Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 48

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 48
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 Company Act
of 1940, as amended (the “Investment Company Act”), or any related analyses thereto.

As compensation for its services, we will pay
Galaxy fees as set forth in the Services Agreement. The Services Agreement has an initial term of six (6) months but may be extended for
one additional six (6) month period if mutually agreed in writing by the parties.

Except in cases of willful misconduct, gross negligence
or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors and agents shall have
any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result of any act or omission
by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.

Conversion of Shares

On September 10, 2025, Forward Industries (Asia-Pacific)
Corporation (“FC”) converted 4,315 shares of Series A-1 Preferred Stock (“Series A-1”) (Stated Value
of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a conversion price
of $7.50 per share) of the Company. Following FC’s conversion, no Series A-1 remain outstanding.

On September 10, 2025, WVP Emerging Manager Onshore
Fund, LLC — Structured Small Cap Lending Series (“WVP”) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (“Series B”) (Stated Value of $400,000) in accordance with the terms of the Series B and was
issued 91,506 shares of Common Stock (based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted
600,000 shares of Series B (Stated Value of $600,000) in accordance with the terms of the Series B and issued 137,259 shares of Common
Stock (based on a conversion price of $4.50 per share) of the Company. Following WVP’s and C/M’s conversion of their Series
B, no Series B remain outstanding.

Appointments

On September 10, 2025, the Board appointed: (i)
Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting