<SEC-DOCUMENT>0001683168-25-007043.txt : 20250917
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ACCESSION NUMBER:		0001683168-25-007043
CONFORMED SUBMISSION TYPE:	S-3ASR
PUBLIC DOCUMENT COUNT:		22
FILED AS OF DATE:		20250917
DATE AS OF CHANGE:		20250916
EFFECTIVENESS DATE:		20250917

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:		S-3ASR
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-290312
		FILM NUMBER:		251318481

	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
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<p style="font: bold 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><a href="#a_002"><b>Table of Contents</b></a></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">As filed with the Securities and Exchange
Commission on <span id="xdx_908_edei--DocumentCreationDate_c20250916__20250916_znoa834fEf7g"><ix:nonNumeric contextRef="AsOf2025-09-16" format="ixt:datemonthdayyearen" id="Fact000009" name="dei:DocumentCreationDate">September 16, 2025</ix:nonNumeric></span></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: right"><span style="font-weight: normal">Registration
No.&#160;333-</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>

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<p style="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES<br/>
SECURITIES AND EXCHANGE COMMISSION</p>

<p style="font: bold 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</p>

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

<p style="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM <span id="xdx_90E_edei--DocumentType_c20250916__20250916_zHqz1nqLZdG3"><ix:nonNumeric contextRef="AsOf2025-09-16" id="Fact000010" name="dei:DocumentType">S-3ASR</ix:nonNumeric></span></p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registration Statement Under<br/>
The Securities Act of 1933</p>

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

<p style="font: bold 16pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="xdx_901_edei--EntityRegistrantName_c20250916__20250916_zASeL7zowMN5"><ix:nonNumeric contextRef="AsOf2025-09-16" id="Fact000011" name="dei:EntityRegistrantName">FORWARD INDUSTRIES, INC.</ix:nonNumeric></span></p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-weight: normal">(Exact name of registrant as specified in its charter)</span></p>

<p style="font: bold 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">(State or other jurisdiction<br/>
of incorporation or organization)</p></td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(I.R.S. Employer<br/>
Identification No.)</p></td></tr>
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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">700 Veterans Memorial Highway, Suite 100,
Hauppauge, New York 11788<br/>
(<span style="font-size: 8pt">631) 547-3055<br/>
<span style="font-weight: normal">(Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal
executive offices)</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">Kathleen Weisberg<br/>
Chief Financial Officer<br/>
Forward Industries, Inc.<br/>
700 Veterans Memorial Highway, Suite 100, Hauppauge, New York 11788<br/>
(631) 547-3055<br/>
<span style="font-weight: normal">(Name, address, including zip code, and telephone number, including area code, of agent for service)</span></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt"><i>Copies to:</i></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">Brian S. Bernstein,
Esq.<br/>
Brian A. Pearlman, Esq.<br/>
Nason, Yeager, Gerson, Harris &amp; Fumero, P.A.<br/>
3001 PGA Blvd., Suite 305<br/>
Palm Beach Gardens, Florida 33410<br/>
(561) 686-3307</span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">Approximate date
of commencement of proposed sale to the public: From time to time after the effective date of the Registration Statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If the only securities
registered on this Form are to be offered pursuant to dividend or interest reinvestment plan, please check the following box:	<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If any of the securities
being registered on this Form are being offered on a delayed or continuous basis pursuant to Rule&#160;415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If this Form is
filed to register additional securities for an offering pursuant to Rule&#160;462(b) under the Securities Act, please check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.
<span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If this Form is
a post-effective amendment filed pursuant to Rule&#160;462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If this Form is
a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon
filing with the Commission pursuant to Rule&#160;462(e) under the Securities Act, check the following box. <span style="font-family: Times New Roman, Times, Serif">&#9746;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If this Form is
a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities
or additional classes of securities pursuant to Rule&#160;413(b) under the Securities Act, check the following box. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller
reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule&#160;12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt"></span></p>

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    <td style="text-align: justify"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 8pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 8pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-size: 8pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&#160;7(a)(2)(B) of Securities Act. <span style="font-family: Times New Roman, Times, Serif">&#9744;</span></span></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: 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"><span id="a_001"></span>EXPLANATORY NOTE</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 registration statement contains two prospectuses:</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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">a base prospectus which covers the offer and sale from time to time of 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; and</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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">an &#8220;at the market offering&#8221; prospectus covering the offering, issuance and sale by the registrant
of up to $4 billion of the registrant&#8217;s common stock that may be issued and sold from time to time under the Controlled Equity Offering<sup>SM</sup>
Sales Agreement (the &#8220;<span style="text-decoration: underline">Sales Agreement</span>&#8221;), dated September 16, 2025, with Cantor Fitzgerald &amp; Co.</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 base prospectus immediately follows this explanatory
note. The specific terms of any securities to be offered pursuant to the base prospectus will be specified in a prospectus supplement
to the base prospectus. The at-the-market offering prospectus immediately follows the base prospectus. Upon termination of the Sales Agreement
or suspension or termination of the at the market offering prospectus, any amounts included in that prospectus that remain unsold will
be available for sale in other offerings pursuant to the base prospectus and a corresponding prospectus supplement, and if no shares are
sold under the Sales Agreement, the full $4 billion of securities may be sold in other offerings pursuant to the base prospectus and a
corresponding 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">&#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: 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">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;<span style="text-decoration: underline"><a href="#a_007">Risk Factors</a></span>&#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>

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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: justify"></p>

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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="a_002"></span>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>
  <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>

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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"></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">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span id="a_003"></span>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>

<p style="font: 10pt Times New Roman, Times, 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 is part of an automatic
registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the &#8220;<span style="text-decoration: underline">SEC</span>&#8221;), as a
&#8220;well-known seasoned issuer&#8221; as defined in Rule 405 under the Securities Act of 1933, as amended (the
&#8220;<span style="text-decoration: underline">Securities Act</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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 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 <span style="text-decoration: underline">www.sec.gov</span>.</p>

<p style="font: 10pt Times New Roman, Times, 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 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>

<p style="font: 10pt Times New Roman, Times, 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 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>

<p style="font: 10pt Times New Roman, Times, 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 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>

<p style="font: 10pt Times New Roman, Times, 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">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>

<p style="font: 10pt Times New Roman, Times, 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 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>

<p style="font: 10pt Times New Roman, 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"><span style="text-transform: uppercase"><b>&#160;</b></span></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"><span id="a_004"></span>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;<span style="text-decoration: underline">Exchange Act</span>&#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 <span style="text-decoration: underline">www.sec.gov</span>. 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 <span style="text-decoration: underline">www.forwardindustries.com</span>.
Information on or accessible through our website does not constitute part of this prospectus (except for SEC reports expressly incorporated
by reference herein).</p>

<p style="font: 10pt Times New Roman, Times, 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 maintain a section on our website (<span style="text-decoration: underline">sol.forwardindustries.com</span>)
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;<span style="text-decoration: underline">SOL</span>&#8221;) purchases and holdings, certain
Key Performance Indicator (&#8220;<span style="text-decoration: underline">KPI</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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 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>

<p style="font: 10pt Times New Roman, Times, 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"><span id="a_005"></span>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"><span id="a_006"></span>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>

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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;<span style="text-decoration: underline">Treasury Policy</span>&#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;<span style="text-decoration: underline">DeFi</span>&#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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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;<span style="text-decoration: underline">Board</span>&#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"><span style="text-decoration: underline">How We Earn Staking Rewards</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">How We Manage Liquidity</span></p>

<p style="font: 10pt Times New Roman, Times, 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;<span style="text-decoration: underline">LSTs</span>&#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"><span style="text-decoration: underline">Use of Custodians and Storage of SOL</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">Use of DeFi Protocols</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">SOL - The Token of the Solana Blockchain</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">How SOL is Used</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">The Solana Ecosystem</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">Regulations</span></p>

<p style="font: 10pt Times New Roman, Times, 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;<span style="text-decoration: underline">CFTC</span>&#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;<span style="text-decoration: underline">CEA</span>&#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>

<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: 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 <span style="text-decoration: underline">www.forwardindustries.com</span>.
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;<span style="text-decoration: underline">Securities Purchase Agreement</span>&#8221;) with certain accredited investors (the &#8220;<span style="text-decoration: underline">Purchasers</span>&#8221;)
pursuant to which we sold and issued to the Purchasers in a private placement (the &#8220;<span style="text-decoration: underline">Private Placement</span>&#8221;) an aggregate
of (i) 77,144,562 shares (the &#8220;<span style="text-decoration: underline">Shares</span>&#8221;) of common stock of the Company, par value $0.01 per share (the &#8220;<span style="text-decoration: underline">Common
Stock</span>&#8221;), at an offering price of $18.50 and (ii) pre-funded warrants (the &#8220;<span style="text-decoration: underline">Pre-Funded Warrants</span>&#8221; and together
with the Shares, the &#8220;<span style="text-decoration: underline">Securities</span>&#8221;) to purchase 12,031,364 shares of Common Stock (the &#8220;<span style="text-decoration: underline">Pre-Funded Warrant
Shares</span>&#8221;) with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the &#8220;<span style="text-decoration: underline">Per Share
Purchase Price</span>&#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;<span style="text-decoration: underline">Registration Rights Agreement</span>&#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">&#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"><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;<span style="text-decoration: underline">Strategic Advisor Agreement</span>&#8221;) with Galaxy Digital LP (&#8220;<span style="text-decoration: underline">Galaxy</span>&#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;<span style="text-decoration: underline">Advisor Warrants</span>&#8221;) to purchase an amount of shares of our Common
Stock (the &#8220;<span style="text-decoration: underline">Advisor Shares</span>&#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>

<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;<span style="text-decoration: underline">Lead Investor Agreement</span>&#8221;) with J Digital 6 Cayman Ltd. (&#8220;<span style="text-decoration: underline">Jump Crypto</span>&#8221;) and Multicoin
Capital Master Fund, LP (&#8220;<span style="text-decoration: underline">Multicoin</span>,&#8221; and together with Galaxy and Jump Crypto, the &#8220;<span style="text-decoration: underline">Sponsors</span>&#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;<span style="text-decoration: underline">Lead Investor Shares</span>&#8221;) and 4,458,796
warrants to purchase an amount of shares of the Common Stock (the &#8220;<span style="text-decoration: underline">Lead Investor Warrants</span>&#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;<span style="text-decoration: underline">Investor Designee</span>&#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">&#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"><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;<span style="text-decoration: underline">Waiver and Leak-out Agreement&#8221;</span>) with each of C/M Capital Master Fund, LP and WVP Emerging
Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, &#8220;<span style="text-decoration: underline">C/M</span>&#8221;) in connection with our Series
B Convertible Preferred Stock, $0.01 par value (&#8220;<span style="text-decoration: underline">Series B Stock</span>&#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;<span style="text-decoration: underline">Warrant</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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;<span style="text-decoration: underline">ELOC&#160;Agreement&#8221;</span>) 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>

<p style="font: 10pt Times New Roman, Times, 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;<span style="text-decoration: underline">Asset Management Agreement</span>&#8221;) with Galaxy Digital Capital Management LP, an SEC-registered
investment adviser (the &#8220;<span style="text-decoration: underline">Asset Manager</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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">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;<span style="text-decoration: underline">Services Agreement</span>&#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>

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<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;<span style="text-decoration: underline">FC</span>&#8221;) converted 4,315 shares of Series A-1 Preferred Stock (&#8220;<span style="text-decoration: underline">Series A-1</span>&#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;<span style="text-decoration: underline">WVP</span>&#8221;) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (&#8220;<span style="text-decoration: underline">Series B</span>&#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"><span id="a_007"></span>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>

<p style="font: 10pt Times New Roman, Times, 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>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"><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;<span style="text-decoration: underline">CFTC</span>&#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">&#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">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>

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<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">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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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;<span style="text-decoration: underline">ETPs</span>&#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>

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<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>

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<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>

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<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>

<p style="font: 10pt Times New Roman, Times, 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"><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>

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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">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>

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<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;<span style="text-decoration: underline">IRS</span>&#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>

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<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>

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<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>

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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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual
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>

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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">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>

<p style="font: 10pt Times New Roman, 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"><span style="text-transform: uppercase"><b>&#160;</b></span></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-transform: uppercase; text-align: center; text-indent: 0in"><span id="a_008"></span>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>

<p style="font: 10pt Times New Roman, Times, 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"><span id="a_009"></span>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>

<p style="font: 10pt Times New Roman, Times, 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"><span id="a_010"></span>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>

<p style="font: 10pt Times New Roman, Times, 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span id="a_011"></span>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;<span style="text-decoration: underline">Series A Preferred</span>&#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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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">the title and stated or par value 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"><span style="font-family: Symbol">&#183;</span></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>
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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></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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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">whether dividends shall be cumulative or non-cumulative and, if cumulative, the date from which dividends
on the preferred stock shall accumulate;</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"><span style="font-family: Symbol">&#183;</span></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 style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">any voting rights of 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 style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">the provisions for redemption, if applicable, 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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">any listing of the preferred stock on any securities exchange;</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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">the terms and conditions, if applicable, upon which the preferred stock will be convertible into our common
stock, including the conversion price or the manner of calculating the conversion price and conversion period;</td></tr>
<tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td style="text-align: left">&#160;</td></tr>
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<td style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">if appropriate, a discussion of federal income tax consequences applicable to the preferred stock; and</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 style="width: 0.5in"/><td style="width: 0.25in"><span style="font-family: Symbol; text-transform: uppercase">&#183;</span></td><td style="text-align: left">any other specific terms, preferences, rights, limitations or restrictions of 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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><span id="a_012"></span>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>

<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 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: 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"><span id="a_013"></span>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>

<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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: left">the title 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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span id="a_014"></span>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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span id="a_016"></span>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"><span id="a_015"></span>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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span id="a_017"></span>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;<span style="text-decoration: underline">NYBCL</span>&#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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="text-transform: uppercase"><b>&#160;</b></span></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"><span id="a_018"></span>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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span id="a_019"></span>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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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>

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<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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 (<span style="text-decoration: underline">www.forwardindustries.com</span>)
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"><span id="a_020"></span>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"><span id="a_021"></span>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;<span style="text-decoration: underline">Cantor</span>&#8221; or the &#8220;<span style="text-decoration: underline">Agent</span>&#8221;), dated September 16,
2025 (the &#8220;<span style="text-decoration: underline">Sales Agreement</span>&#8221;) relating to shares of our common stock, $0.01 par value per share (&#8220;<span style="text-decoration: underline">Common Stock</span>&#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;<span style="text-decoration: underline">Securities Act</span>&#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;<span style="text-decoration: underline">Exchange Act</span>&#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;<span style="text-decoration: underline">Nasdaq</span>&#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;<span style="text-decoration: underline">SEC</span>&#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"><span id="b_001"></span>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>



<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="#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>
    <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="#b_013">EXPERTS</a></td>
    <td style="text-align: right; padding-top: 0in; padding-bottom: 0in">30</td></tr>
</table>
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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="b_002"></span>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>

<p style="font: 10pt Times New Roman, Times, 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 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"><span id="b_003"></span>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 <span style="text-decoration: underline">www.sec.gov</span>.
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 <span style="text-decoration: underline">www.forwardindustries.com</span>. 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 (<span style="text-decoration: underline">sol.forwardindustries.com</span>)
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"><span id="b_004"></span>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>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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 (<span style="text-decoration: underline">www.forwardindustries.com</span>) 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>

<p style="font: 10pt Times New Roman, Times, 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 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>

<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"><span style="text-transform: uppercase"><b>&#160;</b></span></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="b_005"></span>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"><span id="b_006"></span>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>

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<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>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under our new treasury policy and strategy (the
&#8220;<span style="text-decoration: underline">Treasury Policy</span>&#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>

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<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;<span style="text-decoration: underline">DeFi</span>&#8221;) protocols, as well as pursuing accretive partnerships and acquisitions within the Solana ecosystem.</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>

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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"><span style="font-family: Symbol">&#183;</span></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>

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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"><span style="font-family: Symbol">&#183;</span></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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<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"><span style="font-family: Symbol">&#183;</span></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"><span style="font-family: Symbol">&#183;</span></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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<td style="width: 0.25in"/><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></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;<span style="text-decoration: underline">Board</span>&#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"><span style="text-decoration: underline">How We Earn Staking Rewards</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">How We Manage Liquidity</span></p>

<p style="font: 10pt Times New Roman, Times, 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>

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<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;<span style="text-decoration: underline">LSTs</span>&#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"><span style="text-decoration: underline">Use of Custodians and Storage of SOL</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">Use of DeFi Protocols</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">SOL - The Token of the Solana Blockchain</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">How SOL is Used</span></p>

<p style="font: 10pt Times New Roman, Times, 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"><span style="text-decoration: underline">The Solana Ecosystem</span></p>

<p style="font: 10pt Times New Roman, Times, 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>

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

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<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;<span style="text-decoration: underline">CFTC</span>&#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;<span style="text-decoration: underline">CEA</span>&#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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<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 <span style="text-decoration: underline">www.forwardindustries.com</span>.
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;<span style="text-decoration: underline">Securities Purchase Agreement</span>&#8221;) with certain accredited investors (the &#8220;<span style="text-decoration: underline">Purchasers</span>&#8221;)
pursuant to which we sold and issued to the Purchasers in a private placement (the &#8220;<span style="text-decoration: underline">Private Placement</span>&#8221;) an aggregate
of (i) 77,144,562 shares (the &#8220;<span style="text-decoration: underline">Shares</span>&#8221;) of common stock of the Company, par value $0.01 per share (the &#8220;<span style="text-decoration: underline">Common
Stock</span>&#8221;), at an offering price of $18.50 and (ii) pre-funded warrants (the &#8220;<span style="text-decoration: underline">Pre-Funded Warrants</span>&#8221; and together
with the Shares, the &#8220;<span style="text-decoration: underline">Securities</span>&#8221;) to purchase 12,031,364 shares of Common Stock (the &#8220;<span style="text-decoration: underline">Pre-Funded Warrant
Shares</span>&#8221;) with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the &#8220;<span style="text-decoration: underline">Per Share
Purchase Price</span>&#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;<span style="text-decoration: underline">Registration Rights Agreement</span>&#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;<span style="text-decoration: underline">Strategic Advisor Agreement</span>&#8221;) with Galaxy Digital LP (&#8220;<span style="text-decoration: underline">Galaxy</span>&#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;<span style="text-decoration: underline">Advisor Warrants</span>&#8221;) to purchase an amount of shares of our Common
Stock (the &#8220;<span style="text-decoration: underline">Advisor Shares</span>&#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>

<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;<span style="text-decoration: underline">Lead Investor Agreement</span>&#8221;) with J Digital 6 Cayman Ltd. (&#8220;<span style="text-decoration: underline">Jump Crypto</span>&#8221;) and Multicoin
Capital Master Fund, LP (&#8220;<span style="text-decoration: underline">Multicoin</span>,&#8221; and together with Galaxy and Jump Crypto, the &#8220;<span style="text-decoration: underline">Sponsors</span>&#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;<span style="text-decoration: underline">Lead Investor Shares</span>&#8221;) and 4,458,796
warrants to purchase an amount of shares of the Common Stock (the &#8220;<span style="text-decoration: underline">Lead Investor Warrants</span>&#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;<span style="text-decoration: underline">Investor Designee</span>&#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;<span style="text-decoration: underline">Waiver and Leak-out Agreement&#8221;</span>) with each of C/M Capital Master Fund, LP and WVP Emerging
Manager Onshore Fund, LLC - Structured Small Cap Lending Series (collectively, &#8220;<span style="text-decoration: underline">C/M</span>&#8221;) in connection with our Series
B Convertible Preferred Stock, $0.01 par value (&#8220;<span style="text-decoration: underline">Series B Stock</span>&#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;<span style="text-decoration: underline">Warrant</span>&#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;<span style="text-decoration: underline">ELOC&#160;Agreement&#8221;</span>) 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;<span style="text-decoration: underline">Asset Management Agreement</span>&#8221;) with Galaxy Digital Capital Management LP, an SEC-registered
investment adviser (the &#8220;<span style="text-decoration: underline">Asset Manager</span>&#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;<span style="text-decoration: underline">Services Agreement</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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;<span style="text-decoration: underline">FC</span>&#8221;) converted 4,315 shares of Series A-1 Preferred Stock (&#8220;<span style="text-decoration: underline">Series A-1</span>&#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;<span style="text-decoration: underline">WVP</span>&#8221;) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (&#8220;<span style="text-decoration: underline">Series B</span>&#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>

<p style="font: 10pt Times New Roman, Times, 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>

<p style="font: 10pt Times New Roman, Times, 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>

<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: center"><span id="b_007"></span>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">
  <tr style="vertical-align: top">
    <td style="width: 24%">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; border-bottom-width: 0in; border-bottom-color: Black">Issuer</p></td>
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    <td style="width: 73%; font-size: 10pt; text-align: left">Forward Industries, Inc., a New York corporation.</td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="font-size: 10pt; text-align: left">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">Common Stock offered by us</td>
    <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>
  <tr>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr>
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    <td style="vertical-align: bottom; font-size: 10pt; text-align: justify">Up to 187,631,765 shares of Common Stock, including the
    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>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">Manner of Offering</td>
    <td>&#160;</td>
    <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>
  <tr>
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    <td>&#160;</td>
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    <td>&#160;</td>
    <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
    on page 27 of this prospectus.</td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: justify">&#160;</td></tr>
  <tr>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">Risk Factors</td>
    <td>&#160;</td>
    <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>
    <td style="vertical-align: top; padding-left: 0.1in; font-size: 10pt; text-align: left; text-indent: -0.1in">&#160;</td>
    <td>&#160;</td>
    <td style="vertical-align: bottom; font-size: 10pt; text-align: justify">&#160;</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>

<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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">a total of 13,814,883 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants with
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>

<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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">a total of 13,376,388 shares of Common Stock issuable upon the exercise of the Advisor Warrants and Lead
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>

<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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">118,611 warrants with a weighted average exercise price of $7.20 per share;</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"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">348,554 stock options with a weighted average exercise price of $13.45 per share; and</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"><span style="font-family: Symbol">&#183;</span></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="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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></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"><span id="b_008"></span>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">&#160;</p>

<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>

<p style="font: 10pt Times New Roman, Times, 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 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>

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<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>

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<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"><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>

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<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>

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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>

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<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>

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<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"><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>

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<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"><b><i>The concentration of our SOL holdings enhances
the risks inherent in our Solana-focused strategy.</i></b></p>

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<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>

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<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>

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<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>

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<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>

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<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;<span style="text-decoration: underline">CFTC</span>&#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">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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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">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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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>

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<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;<span style="text-decoration: underline">ETPs</span>&#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>

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<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>

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<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>

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<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>

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<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>

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<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>

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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>

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<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"><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>

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<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>

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<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>

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<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>

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<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>

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<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">&#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 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>

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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>

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<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>

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<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>

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<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>

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<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>

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<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">&#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 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;<span style="text-decoration: underline">IRS</span>&#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>

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<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>

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<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>

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<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>

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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="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Symbol">&#183;</span></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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<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="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">harm to our reputation and brand;</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="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Symbol">&#183;</span></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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<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="text-align: justify; width: 0.25in"/><td style="text-align: justify; width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">significant regulatory scrutiny, investigations, fines, penalties, and other legal, regulatory, contractual
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>

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<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>

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<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>

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<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>

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<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>

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<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"><span style="text-transform: uppercase"><b>&#160;</b></span></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-align: center"><span id="b_009"></span>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
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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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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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>

<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">2.</td><td style="text-align: justify">pursuit of our Solana strategy;</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">3.</td><td style="text-align: justify">the purchase of income generating assets to grow our business; and/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">4.</td><td style="text-align: justify">other capital expenditures.</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 may also use such proceeds to fund acquisitions
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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>

<p style="font: 10pt Times New Roman, 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"><span style="text-transform: uppercase"><b>&#160;</b></span></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-align: center"><span id="b_010"></span>DIVIDEND POLICY</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"><span id="b_011"></span>PLAN OF DISTRIBUTION</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 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: 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"><span id="b_012"></span>LEGAL MATTERS</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">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"><span id="b_013"></span>EXPERTS</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 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>

<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: center"><b>Up to $4,000,000,000</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>&#160;</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">&#160;<img src="forward_logo.jpg" alt=""/></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">&#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"><b>&#160;</b></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">Common Stock</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; 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>

<p style="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Cantor</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: justify"><b>&#160;</b></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">September 16, 2025</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-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: bold 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-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: center">PART&#160;II</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">INFORMATION NOT REQUIRED IN PROSPECTUS</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">Item&#160;14. Other Expenses of Issuance and Distribution.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table sets forth the estimated expenses
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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="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="margin-top: 0; margin-bottom: 0"></p>




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<tr style="vertical-align: top">
  <td style="width: 0.25in">&#8224;</td>
  <td>Applicable SEC registration fees have been deferred in accordance with Rules&#160;456(b) and 457(r) of the Securities Act of 1933 and
are not estimable at this time.</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"><span style="font-size: 10pt; font-weight: normal">*</span> &#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-size: 10pt; font-weight: normal">These
fees and expenses are calculated based on the amount of securities offered and accordingly cannot be estimated at this time.</span></p>

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

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&#160;15. Indemnification of Directors and Officers.</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: 0pt 0; text-align: justify; text-indent: 0in">Our Certificate of Incorporation
and Bylaws provide for indemnification of our officers, directors and agents to the fullest extent permitted under the New York Business
Corporation Law (&#8220;<span style="text-decoration: underline">NYBCL</span>&#8221;).</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">Section 721 of the NYBCL provides
that the indemnification and advancement of expenses granted pursuant to, or provided by, this article shall not be deemed exclusive of
any other rights to which a director or officer seeking indemnification or advancement of expenses may be entitled, whether contained
in the certificate of incorporation or the bylaws or, when authorized by such certificate of incorporation or bylaws, (i) a resolution
of shareholders, (ii) a resolution of directors, or (iii) an agreement providing for such indemnification; provided that no indemnification
may be made to or on behalf of any director or officer if a judgment or other final adjudication adverse to the director or officer establishes
that his acts were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action
so adjudicated, or that he personally gained in fact a financial profit or other advantage to which he was not legally entitled. Nothing
contained in this article shall affect any rights to indemnification to which corporate personnel other than directors and officers may
be entitled by contract or otherwise under law.</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">NYBCL Section 722(a) provides
that a corporation shall indemnify any director or officer of a corporation against judgments and expenses, including attorneys&#8217;
fees, actually and necessarily incurred by him in connection with the defense of any action, suit or proceeding to the extent that a director
or officer acted in good faith and in a manner not opposed to the best interests of the corporation.</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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">NYBCL Section 722(b) provides
that a corporation may indemnify any person made, or threatened to be made, a party to an action by or in the right of the corporation
to procure a judgment in its favor by reason of the fact that he, his testator or intestate, is or was a director or officer of the corporation,
or is or was serving at the request of the corporation as a director or officer of any other corporation of any type or kind, domestic
or foreign, of any partnership, joint venture, trust, employee benefit plan or other enterprise, against amounts paid in settlement and
reasonable expenses, including attorneys&#8217; fees, actually and necessarily incurred by him in connection with the defense or settlement
of such action, or in connection with an appeal therein, if such director or officer acted, in good faith, for a purpose which he reasonably
believed to be in, or, in the case of service for any other corporation or any partnership, joint venture, trust, employee benefit plan
or other enterprise, not opposed to, the best interests of the corporation, except that no indemnification under this paragraph shall
be made in respect of (1) a threatened action, or a pending action which is settled or otherwise disposed of, or (2) any claim, issue
or matter as to which such person shall have been adjudged to be liable to the corporation, unless and only to the extent that the court
in which the action was brought, or, if no action was brought, any court of competent jurisdiction, determines upon application that,
in view of all the circumstances of the case, the person is fairly and reasonably entitled to indemnity for such portion of the settlement
amount and expenses as the court deems proper.</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">NYBCL Section 723 provides that
a person who has been successful, on the merits or otherwise, in the defense of a civil or criminal action or proceeding of the character
described in Section 722 shall be entitled to the indemnification authorized in such section. Except as provided in the immediately preceding
sentence, any indemnification provided for in Section 722 or otherwise permitted by Section 721 (unless ordered by a court under Section
724 of the NYBCL), shall be made by the Corporation only if authorized in the specific case:</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: 0.5in">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;By
the board of directors acting by a quorum consisting of directors who are not parties to such action or proceeding for which indemnification
is sought, upon a finding that the person seeking indemnification has met the standard of conduct set forth in Section 722 or established
pursuant to Section 721 or,</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; text-indent: 0.5in">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;If
a quorum under the immediately preceding subparagraph is not obtainable or, even if obtainable, a quorum of disinterested directors so
directs:</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; text-indent: 0.5in">(A)&#160;&#160;&#160;&#160;&#160;&#160;&#160;by
the board of directors upon the opinion in writing of independent legal counsel that indemnification is proper in the circumstances because
the applicable standard of conduct set forth in said first two paragraphs has been met by such person, or</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; text-indent: 0.5in">(B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;by
the shareholders upon a finding that the person has met the applicable standard of conduct set forth in said first two paragraphs.</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">Insofar as indemnification for liabilities arising
under the Securities Act may be permitted to directors, officers or persons controlling us pursuant to the foregoing provisions, we have
been informed that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities Act and is
therefore unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant
of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit
or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, we will,
unless in the opinion of our counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction
the question whether such indemnification by us is against public policy as expressed hereby in the Securities Act and we will be governed
by the final adjudication of such issue.</p>

<p style="font: 10pt Times New Roman, Times, 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: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&#160;16. Exhibits.</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: 0pt 0; text-align: justify">A list of exhibits filed with this registration
statement is contained in the exhibits index, which is incorporated by reference.</p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="width: 7%; text-align: left"><span style="font-size: 10pt"><b>Exhibit<br/>
Number</b></span></td>
    <td style="width: 1%">&#160;</td>
    <td style="text-align: justify; width: 92%">
    <p style="border-bottom: Black 0.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Description
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  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">1.1*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Underwriting Agreement</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">1.2*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Controlled Equity Offering<sup>SM</sup> Sales Agreement with Cantor Fitzgerald &amp; Co.</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000100329710000300/exhibit3i.htm">Restated Certificate of Incorporation</a> (incorporated by reference from Form 10-K filed on December 8, 2010)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.2</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000100329713000150/es3-1.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Series A Participating Preferred Stock</a> (incorporated by reference from Form 8-K filed on April 26, 2013)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.3</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000100329713000316/es3-1.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; 6% Senior Convertible Preferred Stock</a> (incorporated by reference from Form 8-K filed on July 3, 2013)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.4</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316824004362/forward_ex0301.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Reverse Stock Split</a> (incorporated by reference from Form 8-K filed on June 20, 2024)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.5</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316824004696/forward_ex0401.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Series A-1 Convertible Preferred Stock</a> (incorporated by reference from Form 8-K filed on July 8, 2024)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.6</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316824006943/forward_ex0401.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Increasing the Authorized Series A-1</a> (incorporated by reference from Form 8-K filed on October 4, 2024)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.7</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825001658/forward_ex0401.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Increasing the Authorized Series A-1</a> (incorporated by reference from Form 8-K filed on March 17, 2025)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.8</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825004372/forward_ex0307.htm">Certificate of Amendment of the Certificate of Incorporation &#8211; Series B</a> (incorporated by reference from Form S-1 filed on June 10, 2025)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="vertical-align: top; padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.9</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825006732/forward_ex0301.htm">Certificate of Amendment to the Certificate of Incorporation of Forward Industries, Inc. &#8211; Increasing the Authorized Shares of Common Stock</a> (incorporated by reference from Form 8-K filed on September 8, 2025)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.10</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000100329714000579/ex3-ii.htm">Third Amended and Restated Bylaws, as of May 28, 2014</a> (incorporated by reference from Form 10-K filed on December 10, 2014)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">3.11</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/38264/000168316825004604/forward_ex0301.htm">Amendment No. 1 to the Third Amended and Restated Bylaws</a> (incorporated by reference from Form 8-K filed on June 18, 2025)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.1*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Common Stock Certificate</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.2*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Certificate of Designations of Preferred Stock</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.3*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Specimen Certificate Representing Preferred Stock</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.4*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Warrant Agreement</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.5*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Warrant</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.6*</td>
    <td>&#160;</td>
    <td style="text-align: justify">Form of Unit Agreement</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.7*</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: justify">Form of Depositary Agreement (including form of Depositary Receipt)</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.8*</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: justify">Form of Subscription Rights Agreement (including form of Subscription Rights Certificate)</td></tr>
  <tr>
    <td style="vertical-align: bottom; padding-left: 0.1in; text-align: left; text-indent: -0.1in">4.9*</td>
    <td>&#160;</td>
    <td style="vertical-align: top; text-align: justify">Form of Purchase Contract Agreement (including form of Purchase Contract Certificate)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">5.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="forward_0501.htm">Opinion of Nason, Yeager, Gerson, Harris &amp; Fumero, P.A., Palm Beach Gardens, Florida</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">21.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="forward_2101.htm">List of Subsidiaries</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">23.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="forward_2301.htm">Consent of CohnReznick LLP</a></td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">23.2</td>
    <td>&#160;</td>
    <td style="text-align: justify">Consent of Nason, Yeager, Gerson, Harris &amp; Fumero, P.A., Palm Beach Gardens, Florida (contained in <a href="forward_0501.htm">Exhibit&#160;5.1</a>)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">24.1</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="#b_015">Powers of Attorney</a> (included on the signature page of the Registration Statement)</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-left: 0.1in; text-align: left; text-indent: -0.1in">107</td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="forward_107.htm">Filing Fee Table</a></td></tr>
  </table>

<p style="margin-top: 0; margin-bottom: 0">&#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><td style="text-align: justify">to be filed by amendment to the Registration Statement or incorporated by reference from documents filed
or to be filed with the SEC under the Securities Exchange Act of 1934, as amended.</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>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item&#160;17. Undertakings.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#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"/><td style="width: 0.5in">(a)</td><td style="text-align: justify">The undersigned registrant hereby undertakes:</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: 0.5in"/><td style="width: 0.5in">(1)</td><td style="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective amendment to this
registration statement:</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: 1in"/><td style="width: 0.5in">(i)</td><td style="text-align: justify">To include any prospectus required by Section&#160;10(a)(3) of the Securities Act, as amended;</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: 1in"/><td style="width: 0.5in">(ii)</td><td style="text-align: justify">To reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule&#160;424(b)
if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set
forth in the &#8220;Calculation of Filing Fee Tables&#8221; or &#8220;Calculation of Registration Fee&#8221; table, as applicable, in
the effective registration statement; and</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: 1in"/><td style="width: 0.5in">(iii)</td><td style="text-align: justify">To include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement;</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 0pt 1in; text-align: justify">provided, however<i>, </i>that paragraphs&#160;(a)(1)(i),
(a)(1)(ii) and (a)(1)(iii) of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to Section&#160;13 or Section&#160;15(d)
of the Exchange Act that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant
to Rule&#160;424(b) that is part of the registration statement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; 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: 0.5in"/><td style="width: 0.5in">(2)</td><td style="text-align: justify">That, for the purpose of determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.</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: 0.5in"/><td style="width: 0.5in">(3)</td><td style="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</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: 0.5in"/><td style="width: 0.5in">(4)</td><td style="text-align: justify">That, for the purpose of determining liability under the Securities Act to any purchaser:</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: 1in"/><td style="width: 0.5in">(i)</td><td style="text-align: justify">Each prospectus filed by the registrant pursuant to Rule&#160;424(b)(3) shall be deemed to be part of
the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and</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: 1in"/><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Each prospectus required to be filed pursuant to Rule&#160;424(b)(2), (b)(5), or (b)(7) as part of a registration
statement in reliance on Rule&#160;430B relating to an offering made pursuant to Rule&#160;415(a)(1)(i), (vii) or (x) for the purpose
of providing the information required by Section&#160;10(a) of the Securities Act shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of
sale of securities in the offering described in the prospectus. As provided in Rule&#160;430B, for liability purposes of the issuer and
any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating
to the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall
be deemed to be the initial bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus
that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration
statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such
effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration
statement or made in any such document immediately prior to such effective date.</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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<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: 0.5in"/><td style="width: 0.5in">(5)</td><td style="text-align: justify">That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser
in the initial distribution of the securities:</td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The undersigned registrant undertakes
that in a primary offering of securities of the undersigned registrant pursuant to the registration statement, regardless of the underwriting
method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following
communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer and sell such securities
to such purchaser:</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: 1in"/><td style="width: 0.5in">(i)</td><td style="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required
to be filed pursuant to Rule&#160;424;</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: 1in"/><td style="width: 0.5in">(ii)</td><td style="text-align: justify">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant
or used or referred to by the undersigned registrant;</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: 1in"/><td style="width: 0.5in">(iii)</td><td style="text-align: justify">The portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</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: 1in"/><td style="width: 0.5in">(iv)</td><td style="text-align: justify">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</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: 0.5in">(b)</td><td style="text-align: justify">The undersigned registrant hereby undertakes that, for purposes of determining liability under the Securities
Act, each filing of the registrant&#8217;s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan&#8217;s annual report pursuant to Section 15(d) of the Exchange Act) that
is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities
offered therein, and the offering of such securities shall be deemed to be the initial bona fide offering thereof.</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: 0.5in">(c)</td><td style="text-align: justify">Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors,
officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised
that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred
or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</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: 0.5in">(d)</td><td style="text-align: justify">The undersigned registrant hereby undertakes to file an application for the purpose of determining the
eligibility of the trustee to act under subsection&#160;(a) of Section&#160;310 of the Trust Indenture Act in accordance with the rules
and regulations prescribed by the SEC under Section&#160;305(b)(2) of the Trust Indenture Act.</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">&#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"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="b_014"></span>SIGNATURES</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">Pursuant to the requirements of the Securities
Act of 1933, Forward Industries, Inc. certifies that it has reasonable grounds to believe that it meets all of the requirements for filing
on Form&#160;S-3ASR and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized,
in the Town of Hauppauge, State of New York on 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>

<table border="0" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
<tr>
    <td style="vertical-align: top">&#160;</td>
    <td colspan="2"><b>FORWARD INDUSTRIES, INC</b></td></tr>
<tr>
    <td style="vertical-align: top">&#160;</td>
    <td colspan="2">&#160;</td></tr>
<tr>
    <td style="vertical-align: top; width: 50%">&#160;</td>
    <td style="width: 4%">By:&#160;</td>
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<tr>
    <td style="vertical-align: top">&#160;</td>
    <td>&#160;</td>
    <td style="border-top: #000000 1px solid; vertical-align: top">Name:&#160;&#160;&#160;Michael Pruitt<br/>Title&#160;&#160;&#160;&#160;&#160;&#160;&#160;Interim Chief Executive Officer<br/>
 &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Principal Executive Officer)</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-top: 0pt; margin-bottom: 6pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span id="b_015"></span><b>POWER OF ATTORNEY</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: justify; text-indent: 24pt">KNOW ALL PERSONS BY THESE PRESENTS
that each individual whose signature appears below constitutes and appoints Michael Pruitt and Kathleen Weisberg, and each of them, his
or her true and lawful attorneys-in-fact and agents with full power of substitution, for him or her and in his or her name, place and
stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement,
and to sign any registration statement for the same offering covered by the Registration Statement that is to be effective upon filing
pursuant to Rule 462(b) promulgated under the Securities Act, and all post-effective amendments thereto, and to file the same, with all
exhibits thereto and all documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact
and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done
in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents or any of them, or his or their substitute or substitutes, may lawfully do or cause to be done
or by virtue hereof.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">Pursuant to the requirements
of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates
stated.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt">&#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 style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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  <tr style="vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
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    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
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    <td style="border-bottom: black 1pt solid; vertical-align: top; text-align: justify"><i>/s/ Sharon Hrynkow</i></td>
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    <td style="vertical-align: top; text-align: justify">Director</td>
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<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>2
<FILENAME>forward_0501.htm
<DESCRIPTION>OPINION AND CONSENT OF NASON, YEAGER, GERSON, HARRIS & FUMERO, P.A.
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 5.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Nason, Yeager, Gerson, Harris &amp; Fumero,
P.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3001 PGA Boulevard, Suite 305</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Palm Beach Gardens, Florida 33410</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">September 16, 2025</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">700 Veterans Memorial Hwy. Suite 100</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hauppauge, New York 11788</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Michael Pruitt, CEO</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Re: Registration Statement on Form S-3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Mr. Pruitt:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as counsel for
Forward Industries, Inc., a New York corporation (the &ldquo;<B>Company</B>&rdquo;), in connection with the preparation and filing of
a Registration Statement on Form S-3 (the &ldquo;<B>Registration Statement</B>&rdquo;) with the Securities and Exchange Commission (the
&ldquo;<B>Commission</B>&rdquo;) under the Securities Act of 1933 (the &ldquo;<B>Securities Act</B>&rdquo;), relating to the offering
from time to time, pursuant to Rule 415 promulgated thereunder of shares of:</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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">the Company&rsquo;s common stock (the &ldquo;<B>Common
Stock</B>&rdquo;), par value $0.01 per share (the &ldquo;<B>Shares</B>&rdquo;), </FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">shares of preferred stock, par value $0.01 per
share (the &ldquo;<B>Preferred Stock</B>&rdquo;), </FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">depositary shares (the &ldquo;<B>Depository Shares</B>&rdquo;),
</FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">warrants to purchase shares of Common Stock or
Preferred Stock (the &ldquo;<B>Warrants</B>&rdquo;), </FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">subscription rights (the &ldquo;<B>Rights</B>&rdquo;)
to purchase Common Stock, Preferred Stock or other securities; </FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">stock purchase contracts (the &ldquo;<B>Purchase
Contracts</B>&rdquo;) to purchase shares of Common Stock or Preferred Stock; and </FONT></TD></TR></TABLE>

<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: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">units comprised of one or more of the foregoing
(the &ldquo;<B>Units</B>&rdquo;). </FONT></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 Common Stock, the Preferred
Stock, the Depository Shares, the Warrants, the Rights, and the Purchase Contracts are collectively referred to as the &ldquo;<B>Securities.</B>&rdquo;
The offering of the Securities will be as set forth in the prospectus (the &ldquo;<B>Prospectus</B>&rdquo;) contained in the Registration
Statement, as supplemented by one or more supplements to 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">The Warrants will be issued
under one or more warrant agreements (each, a &ldquo;<B>Warrant Agreement</B>&rdquo;) between the Company and the warrant agent party
thereto (the &ldquo;<B>Warrant Agent</B>&rdquo;). The Preferred Stock will be issued in one or more series and the relative powers, designations,
preferences, rights and qualifications, limitations or restrictions of such Preferred Stock will be set forth in one or more certificates
of designation (each, a &ldquo;<B>Certificate of Designation</B>&rdquo;). The Rights will be issued pursuant to one or more rights agreements
(each, a &ldquo;<B>Rights Agreement</B>&rdquo;) to be entered into between the Company and the right holder party thereto (the &ldquo;<B>Right
Holder</B>&rdquo;). The Stock Purchase Contracts are to be issued pursuant to one or more purchase contract agreements by and between
the Company and a purchase contract agent. The Units will be issued pursuant to one or more unit agreements (each, a &ldquo;<B>Unit Agreement</B>&rdquo;)
to be entered into between the Company and the unit agent party thereto (the &ldquo;<B>Unit Agent</B>&rdquo;). The Certificate of Designation,
Warrant Agreement, Rights Agreement, and Unit Agreement are hereinafter referred to as the&nbsp;<B>&ldquo;Securities Documents</B>&rdquo;.</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; text-indent: 0.5in">We have also acted as counsel
to the Company in connection with the sale through Cantor Fitzgerald &amp; Co. as sales agent (the &ldquo;<B>Sales Agent</B>&rdquo;),
from time to time by the Company of shares of Common Stock (the &ldquo;<B>ATM Shares</B>&rdquo;) having an aggregate offering price of
up to $4,000,000,000 pursuant to the Registration Statement, the prospectus (the &ldquo;<B>Base Prospectus</B>&rdquo;), and the related
prospectus for the sale of the ATM Shares included in the Registration Statement (the Base Prospectus and such prospectus, collectively,
the &ldquo;<B>ATM Prospectus</B>&rdquo;), and that certain ATM Sales Agreement, dated as of September16, 2025, between the Company and
the Sales Agent (the &ldquo;<B>ATM Sales Agreement</B>&rdquo;).</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; text-indent: 0.5in">Item 601 of Regulation S-K
and the instructions to Form S-3 require that an opinion of counsel concerning the legality of the securities to be registered be filed
as an exhibit to a Form S-3 registration statement if the securities are original issue shares. Our opinion is provided in satisfaction
of that requirement as it relates to the Registration Statement.</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; text-indent: 0.5in">In rendering this opinion,
we have examined and are familiar with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Certificate of Incorporation and Amended and Restated Bylaws of the Company, each as amended and restated through the date hereof (the &ldquo;<B>Certificate of Incorporation&rdquo;&nbsp;</B>and &ldquo;<B>Bylaws</B>&rdquo;, respectively).</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registration Statement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Prospectus.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such other records, instruments, documents, and certificates as we have deemed advisable in order to render such opinion.</FONT></TD></TR>
  </TABLE>
<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; text-indent: 0.5in">In such examination, we have
assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The genuineness of all signatures.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The legal capacity of all natural persons.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">c.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authenticity of all documents submitted to us as originals.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">d.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The conformity to original documents of all documents submitted to us as copies.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">e.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to matters of fact, the truthfulness of the representations made in the Securities Documents and in certificates of public officials and officers of the Company.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">f.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That each of the Securities Documents, when executed, will be the legal valid and binding obligations of each party thereto, other than the Company, enforceable against each such party in accordance with its terms.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">g.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The issuance and delivery by the Company of the Securities and the execution, delivery and performance by the Company of the Securities Documents do not and will not:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contravene its Certificate of Incorporation or Bylaws;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -9pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 120px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Do not and will not, except with respect to Applicable Law, violate any law, rule, or regulation applicable to it; or</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Result in any conflict with, or breach of, any agreement or document binding on the Company or any of its subsidiaries.</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except with respect to Applicable Law, no authorization, approval or other action by, and no notice to or wiling with, any governmental authority or regulatory body or any other third party for the due execution, delivery or performance by the Company of any Securities Document to which it is a party or, if any such authorization, approval, action, notice or filing is required, it has been obtained, taken, given, or made and is in full force and effect.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">h.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the time of the offering or sale, the Securities and the Securities Documents relating thereto will have been specifically authorized by the Board of Directors of the Company or an authorized committee thereof for issuance and execution and delivery by the Company.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Securities issuable upon conversion, exchange or exercise of any Security being offered will, at the time of such offering or sale, have been duly authorized, created and, if appropriate, reserved for issuance upon such conversion, exchange or exercise.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">j.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the issuance and sale of any Depository Shares, the terms will not to violate any Applicable Law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, the depositary receipts evidencing the Depositary Shares will be validly issued and will entitle the holders thereof to the rights specified in the Depositary Shares and the deposit agreement, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles. The Depositary Shares covered by the opinion in this paragraph include any Depositary Shares that may be issued as part of the Units or upon exercise or otherwise pursuant to the terms of any other Securities.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">k.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the issuance and sale of any Warrants, (i) the related Warrant Agreement will have been duly executed and delivered by the Company and the Warrant Agent, and (ii) the Warrants, when issued, will be executed, countersigned by the Warrant Agent, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in such Warrant Agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">l.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the issuance and sale of any Rights, (i) the related Rights Agreement will have been duly executed and delivered by the Company and the Right Holder, and (ii) the Rights Agreement, when issued, will be executed, countersigned by the Right Holder, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in such Rights Agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">m.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the issuance and sale of any Purchase Contracts, when the terms will not violate any Applicable Law or result in a default under or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company, the Purchase Contracts will constitute valid and legally binding obligations of the Company, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors&rsquo; rights and to general equity principles. The Purchase Contracts covered by the opinion include any Purchase Contracts that may be issued as part of the Units or upon exercise or otherwise pursuant to the terms of any other Securities.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the issuance and sale of any Units, (i) the related Unit Agreement will have been duly executed and delivered by the Company and the Unit Agent, and (ii) the Units, when issued, will be executed, countersigned by the Unit Agent, issued and delivered (a) against receipt of the consideration therefor approved by the Company and (b) as provided in such Unit Agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">o.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That the Registration Statement shall have become effective and such effectiveness shall not have been terminated or withdrawn.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">p.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That all Securities will be issued and sold in the manner stated in the Registration Statement and the applicable prospectus supplement;</FONT></TD></TR>
  </TABLE>
<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; text-indent: 0.5in">We have not independently
established the validity of the foregoing assumptions.</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; text-indent: 0.5in">Based upon and subject to
the foregoing and such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the
opinion that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Shares will be validly issued, fully paid, and non-assessable.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Preferred Stock will be validly issued, fully paid, and non-assessable.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Depository Rights will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the depository agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Warrants will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the Warrant Agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Rights will constitute legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their terms under the Rights Agreement.&nbsp;&nbsp;</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Purchase Contracts will constitute legal, valid and binding obligations of the Company, enforceable in accordance with their terms under the Purchase Contract. </FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Units will constitute legal, valid and binding obligations of the Company enforceable against the Company in accordance with their terms and will be entitled to the benefits of the Unit Agreement.</FONT></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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ATM Shares to be sold by the Company have been duly authorized and, assuming the terms of any sale of the ATM Shares pursuant to the ATM Sales Agreement are approved by the Company&rsquo;s Board of Directors or a duly authorized committee thereof, when issued and delivered by the Company and paid for pursuant to the ATM Sales Agreement, the ATM Shares will be validly issued, fully paid and non-assessable.</FONT></TD></TR>
  </TABLE>
<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; text-indent: 0.5in">The foregoing opinions are
qualified to the extent that the enforceability of any document, instrument, Securities or Securities Document may be limited by or subject
to bankruptcy, insolvency, fraudulent transfer or conveyance, reorganization, moratorium or other similar laws relating to or affecting
creditors&rsquo; rights generally, and general equitable or public policy principles. With respect to Securities denominated in a currency
other than United States dollars, we express no opinion as to whether a court would award a judgment in a currency other than United States
dollars.</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; text-indent: 0.5in">Our opinions expressed above
are limited to the New York Business Corporation Law and laws of the State of New York, in each case as currently in effect (collectively,
&ldquo;<B>Applicable Law</B>&rdquo;), and we express no opinion with respect to federal securities laws or the state of any other jurisdiction.</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; text-indent: 0.5in">This opinion letter is expressly
limited to the matters set forth above, and we render no opinion, whether by implication or otherwise, as to any other matters relating
to the Company, the Securities, the Securities Documents, the Registration Statement or the Prospectus.</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; text-indent: 0.5in">We hereby consent to being
named in the Registration Statement and in the Prospectus under the caption &ldquo;Legal Matters&rdquo; and to the use of this opinion
for filing with said Registration Statement as Exhibit 5.1 thereto. In giving this consent, we do not hereby admit that we are within
the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission
promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">Very truly yours,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">/s/ Nason, Yeager, Gerson, Harris &amp;
Fumero, P.A.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">Nason, Yeager, Gerson, Harris &amp; Fumero,
P.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in; text-indent: 0.5in"></P>

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<TYPE>EX-21.1
<SEQUENCE>3
<FILENAME>forward_2101.htm
<DESCRIPTION>LIST OF SUBSIDIARIES
<TEXT>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 21.1</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Intelligent Product Solutions, Inc., a New York Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kablooe, Inc., a New York Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Forward Industries (IN), Inc., an Indiana corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DE Sub 1 LLC, a Delaware Limited Liability Company</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>4
<FILENAME>forward_2301.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 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"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We consent to the incorporation by reference in this Registration Statement
on Form S-3 and related Prospectus, of our report dated December 27, 2024 (except Notes 1, 2, and 3, as to which the date is September
16, 2025), with respect to the consolidated financial statements of Forward Industries, Inc. and Subsidiaries as of September 30, 2024
and 2023, and for the years then ended, which report is included in the Annual Report on Form 10-K of Forward Industries, Inc. and Subsidiaries
for the year ended September 30, 2024, filed with the Securities and Exchange Commission. Our audit report includes an explanatory paragraph
relating to Forward Industries, Inc. and Subsidiaries ability to continue as a going concern.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also consent to the reference to our firm under the caption &ldquo;Experts.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ CohnReznick LLP</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 12pt; text-align: center"><ix:nonNumeric name="dei:EntityRegistrantName" contextRef="c_report" id="fee_008">Forward Industries, Inc.</ix:nonNumeric></p>

<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 style="width: 0.5%">&#160;</td>
  <td style="width: 15%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 15%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 6.5%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 9%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 9%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 0.5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
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  <td style="padding-bottom: 1pt">&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td></tr>
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  <td>&#160;</td>
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  <td>$</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: center">(3)</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td style="text-align: center"><ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="c_offering_3" id="fee_023">0.0001531</ix:nonFraction></td>
  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: center">(4)</td>
  <td>&#160;</td>
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  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td style="text-align: center"><ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="c_offering_4" id="fee_028">0.0001531</ix:nonFraction></td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td></tr>
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  <td>&#160;</td>
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  <td style="text-align: center">(5)</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td style="text-align: center"><ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="c_offering_5" id="fee_033">0.0001531</ix:nonFraction></td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td></tr>
<tr style="vertical-align: top; text-align: left">
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td><ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="c_offering_6" id="fee_036">Purchase Contracts</ix:nonNumeric></td>
  <td>&#160;</td>
  <td style="text-align: center">(6)</td>
  <td>&#160;</td>
  <td style="text-align: center"><ix:nonNumeric name="ffd:Rule457rFlg" contextRef="c_offering_6" format="ixt:booleantrue" id="fee_037">457(r)</ix:nonNumeric></td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td>
  <td>&#160;</td>
  <td style="text-align: center"><ix:nonFraction name="ffd:FeeRate" unitRef="pure" decimals="INF" format="ixt:numdotdecimal" contextRef="c_offering_6" id="fee_038">0.0001531</ix:nonFraction></td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td style="text-align: right">&#160;</td></tr>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td><ix:nonNumeric name="ffd:OfferingSctyTitl" contextRef="c_offering_7" id="fee_041">Units</ix:nonNumeric></td>
  <td>&#160;</td>
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  <td style="width: 1%">&#160;</td>
  <td style="width: 15%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
  <td style="width: 8%">&#160;</td>
  <td style="width: 1%">&#160;</td>
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  <td style="width: 1%">&#160;</td>
  <td style="width: 5%">&#160;</td>
  <td style="width: 1%">&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
  <td>&#160;</td>
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<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; color: rgb(50,101,255); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<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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  <td style="width: 15pt; text-align: right">(3)</td><td style="width: 5pt"/>
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>8
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<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">
							function toggleNextSibling (e) {
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</head>
<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Sep. 16, 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_dei_CoverAbstract', window );"><strong>Cover [Abstract]</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_DocumentType', window );">Document Type</a></td>
<td class="text">S-3ASR<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_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<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_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">FORWARD INDUSTRIES, INC.<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_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0000038264<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_DocumentCreationDate', window );">Document Creation Date</a></td>
<td class="text">Sep. 16,  2025<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<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>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><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;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
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<td>xbrli:booleanItemType</td>
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<tr>
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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_dei_CoverAbstract">
<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>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><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;">dei_CoverAbstract</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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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_dei_DocumentCreationDate">
<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 date the document was made available and submitted, in YYYY-MM-DD format. The date of submission, date of acceptance by the recipient, and the document effective date are all potentially different.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><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;">dei_DocumentCreationDate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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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>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><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;">dei_DocumentType</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<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>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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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<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>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<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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<body>
<span style="display: none;">v3.25.2</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>Sep. 16, 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>
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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_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">Forward Industries, Inc.<span></span>
</td>
</tr>
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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_FormTp', window );">Form Type</a></td>
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<td class="text">S-3ASR<span></span>
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<td class="text">EX-FILING FEES<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_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
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<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_OffsetTableNa', window );">Offset Table N/A</a></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_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
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</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<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>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:centralIndexKeyItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<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>
<td>dei_</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<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>
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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>
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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_OfferingTableNa</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>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
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<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>
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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><strong> Period Type:</strong></td>
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</div>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
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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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<body>
<span style="display: none;">v3.25.2</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings<br></strong></div></th>
<th class="th">
<div>Sep. 16, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=1', window );">Offering: 1</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
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<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, par value of $0.01 per share<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, Forward Industries, Inc. (the &#8220;Company&#8221;) is deferring payment of all of the registration fee. Registration fees will be paid subsequently on a &#8220;pay as you go&#8221; basis. The Company will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. An indeterminate aggregate initial offering price and number or amount of the securities of each identified class is being registered as may from time to time be issued at indeterminate prices, including securities that may be issued upon exercise, conversion, settlement or exchange of, any securities offered hereunder.<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=2', window );">Offering: 2</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Preferred Shares<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=3', window );">Offering: 3</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Depositary Shares<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=4', window );">Offering: 4</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Warrants<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=5', window );">Offering: 5</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Subscription Rights<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=6', window );">Offering: 6</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Purchase Contracts<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=7', window );">Offering: 7</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457rFlg', window );">Rule 457(r)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Other<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Units<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">0.01531%<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">See Footnote (1).<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingAxis=8', window );">Offering: 8</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_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<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_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<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_Rule457oFlg', window );">Rule 457(o)</a></td>
<td class="text">true<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_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Equity<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_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">Common Stock, par value of $0.01 per share<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 4,000,000,000.00<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_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01531%<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_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 612,400.00<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_OfferingNote', window );">Offering Note</a></td>
<td class="text">In accordance with Rule 457(o), the registrant is paying fees in connection with the $4,000,000,000 of the registrant&#8217;s common stock that may be issued and sold from time to time under the Sales Agreement.<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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_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_Rule457oFlg">
<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>Checkbox indicating whether filer is using Rule 457(o) to calculate the registration fee due.</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> -Section 457<br> -Subsection o<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_Rule457oFlg</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=2">
<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=2</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=3">
<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=3</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=4">
<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=4</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=5">
<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=5</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=6">
<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=6</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=7">
<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=7</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=8">
<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=8</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>
</table>
</div>
</body>
</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
<FILENAME>R4.htm
<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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<body>
<span style="display: none;">v3.25.2</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>Sep. 16, 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">$ 4,000,000,000.00<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_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">612,400.00<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_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<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_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 612,400.00<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>xbrli:stringItemType</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>
</table>
<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><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</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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</TEXT>
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      decimals="INF"
      id="fee_048"
      unitRef="USD">4000000000.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_8"
      decimals="INF"
      id="fee_049"
      unitRef="pure">0.0001531</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_8"
      decimals="INF"
      id="ixv-511"
      unitRef="USD">612400.00</ffd:FeeAmt>
    <ffd:TtlOfferingAmt
      contextRef="c_report"
      decimals="INF"
      id="ixv-512"
      unitRef="USD">4000000000.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="ixv-513"
      unitRef="USD">612400.00</ffd:TtlFeeAmt>
    <ffd:TtlOffsetAmt
      contextRef="c_report"
      decimals="INF"
      id="ixv-514"
      unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="ixv-515"
      unitRef="USD">612400.00</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="ixv-516">In accordance with Rules 456(b) and 457(r) under the Securities Act of 1933, as amended, Forward Industries, Inc. (the &#x201c;Company&#x201d;) is deferring payment of all of the registration fee. Registration fees will be paid subsequently on a &#x201c;pay as you go&#x201d; basis. The Company will calculate the registration fee applicable to an offer of securities pursuant to this Registration Statement based on the fee payment rate in effect on the date of such fee payment. An indeterminate aggregate initial offering price and number or amount of the securities of each identified class is being registered as may from time to time be issued at indeterminate prices, including securities that may be issued upon exercise, conversion, settlement or exchange of, any securities offered hereunder.</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_2" id="ixv-517">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_3" id="ixv-518">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_4" id="ixv-519">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_5" id="ixv-520">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_6" id="ixv-521">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_7" id="ixv-522">See Footnote (1).</ffd:OfferingNote>
    <ffd:OfferingNote contextRef="c_offering_8" id="ixv-523">In accordance with Rule 457(o), the registrant is paying fees in connection with the $4,000,000,000 of the registrant&#x2019;s common stock that may be issued and sold from time to time under the Sales Agreement.</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
