Multicoin Capital Management Fully Exits Position in Forward Industries, Inc. (FWDI)

This Amendment No. 2 to Schedule 13D, filed on May 8, 2026, serves as an exit filing for Multicoin Capital Management, LLC, Multicoin Capital Master Fund, LP, and Tushar Jain (collectively, the Reporting Persons) regarding their investment in Forward Industries, Inc. (FWDI). As of April 30, 2026, the Reporting Persons ceased to be beneficial owners of more than 5% of the company's common stock. Specifically, on May 5, 2026, MCMF LP transferred 1,783,519 shares of common stock to Lemmings Holdings, LLC at a price of $4.43 per share. Additionally, on April 30, 2026, the Reporting Persons assigned 4,458,796 Lead Investor Warrants to Lemmings Holdings, LLC at a price of $3.91 per warrant. Following these transactions, the Reporting Persons report owning zero shares of Forward Industries, Inc., representing 0.0% of the class. This filing concludes their reporting obligations for this security, marking a full exit from their previous 7.0% ownership position.