Multicoin Capital's Significant Investment in Forward Industries

Multicoin Capital Management, LLC, Multicoin Capital Master Fund, LP, Pyahm Samani, and Tushar Jain (collectively, the 'Reporting Persons') have filed a Schedule 13D disclosing their significant investment in Forward Industries, Inc. The Reporting Persons acquired a substantial number of shares of Common Stock through a private placement, with MCMF LP acquiring 7,947,843 shares and Mr. Samani purchasing 1,351,352 shares. The total investment cost for MCMF LP was $114,040,000, while Mr. Samani invested $25,000,000. The Reporting Persons also entered into various agreements, including a Lead Investor Agreement, which grants MCMF LP the right to nominate a director to the Board of Forward Industries. The Reporting Persons intend to review their investment on a continuing basis and may take further actions depending on market conditions and other factors.