SCHEDULE: Multicoin Capital Exits Forward Industries Position

Multicoin Capital Management and associated entities have filed an exit report, confirming they no longer hold a beneficial interest in Forward Industries, Inc.

Summary

• Multicoin Capital Management, LLC, Multicoin Capital Master Fund, LP, and Tushar Jain have filed an exit report regarding their investment in Forward Industries, Inc.
• As of April 30, 2026, the reporting persons ceased to be beneficial owners of more than 5% of the company's common stock.
• On May 5, 2026, 1,783,519 shares of common stock were transferred to Lemmings Holdings, LLC at a price of $4.43 per share.
• On April 30, 2026, 4,458,796 Lead Investor Warrants were assigned to Lemmings Holdings, LLC at a price of $3.91 per share.
• The reporting persons currently hold 0 shares and 0% ownership of the issuer.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event; while the loss of an institutional backer is rarely positive, the filing simply confirms a completed divestment without indicating underlying operational distress.

Positives

• The exit of a significant institutional investor provides clarity regarding the shareholder base and removes the overhang of potential future block sales by these specific entities.

Negatives

• The departure of a major institutional investor like Multicoin Capital may be perceived by the market as a lack of long-term confidence in the issuer's growth trajectory.

Risks

• The transfer of significant equity and warrant positions to a third party (Lemmings Holdings, LLC) may lead to shifts in corporate influence or future liquidity events.

Future Outlook

The reporting persons have stated they no longer have any contracts, arrangements, or relationships with the issuer, signaling a complete divestment and cessation of involvement.

Industry Context

StockSavvy.ai notes that institutional exits from small-cap companies often trigger volatility as the market adjusts to the change in ownership structure and potential shifts in strategic direction.

Comparison to Industry Standards

• The filing follows standard SEC disclosure requirements for institutional investors dropping below the 5% ownership threshold.
• The use of an 'exit filing' is a standard practice for investment firms to formally notify the market of the termination of their reporting obligations.

Stakeholder Impact

• Existing shareholders may experience short-term price volatility due to the change in institutional ownership.
• The transfer of warrants to Lemmings Holdings, LLC suggests a new entity may now hold significant influence or potential future equity stakes.

Next Steps

• No further filings are expected from these specific reporting persons regarding Forward Industries, Inc.

Key Dates

Keywords

Forward Industries, Multicoin Capital, Schedule 13D, Exit Filing, Common Stock, Lemmings Holdings