, which could impose
additional financial and regulatory burdens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, state regulators may conclude that the digital
assets we hold are securities under state laws, requiring us to comply with state-specific securities regulations. States like California
have stricter definitions of &#8220;investment contracts&#8221; than the SEC, increasing the risk of additional regulatory scrutiny.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The classification of digital assets that we
hold as a commodity could subject us to additional CFTC regulation, resulting in significant compliance costs or the cessation of certain
operations.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under current interpretations, SOL are classified
as a commodity under the Commodity Exchange Act and are subject to regulation by the CFTC. If our activities require CFTC registration,
we may be required to comply with extensive regulatory obligations, which could result in significant costs and operational disruptions.
Additionally, current and future legislative or regulatory developments, including new CFTC interpretations, could further impact how
SOL and SOL derivatives are classified and traded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If SOL are further regulated as a commodity, we may
be required to register as a commodity pool operator and register the Company as a commodity pool with the CFTC through the National Futures
Association. Compliance with these additional regulatory requirements could result in substantial, non-recurring expenses, adversely affecting
an investment in our securities. If we determine not to comply with such regulations, we may be forced to cease certain operations, which
could negatively impact our investors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are not subject to legal and regulatory
obligations that apply to investment companies such as mutual funds and exchange-traded funds, or to obligations applicable to investment
advisers.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mutual funds, exchange-traded funds (ETFs) and their
management are subject to extensive regulation as &#8220;investment companies&#8221; and &#8220;investment advisers&#8221; under U.S.
federal and state law; this regulation is intended for the benefit and protection of investors. We are not subject to, and do not otherwise
voluntarily comply with, these laws and regulations. This means, among other things, that the execution of our changes to our digital
asset strategy, our use of leverage, our ability to engage in transactions with affiliated parties and our operating and investment activities
generally are not subject to the extensive legal and regulatory requirements and prohibitions that apply to investment companies and investment
advisers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Due to the unregulated nature and lack of transparency
surrounding the operations of many digital asset trading venues, digital asset trading venues experience greater risk of fraud, market
manipulation and other deceptive marketing practices, as well as security failures or regulatory or operational problems than trading
venues for more established asset classes, which may result in a loss of confidence in digital asset trading venues and adversely affect
the value of digital assets, and the Company&#8217;s financial position, operations and prospects.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital asset trading venues are relatively new and,
in many cases, unregulated. Furthermore, there are many digital asset trading venues that do not provide the public with significant information
regarding their ownership structure, management teams, corporate practices and regulatory compliance. As a result, the marketplace may
lose confidence in digital asset trading venues, including prominent exchanges that handle a significant volume of such trading and/or
are subject to regulatory oversight, in the event one or more digital asset trading venues cease or pause for a prolonged period the trading
of digital assets, or experience fraud, significant volumes of withdrawal, security failures or operational problems.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Negative perception, a lack of stability in the broader
digital asset markets and the closure, temporary shutdown or operational disruption of digital asset trading venues, lending institutions,
institutional investors, institutional miners, custodians, or other major participants in the digital asset ecosystem, due to fraud, business
failure, cybersecurity events, government-mandated regulation, bankruptcy, or for any other reason, may result in a decline in confidence
in digital assets and the broader digital asset ecosystem and greater volatility in the price of digital assets. The price of our listed
securities may be affected by the value of our future digital asset holdings, and the failure of a major participant in the ecosystem
could have a material adverse effect on the market price of our listed securities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our historical financial statements do not
reflect the potential variability in earnings that we may experience in the future relating to our proposed holdings of digital assets.
Accordingly, it may be difficult to evaluate the Company&#8217;s business and future prospects, and the Company may not be able to achieve
or maintain profitability in any given period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our historical financial statements do not reflect
the potential variability in earnings that we may experience in the future from holding or selling digital assets. The price of digital
assets generally has historically been subject to dramatic price fluctuations and is highly volatile. We will need to perform an analysis
each quarter to identify whether events or changes in circumstances indicate that our digital assets are impaired. As a result, volatility
in our earnings may be significantly more than what we experienced in prior periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Digital asset holdings are less liquid than
cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Historically, the digital asset market has been characterized
by significant volatility in price, limited liquidity and trading volumes compared to sovereign currencies markets, concerns regarding
pseudonymity of digital asset addresses, a developing regulatory landscape, potential susceptibility to market abuse and manipulation,
compliance and internal control failures at exchanges, and various other risks inherent in its entirely electronic, virtual form and decentralized
network. During times of market instability, we may not be able to sell our digital assets at favorable prices or at all. As a result,
digital asset holdings may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents. Further,
digital assets we hold with our custodians and transact with our trade execution partners do not enjoy the same protections or insurance
as are available to cash or securities deposited with or transacted by institutions subject to regulation by the Federal Deposit Insurance
Corporation or the Securities Investor Protection Corporation. Additionally, we may be unable to enter into term loans or other capital
raising transactions collateralized by our unencumbered digital assets or otherwise generate funds using our digital asset holdings, including
in particular during times of market instability or when the price of digital assets has declined significantly. If we are unable to sell
our digital assets, enter into additional capital raising transactions, including capital raising transactions using SOL as collateral,
or otherwise generate funds using our SOL holdings, or if we are forced to sell our digital assets at a significant loss, in order to
meet our working capital requirements, our business and financial condition could be negatively impacted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The availability of spot ETPs for SOL and other
digital assets may adversely affect the market price of our listed securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although bitcoin, SOL and other digital assets have
experienced a surge of investor attention since bitcoin was developed in 2008, until recently investors in the United States had limited
means to gain direct exposure to SOL through traditional investment channels, and instead generally were only able to hold SOL through
&#8220;hosted&#8221; wallets provided by digital asset service providers or through &#8220;unhosted&#8221; wallets that expose the investor
to risks associated with loss or hacking of their private keys. Given the relative novelty of digital assets, general lack of familiarity
with the processes needed to hold SOL directly, as well as the potential reluctance of financial planners and advisers to recommend direct
SOL holdings to their retail customers because of the manner in which such holdings are custodied, some investors have sought exposure
to bitcoin, SOL and other digital assets through investment vehicles that hold bitcoin, SOL and other digital assets and issue shares
representing fractional undivided interests in their underlying digital asset holdings. These vehicles, which were previously offered
only to &#8220;accredited investors&#8221; on a private placement basis, have in the past traded at substantial premiums (and sometimes
discounts) to net asset value, possibly due to the relative scarcity of traditional investment vehicles providing investment exposure
to digital assets.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 10, 2024, the SEC approved the listing
and trading of spot bitcoin exchange-traded products (&#8220;<FONT STYLE="text-decoration: underline">ETPs</FONT>&#8221;), the shares of which can be sold in public offerings
and are traded on U.S. national securities exchanges. The approved ETPs commenced trading directly to the public on January 11, 2024,
with a trading volume of $4.6 billion on the first trading day. The SEC has not yet approved the listing of spot SOL ETPs, but is expected
to consider such applications by October 2025. To the extent investors view our common stock as providing exposure to SOL, it is possible
that the value of our common stock may also include a premium over the value of our SOL due to the prior scarcity of traditional investment
vehicles providing investment exposure to SOL and other digital assets, and that the value of our common stock may decline due to investors
having a greater range of options to gain exposure to SOL if SOL ETPs are approved and investors choosing to gain such exposure through
ETPs rather than our common stock. The listing and trading of spot ETPs for SOL or other digital assets offers investors another alternative
to gain exposure to digital assets, which could result in a decline in the trading price of SOL as well as a decline in the value of our
common stock relative to the value of our SOL.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are an operating company, and we believe
we offer a different value proposition than a SOL investment vehicle such as a spot SOL ETP, investors may nevertheless view our common
stock as an alternative to an investment in an ETP and choose to purchase shares of a spot SOL ETP instead of our common stock. They may
do so for a variety of reasons, including if they believe that ETPs offer a &#8220;pure play&#8221; exposure to SOL that is generally
not subject to federal income tax at the entity level as we are, or the other risk factors applicable to an operating business, such as
ours. Additionally, unlike spot SOL ETPs, we (i) do not seek for our shares of common stock to track the value of the underlying SOL we
hold before payment of expenses and liabilities, (ii) do not benefit from various exemptions and relief under the Securities Exchange
Act of 1934, as amended, including Regulation M, and other securities laws, which enable ETPs to continuously align the value of their
shares to the price of the underlying assets they hold through share creation and redemption, (iii) are a Delaware corporation rather
than a statutory trust, and do not operate pursuant to a trust agreement that would require us to pursue one or more stated investment
objectives, and (iv) are not required to provide daily transparency as to our SOL holdings or our daily net asset value. Furthermore,
recommendations by broker-dealers to buy, hold, or sell complex products and non-traditional ETPs, or an investment strategy involving
such products, may be subject to additional or heightened scrutiny that would not be applicable to broker-dealers making recommendations
with respect to our common stock. Based on how we are viewed in the market relative to ETPs, and other vehicles which offer economic exposure
to SOL, such as SOL futures exchange-traded funds (&#8220;ETFs&#8221;), leveraged SOL futures ETFs, and similar vehicles offered on international
exchanges, any premium or discount in our common stock relative to the value of our SOL holdings may increase or decrease in different
market conditions.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a result of the foregoing factors, the availability
of spot ETPs for bitcoin, SOL and other digital assets could have a material adverse effect on the market price of our listed securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Digital asset lending arrangements may expose
us to risks of borrower default, operational failures and cybersecurity threats</I></B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although we are not initially planning to lend SOL
to counterparties, from time to time, we may generate income through lending digital assets, which carries significant risks. The volatility
of such digital assets increases the likelihood that borrowers may default due to market downturns, liquidity crises, fraud or other financial
distress. These lending transactions may be unsecured and so may be subordinated to the secured debt of the borrower. If a borrower becomes
insolvent, we may be unable to recover the loaned SOL, leading to substantial financial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additionally, digital asset lending platforms are
vulnerable to operational and cybersecurity risks. Technical failures, software bugs or system outages could disrupt lending activities,
delay transactions or result in inaccurate record-keeping. Cybersecurity threats, including hacking, phishing and other malicious attacks,
pose further risks, potentially leading to the loss, theft or misappropriation of our loaned SOL. A successful cyberattack or security
breach could materially and adversely impact our financial position, reputation and ability to conduct future lending activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Decentralized finance arrangements may expose
us to risks of smart contract risk, operational failures and cybersecurity threats.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">From time to time, we may generate income through
the use of digital assets including SOL or stablecoins in decentralized protocols including decentralized finance (&#8220;DeFi&#8221;)
applications. DeFi applications include over-collateralized borrow-lend vaults, token-exchange pools, and other financial or commercial
arrangements. Although these protocols are largely designed to limit counterparty risk in transactions, they introduce novel risks relating
to software code bugs, liquidation risks, and governance risks that are designed to operate in decentralized environments but can be subject
to failures or exploits. In addition: (a) network congestion or downtime can increase the likelihood of asset loss or liquidation; (b)
the volatility of digital assets deployed into DeFi applications may increase the likelihood of liquidation due to market downturns, liquidity
crises, governance attacks or other exploits, leading to substantial financial losses; (c) the uncertainty in the accounting treatment
of certain DeFi applications; (d) DeFi applications generally operate on a user-to-protocol basis where a user of a DeFi application does
not know the identity of other parties utilizing the DeFi application; and (e) the use of monitoring and forensics software to mitigate
risks of engaging in DeFi application may not prevent engaging in DeFi pools that are also used by bad actors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The reliance on open-source code by digital
asset networks exposes us to risks related to competitive networks and products built on such code, the failure of individuals to maintain
that code, and discovery of security vulnerabilities that could threaten the ability of such networks to operate.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital asset networks are open-source projects and,
although there may be an influential group of leaders in the network community, generally there is no official developer or group of developers
that formally controls the digital asset network. Without guaranteed financial incentives, there may be insufficient resources to address
emerging issues, upgrade security or implement necessary improvements to the network in a timely manner. If the digital asset network&#8217;s
software is not properly maintained or developed, it could become vulnerable to security threats, operational inefficiencies and reduced
trust, all of which could negatively impact the digital assets&#8217; long-term viability and our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The lack of legal recourse and insurance for
digital assets increases the risk of total loss in the event of theft or destruction.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Digital assets that we acquire will not be insured
against theft, loss or destruction. If an event occurs where we lose our digital assets, whether due to cyberattacks, fraud or other malicious
activities, we may not have any viable legal recourse or ability to recover the lost assets. Unlike funds held in insured banking institutions,
our digital assets are not protected by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. If
our digital assets are lost under circumstances that render another party liable, there is no guarantee that the responsible party will
have the financial resources to compensate us. As a result, we and our stockholders could face significant financial losses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company will face risks relating to the
custody of its digital assets. If we or our third-party service providers experience a security breach or cyberattack and unauthorized
parties obtain access to our private keys, or if our private keys are lost or destroyed, or other similar circumstances or events occur,
we may lose some or all of our digital assets and our financial condition and results of operations could be materially adversely affected.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We expect our primary counterparty risk with respect
to our SOL will be custodian performance obligations under the custody arrangements we enter into. A series of recent high-profile bankruptcies,
closures, liquidations, regulatory enforcement actions and other events relating to companies operating in the digital asset industry,
the closure or liquidation of certain financial institutions that provided lending and other services to the digital assets industry,
SEC enforcement actions against other providers, or placement into receivership or civil fraud lawsuit against digital asset industry
participants have highlighted the perceived and actual counterparty risk applicable to digital asset ownership and trading. Legal precedent
created in these bankruptcies and other proceedings may increase the risk of future rulings adverse to our interests in the event one
or more of our custodians becomes a debtor in a bankruptcy case or is the subject of other liquidation, insolvency or similar proceedings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While our custodians will be subject to regulatory
regimes intended to protect customers in the event of a custodial bankruptcy, receivership or similar insolvency proceeding, no assurance
can be provided that our custodially held SOL will not become part of the custodian&#8217;s insolvency estate if one or more of our custodians
enters bankruptcy, receivership or similar insolvency proceedings. Additionally, if we pursue any strategies to create income streams
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We face risks relating to the use of third-party
trading platforms in connection with our Solana-focused strategy.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The irreversibility of digital asset transactions
exposes us to risks of theft, loss and human error, which could negatively impact our business.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To the extent we are unable to seek a corrective
transaction to identify the third party which has received our digital assets through error or theft, we will be unable to revert or otherwise
recover the impacted digital assets, and any such loss could adversely affect our business, results of operations and financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will be subject to significant competition
in the growing digital asset industry and the Company&#8217;s business, operating results, and financial condition may be adversely affected
if the Company is unable to compete effectively.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the launch of the Company&#8217;s proposed
digital asset treasury strategy, the Company will operate in a competitive environment and will compete against other companies and other
entities with similar strategies, including companies with significant holdings in SOL and other digital assets, and the Company&#8217;s
business, operating results, and financial condition may be adversely affected if the Company is unable to compete effectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana faces unique technical, governance and
concentration risks that could materially affect its long-term viability.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana is a high-throughput Layer 1 blockchain with
architectural features that differ significantly from other blockchains, such as Ethereum. While these features allow for rapid processing
of transactions, they introduce risks that could adversely impact the value of SOL and the stability of the Solana network. Historically,
Solana has suffered network outages, slow operations and validator coordination failures. If such challenges were to persist, the confidence
of the Solana development community and its users will be adversely affected, which could cause a rapid decline in the value of SOL. In
addition, Solana&#8217;s consensus mechanism (Proof of History combined with Proof of Stake) is novel and relatively untested at a large
scale over time. Structural flaws could emerge that require a fork, which may have an adverse impact on the Solana network and our holdings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana validators are relatively small in number,
compared to some other leading blockchains, which may lead to coordinated censorship.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana has fewer validators than certain other blockchains
but has a high Nakamoto coefficient, which refers to the minimum number of validators or node operators that need to cooperate to take
over a blockchain network. In contrast, Ethereum has a higher number of validators. In theory, a malicious actor might more easily be
able to gain control of a network with fewer validators. Such control of the network could allow a malicious actor to censor transactions,
reverse transactions (double-spending), or manipulate block validations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Solana is subject to technological obsolescence,
including competition from emerging blockchain and artificial intelligence protocols.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The digital asset ecosystem is characterized by rapid
technological innovation, short development cycles, and intense competition among blockchains and related infrastructure providers. Solana
faces intense competition among existing protocols, such as Aptos, Hyperliquid, Sei and Sui, the Ethereum Layer 2 blockchains such as
Base, and new entrants that are currently being developed. Competitors may in the future offer superior scalability, security, interoperability,
decentralization, programmability and adoption, and may attract developers away from the Solana ecosystem. Advancements in AI and blockchain
technology are likely to accelerate the development of such protocols, including the development of additional networks that natively
integrate AI into consensus mechanisms and other core features. If Solana is unable to evolve to address such increased competition or
if market participants believe that Solana&#8217;s core technology stack is outdated or less attractive compared with other blockchain
networks, Solana may be considered technologically obsolete by the next generation of protocols. The decline in the Solana network would
materially impact the market value of SOL and adversely affect the value of our SOL treasury holdings and our stock price.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Company may be subject to additional tax
liability if regulation or policy changes adversely affect the tax treatment of rewards from staking SOL.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The U.S. federal income tax treatment of rewards
from staking digital assets such as SOL or utilizing liquid staking tokens remains uncertain and is currently the subject of debate and
regulatory attention. Under current guidance by the Internal Revenue Service (&#8220;<FONT STYLE="text-decoration: underline">IRS</FONT>&#8221;), staking rewards and transaction
fees may be treated as ordinary income upon receipt, although additional guidance is expected pursuant to the President&#8217;s Working
Group July 2025 report &#8220;Strengthening American Leadership in Digital Financial Technology.&#8221; If regulation or policy changes,
or the interpretation or enforcement thereof, results in adverse tax treatment of rewards from staking SOL, we could be subject to increased
audits by the IRS and additional tax liabilities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The Solana blockchain experiences a high number
of &#8220;spam&#8221; transactions which can cause periods of congestion or outages or make it difficult for users to have their transactions
processed.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana&#8217;s high throughput and lower transaction
fees compared to other blockchains have made it an attractive target for large volumes of low-value or &#8220;spam&#8221; transactions,
which are often generated by automated bots or malicious actors seeking to exploit the network&#8217;s resources. These spam transactions
can congest the network, delay or prevent the processing of legitimate transactions, and in some cases, cause partial or complete performance
degradation for the blockchain. During periods of high congestion, users may experience significant delays, increased transaction fees,
or failed transactions, which can erode confidence in the network and reduce its utility for both users and developers. In addition, repeated
or prolonged network disruptions may discourage new projects from building on Solana, limit the adoption of decentralized applications,
and negatively impact the value of SOL. The Solana development team and community have implemented, and may in the future implement additional,
technical upgrades or other measures to address these issues, but there can be no assurance that such efforts will be successful or sufficient
to prevent future disruptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A high percentage of Solana validators rely
on software provided by Jito Labs, a third party unaffiliated with Solana Labs. If Jito Labs were to stop maintaining such software or
if such software failed to function properly, it could have an adverse effect on the Solana blockchain and value of SOL.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A significant portion of Solana validators utilize
software developed and maintained by Jito Labs, an independent third party that is not affiliated with Solana Labs or the Solana Foundation.
This reliance on third-party software introduces additional operational and security risks to the Solana network. If Jito Labs were to
discontinue support for its software, experience operational difficulties, or if the software were to contain critical bugs, vulnerabilities,
or backdoors, the performance and security of the Solana network could be compromised. For example, a failure or exploit in the Jito Labs
software could result in network instability, validator downtime or other adverse outcomes. The software offered by Jito Labs has also
reduced the impact of &#8220;spam&#8221; transactions on the Solana blockchain. If Jito Labs were to stop offering or supporting its software,
there could be a far greater impact of &#8220;spam&#8221; transactions on the Solana network which could congest the network, delay or
prevent the processing of legitimate transactions, and in some cases, cause partial or complete outages of the blockchain. Any such events
could materially and negatively affect the value of SOL, reduce confidence in the network, and impair the ability of the Company to realize
the expected benefits of its investment in SOL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>A cyberattack or other malicious attack on
the Solana blockchain could have a material impact on the value of SOL held by the Company.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Solana and other digital assets and the entities
that provide services to participants in blockchain ecosystems have been, and may in the future be, subject to security breaches, cyberattacks,
or other malicious activities. For example, in October 2021 it was reported that hackers exploited a flaw in the account recovery process
and stole from the accounts of at least 6,000 customers of the Coinbase exchange, although the flaw was subsequently fixed and Coinbase
reimbursed affected customers. Similarly, in November 2022, hackers exploited weaknesses in the security architecture of the FTX Trading
digital asset exchange and reportedly stole over $400 million in digital assets from customers. A successful security breach or cyberattack
could result in:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<TD STYLE="text-align: justify; width: 0.25in"><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">a partial or total loss of our digital assets in a manner that may not be covered by insurance or the liability
provisions of the custody agreements with the custodians who hold our digital assets;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"></P>

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<TD STYLE="text-align: justify; width: 0.25in"><TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD STYLE="text-align: justify">improper disclosure of data and violations of applicable data privacy and other laws; or</TD></TR></TABLE>

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and financial exposure.</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, any actual or perceived data security breach
or cybersecurity attack directed at other companies with digital assets or companies that operate digital asset networks, regardless of
whether we are directly impacted, could lead to a general loss of confidence in the broader Solana ecosystem or in the use of the Solana
network to conduct financial transactions, which could negatively impact us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Attacks upon systems across a variety of industries,
including industries related to Solana, are increasing in frequency, persistence, and sophistication, and, in many cases, are being conducted
by sophisticated, well organized groups and individuals, including state actors. The techniques used to obtain unauthorized, improper
or illegal access to systems and information (including personal data and digital assets), disable or degrade services, or sabotage systems
are constantly evolving, may be difficult to detect quickly, and often are not recognized or detected until after they have been launched
against a target. These attacks may occur on our systems or those of our third-party service providers or partners. We may experience
breaches of our security measures due to human error, malfeasance, insider threats, system errors or vulnerabilities or other irregularities.
In particular, we expect that unauthorized parties will attempt to gain access to our systems and facilities, as well as those of our
partners and third-party service providers, through various means, such as hacking, social engineering, phishing and fraud. Threats can
come from a variety of sources, including criminal hackers, hacktivists, state intrusions, industrial espionage, and insiders. In addition,
certain types of attacks could harm us even if our systems are left undisturbed. For example, certain threats are designed to remain dormant
or undetectable, sometimes for extended periods of time, or until launched against a target and we may not be able to implement adequate
preventative measures. Further, there has been an increase in such activities due to the increase in work arrangements. The risk of cyberattacks
could also be increased by cyberwarfare in connection with the ongoing Russia and Israel conflicts, or other future conflicts, including
potential proliferation of malware into systems unrelated to such conflicts. Any future breach of our operations or those of others in
the Solana industry, including third-party services on which we rely, could materially and adversely affect our financial condition and
results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The emergence or growth of other digital
assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions,
could have a negative impact on the price of SOL and adversely affect the Company&#8217;s securities.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Following the launch of the Company&#8217;s proposed
digital asset treasury strategy, as a result of our Solana strategy, we expect our assets to be concentrated in SOL holdings. Accordingly,
the emergence or growth of digital assets other than SOL, including those with significant private or public sector backing, including
by governments, consortiums or financial institutions, may have a material adverse effect on our financial condition. As of June 30, 2025,
Solana was the fifth largest digital asset by market capitalization, excluding stablecoins. However, there are numerous alternative digital
assets and many entities, including consortiums and financial institutions, are researching and investing resources into private or permissioned
blockchain platforms. If the mechanisms or network effects on alternative blockchain platforms are perceived as superior to the Solana
network, those digital assets could gain market share relative to Solana.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Many of the blockchain applications on large blockchain
networks involve the use of &#8220;stablecoins,&#8221; which are designed to maintain a constant price related to or based on some other
asset or traditional currency because of, for instance, their issuers&#8217; promise to hold high-quality liquid assets (such as U.S.
dollar deposits and short-term U.S. treasury securities) equal to the total value of stablecoins in circulation. In July 2025, the U.S.
President signed into law the &#8220;GENIUS Act,&#8221; which establishes a federal framework for &#8220;payment stablecoins,&#8221; treating
them as payment systems, not securities, and mandating fiat-backed reserves, monthly disclosures, anti-money laundering safeguards, and
similar measures. Stablecoins have grown rapidly as a medium of exchange and store of value, particularly on digital asset trading platforms,
and their use as an alternative to digital assets such as bitcoin and SOL could expand further as rules are promulgated under the GENIUS
Act. As of June 30, 2025, two of the seven largest digital assets by market capitalization were U.S. dollar-pegged stablecoins. Stablecoins
are an important aspect of blockchain networks such as Solana and if other blockchains are deemed more attractive than Solana for the
use of stablecoins, that may impact the usefulness of the Solana network and Solana-based blockchain applications, and therefore the value
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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asset treasury strategy will be impaired.</I></B></P>

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asset treasury strategy depends upon our ability to attract and retain highly qualified personnel, including our newly appointed Chairman,
Kyle Samani, members of our executive team, or other key personnel. In addition, we rely heavily on the services of our Asset Manager
for the management of our digital asset treasury and for strategic guidance relating to our business, operations, growth initiatives and
industry trends in the crypto technology sector. The loss of the services of any of our executive officers, key employees, or the Asset
Manager, or our inability to find suitable replacements, could result in significant disruptions to our operations and management of our
digital assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="text-transform: uppercase"><B>&#160;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_009"></FONT>USE OF PROCEEDS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may issue and sell from time to time shares
of our Common Stock having an aggregate gross sales price of up to $4 billion. Because there is no minimum offering amount required as
a condition to close this offering, the actual total public offering amount, commissions and proceeds to us, if any, are not determinable
at this time. There can be no assurance that we will sell any shares of our Common Stock under or fully utilize the Sales Agreement with
the Agent as a source of financing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may use the net proceeds, if any, from the
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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify">working capital;</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"><TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify">pursuit of our Solana strategy;</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We may also use such proceeds to fund acquisitions
of businesses, assets or technologies that complement our current business. We have not determined the specific amount of the net proceeds
to be used for such purposes. As a result, our management will retain broad discretion over the allocation of the net proceeds from the
sale of the shares of our Common Stock offered by this prospectus.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We do not expect to pay any cash dividends to
our stockholders in the foreseeable future. Payment of future cash dividends, if any, will be at the discretion of our board of directors
and will depend on a number of factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law, and other factors our board of directors deems relevant<B>.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_011"></FONT>PLAN OF DISTRIBUTION</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We entered into the Sales Agreement with the Agent
on September 16, 2025. Pursuant to this prospectus, we may offer and sell shares of our Common Stock having an aggregate gross sales price
of up to $4 billion from time to time to or through Cantor, acting as principal and/or sales agent. A copy of the Sales Agreement will
be filed as an exhibit to a Current Report on Form&#160;8-K and will be incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon delivery of a placement notice to Cantor
and subject to the terms and conditions of the Sales Agreement, Cantor may sell shares of our Common Stock by any method permitted by
law deemed to be an &#8220;at the market offering&#8221; as defined in Rule&#160;415(a)(4) promulgated under the Securities Act. We may
instruct Cantor not to sell shares of our Common Stock if the sales cannot be effected at or above the price designated by us from time
to time. We or Cantor may suspend the offering of shares of our Common Stock upon notice and subject to other conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will pay the Agent a commission, in cash, at
a rate of up to 3.0% of the gross sales price per share issued by us and sold pursuant to the Sales Agreement. Because there is no minimum
offering amount required as a condition of this offering, the actual total public offering amount, commissions and proceeds to us, if
any, are not determinable at this time. We have also agreed to reimburse the Agent for certain specified fees and documented expenses,
including the reasonable and documented out-of-pocket fees and disbursements of the counsels to the Agent in an amount not to exceed (a)
$125,000 in connection with the execution of the Sales Agreement, (b) $25,000 per calendar quarter thereafter payable in connection with
each representation date with respect to which the Company is obligated to deliver a certificate pursuant to the terms of the Sales Agreement,
and (c) $40,000 for each program &#8220;refresh&#8221; (filing of a new registration statement, prospectus or prospectus supplement relating
to the shares of Common Stock and/or an amendment of the Sales Agreement) executed pursuant to the Sales Agreement. We estimate that the
total expenses for the offering, excluding compensation and reimbursements payable to the Agent pursuant to the terms of the Sales Agreement,
will be approximately $900,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Settlement for sales of our Common Stock will
occur on the business day immediately following the date on which any sales are made, or on such other date that is agreed upon by us
and Cantor in connection with a particular transaction, in return for payment of the net proceeds to us. Sales of our Common Stock as
contemplated in this prospectus will be settled through the facilities of The Depository Trust Company or by such other means as we and
Cantor may agree upon. There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cantor will use its commercially reasonable efforts,
consistent with its sales and trading practices, to solicit offers to purchase the shares of Common Stock under the terms and subject
to the conditions set forth in the Sales Agreement. In connection with the potential future sales of Common Stock on our behalf, the Agent
will be deemed to be an &#8220;underwriter&#8221; within the meaning of the Securities Act, and the compensation of the Agent will be
deemed to be underwriting commissions or discounts. We have agreed to provide indemnification and contribution to the Agent and specified
other persons against certain civil liabilities, including liabilities under the Securities Act and the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will report at least quarterly the number of
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The offering of our Common Stock pursuant to the
Sales Agreement will terminate upon the termination of the Sales Agreement as permitted therein. We and the Agent may each terminate the
Sales Agreement at any time upon 10 days&#8217; prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Agent and its affiliates have in the past
provided, and may in the future provide various investment banking, commercial banking and other financial services for us and our affiliates,
for which services they have received, and may in the future receive customary fees. To the extent required by Regulation&#160;M, the
Agent will not engage in any market-making activities involving our shares of Common Stock while the offering is ongoing under this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus may be made available in electronic
format on a website maintained by the Agent, and the Agent may distribute this prospectus electronically.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_012"></FONT>LEGAL MATTERS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain legal matters will be passed upon for
us by Nason, Yeager, Gerson, Harris &amp; Fumero, P.A., Palm Beach Gardens, Florida. Cantor is being represented in connection with this
offering by DLA Piper LLP (US), New York, NY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT ID="b_013"></FONT>EXPERTS</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The consolidated financial statements of Forward
Industries, Inc. and Subsidiaries for the years ended September 30, 2024 and 2023, have been audited by CohnReznick LLP, independent registered
public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries&#8217; Annual report
on Form 10-K for the year ended September 30, 2024, and incorporated by reference herein. Such consolidated financial statements are incorporated
by reference herein in reliance upon such report, which includes an explanatory paragraph on Forward Industries, Inc. and Subsidiaries&#8217;
ability to continue as a going concern, given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $4,000,000,000</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;<IMG SRC="forward_logo.jpg" ALT=""></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&#160;</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Prospectus</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</P>

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<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Cantor</B></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 16, 2025</P>

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<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: right">Ex-Filing Fees</p>

<p style="font: bold 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; text-align: center">CALCULATION OF FILING FEE TABLES</p>

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<p style="font: bold 11pt Times New Roman, Times, Serif; border-top: Gray 3pt double; padding-top: 6pt; text-align: center; margin-top: 0pt; margin-bottom: 4pt">Table 1: Newly Registered and Carry Forward Securities</p>

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  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
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<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

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<head>
<title></title>
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Oct. 31, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000038264<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Forward Industries, Inc.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-290312<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B5<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td>dei_</td>
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<td>dei:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:stringItemType</td>
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<td>na</td>
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<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>ffd:submissionTypeItemType</td>
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<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>6
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Oct. 31, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, par value $0.01 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">102,848,137<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxOfferingPricPerScty', window );">Proposed Maximum Offering Price per Unit</a></td>
<td class="nump">14.8050<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 1,522,666,669.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 210,280.27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">&#8220;Calculation of Filing Fee&#8221; table shall be deemed to update the &#8220;Calculation of Filing Fee&#8221; table in the registrant&#8217;s Registration Statement on Form S-3, filed with the U.S. Securities and Exchange Commission on September 16, 2025, in accordance with Rules 456(b) and Rule 457(r) under the Securities Act of 1933.<br/><br/>Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, based on average of high and low price per share of the common stock as reported on the Nasdaq Capital Market on October 31, 2025.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxOfferingPricPerScty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum offering price per share/unit being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxOfferingPricPerScty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal4lItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_Rule457rFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 457<br> -Subsection r<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_Rule457rFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
</html>
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<TYPE>XML
<SEQUENCE>7
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<head>
<title></title>
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<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Oct. 31, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 1,522,666,669.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">210,280.27<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 210,280.27<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
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<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
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<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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end
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<SEQUENCE>16
<FILENAME>forward_ex107_htm.xml
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<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2025"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2025"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
  xmlns:xlink="http://www.w3.org/1999/xlink"
  xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2025/ffd-2025.xsd"
      xlink:type="simple"/>
    <context id="c_offering_1">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000038264</identifier>
            <segment>
                <xbrldi:typedMember dimension="ffd:OfferingAxis">
                    <dei:lineNo>1</dei:lineNo>
                </xbrldi:typedMember>
            </segment>
        </entity>
        <period>
            <startDate>2025-10-31</startDate>
            <endDate>2025-10-31</endDate>
        </period>
    </context>
    <context id="c_report">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000038264</identifier>
        </entity>
        <period>
            <startDate>2025-10-31</startDate>
            <endDate>2025-10-31</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <unit id="pure">
        <measure>pure</measure>
    </unit>
    <unit id="shares">
        <measure>shares</measure>
    </unit>
    <ffd:SubmissnTp contextRef="c_report" id="fee_001">424B5</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="c_report" id="fee_002">EX-FILING FEES</ffd:FeeExhibitTp>
    <dei:EntityCentralIndexKey contextRef="c_report" id="fee_003">0000038264</dei:EntityCentralIndexKey>
    <ffd:RegnFileNb contextRef="c_report" id="fee_004">333-290312</ffd:RegnFileNb>
    <ffd:OfferingTableNa contextRef="c_report" id="fee_005" xsi:nil="true"/>
    <ffd:OffsetTableNa contextRef="c_report" id="fee_006">N/A</ffd:OffsetTableNa>
    <ffd:CombinedProspectusTableNa contextRef="c_report" id="fee_007">N/A</ffd:CombinedProspectusTableNa>
    <ffd:FormTp contextRef="c_report" id="fee_008">S-3</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="c_report" id="fee_009">Forward Industries, Inc.</dei:EntityRegistrantName>
    <ffd:PrevslyPdFlg contextRef="c_offering_1" id="fee_010">false</ffd:PrevslyPdFlg>
    <ffd:OfferingSctyTp contextRef="c_offering_1" id="fee_011">Equity</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="c_offering_1" id="fee_012">Common Stock, par value $0.01 per share</ffd:OfferingSctyTitl>
    <ffd:Rule457rFlg contextRef="c_offering_1" id="fee_013">true</ffd:Rule457rFlg>
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      id="fee_015"
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      decimals="INF"
      id="fee_016"
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      id="fee_017"
      unitRef="pure">0.0001381</ffd:FeeRate>
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      decimals="INF"
      id="ixv-223"
      unitRef="USD">210280.27</ffd:FeeAmt>
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      contextRef="c_report"
      decimals="INF"
      id="ixv-224"
      unitRef="USD">1522666669.00</ffd:TtlOfferingAmt>
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      contextRef="c_report"
      decimals="INF"
      id="ixv-225"
      unitRef="USD">210280.27</ffd:TtlFeeAmt>
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      contextRef="c_report"
      decimals="INF"
      id="ixv-226"
      unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
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      decimals="INF"
      id="ixv-227"
      unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
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      decimals="INF"
      id="ixv-228"
      unitRef="USD">210280.27</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="ixv-177">&#x201c;Calculation of Filing Fee&#x201d; table shall be deemed to update the &#x201c;Calculation of Filing Fee&#x201d; table in the registrant&#x2019;s Registration Statement on Form S-3, filed with the U.S. Securities and Exchange Commission on September 16, 2025, in accordance with Rules 456(b) and Rule 457(r) under the Securities Act of 1933.&lt;br/&gt;&lt;br/&gt;Estimated solely for purposes of calculating the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, based on average of high and low price per share of the common stock as reported on the Nasdaq Capital Market on October 31, 2025.</ffd:OfferingNote>
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