[Form 3/A] Forward Industries, Inc. Amended Initial Statement of Beneficial Ownership

Rhea-AI Filing Summary

Forward Industries, Inc. (FORD) amended its initial Section 16 Form 3 to add additional reporting persons affiliated with Multicoin Capital. The filing is a joint Form 3 by Multicoin Capital Management, LLC (the adviser), Multicoin Capital Master Fund, LP (the fund), and two individuals, Pyahm Samani and Tushar Jain. The amendment states that Mr. Samani was appointed to the issuer's board following a Securities Purchase Agreement entered into on September 6, 2025, and that the other reporting persons may be deemed directors by deputization as a result.

The amendment clarifies that no securities are beneficially owned by any of the reporting persons and that the only change from the original Form 3 is the inclusion of the additional reporting persons (they had been disclosed previously but could not be listed initially due to EDGAR code issues). The filing is procedural and provides disclosure of board affiliation and reporting responsibility without any ownership of issuer securities.

Insights

Securities Analyst

TL;DR: Amended Form 3 adds joint reporting persons tied to Multicoin but reports no beneficial ownership, making this a disclosure update rather than a transaction.

The filing documents that Multicoin-affiliated entities and two managing partners are now listed as reporting persons for Forward Industries following a private placement agreement which included a board appointment for Mr. Samani. Crucially, the amendment states zero shares beneficially owned by the reporting persons, so there is no immediate change to outstanding insider holdings or dilution from these parties reflected here. For investors, this clarifies governance links but does not signal a change in capital structure.

Corporate Governance Expert

TL;DR: The amendment is a governance disclosure confirming board access for Multicoin-affiliated personnel while reporting no direct equity stakes.

The form indicates that the appointment of Mr. Samani to the board creates deputization status for the other reporting persons under Section 16, triggering the need for joint reporting. The amendment corrects prior EDGAR coding limitations by formally adding the fund and individuals as reporting persons. This enhances transparency about who is subject to Section 16 reporting, but since no securities are beneficially owned, it does not by itself change insider ownership metrics or raise immediate governance-control questions tied to equity positions.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Multicoin Capital Management, LLC

(Last) (First) (Middle)

501 WEST AVENUE, SUITE 3901

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
09/10/2025

3. Issuer Name and Ticker or Trading Symbol
Forward Industries, Inc. [ FORD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by deputization

5. If Amendment, Date of Original Filed (Month/Day/Year)
09/12/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person^*

Multicoin Capital Management, LLC

(Last) (First) (Middle)

501 WEST AVENUE, SUITE 3901

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by deputization

1. Name and Address of Reporting Person^*

Multicoin Capital Master Fund, LP

(Last) (First) (Middle)

C/O SERVICES CAYMAN LIMITED, P.O. BOX

10008, PAVILION EAST, CRICKET SQUARE

(Street)

GRAND CAYMAN E9 KY1-1001

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by deputization

1. Name and Address of Reporting Person^*

Samani Pyahm

(Last) (First) (Middle)

501 WEST AVENUE, SUITE 3901

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

1. Name and Address of Reporting Person^*

Jain Tushar

(Last) (First) (Middle)

501 WEST AVENUE, SUITE 3901

(Street)

AUSTIN TX 78701

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Director by deputization

Explanation of Responses:

Remarks:

In addition to Multicoin Capital Management, LLC, a Texas limited liability company ("MCM LLC"), this Form 3 is being filed jointly by Multicoin Capital Master Fund, LP, a Cayman Islands limited partnership ("MCMF LP"), Pyahm Samani, a citizen of the United States of America ("Mr. Samani"), and Tushar Jain, a citizen of the United States of America ("Mr. Jain") (collectively, the "Reporting Persons"). MCM LLC is the investment advisor to MCMF LP. Mr. Samani and Mr. Jain each are a managing partner of MCM LLC. On September 6, 2025, the Issuer entered into a Securities Purchase Agreement with certain investors in a private investment in public equity investment, pursuant to which Mr. Samani was appointed a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be deemed directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934. No securities are beneficially owned by any of the Reporting Persons. This amendment is being made solely for the purpose of including MCMF LP, Mr. Samani, and Mr. Jain as additional reporting persons to the Form 3 filed by MCM LLC on 9/12/2025 (the "Original Form"). Although MCMF LP, Mr. Samani, and Mr. Jain were disclosed in the Original Form, they were unable to be included as reporting persons because they did not have codes for the EDGAR system at the time. Other than including MCMF LP, Mr. Samani, and Mr. Jain as additional reporting persons, this form contains no amendment to the Original Form.

No securities are beneficially owned.

	MULTICOIN CAPITAL MANAGEMENT, LLC, By: /s/ Pyahm Samani, Managing Partner	09/18/2025
	MULTICOIN CAPITAL MASTER FUND, LP, By: Multicoin Capital Fund GP I, LLC, its general partner, By: Multicoin Capital GP, LLC, its managing member, By: /s/ Pyahm Samani, manager	09/18/2025
	/s/ Pyahm Samani	09/18/2025
	/s/ Tushar Jain	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.