Multicoin Capital Management Reduces Stake in Forward Industries via Share Repurchase Agreement

On April 8, 2026, Multicoin Capital Management, LLC, Multicoin Capital Master Fund, LP, and Tushar Jain filed Amendment No. 1 to their Schedule 13D regarding Forward Industries, Inc. (FWDI). The amendment was primarily filed to report a significant reduction in their holdings and to remove Pyahm Samani as a reporting person following his resignation from Multicoin Capital Management effective January 31, 2026. On March 18, 2026, Multicoin Capital Master Fund entered into a Securities Repurchase Agreement with Forward Industries. Under this agreement, the issuer repurchased 6,164,324 shares of its common stock from the fund at a price of $4.44 per share. Following this transaction, the reporting persons collectively beneficially own 6,242,315 shares, which includes 4,458,796 shares issuable upon the exercise of Lead Investor Warrants. This represents approximately 7.0% of the outstanding common stock. The reporting persons maintain shared voting and dispositive power over the remaining shares.