Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 74

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 74
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| · | the provisions for a sinking fund, if any, for the preferred stock;                                            |
| · | any voting rights of the preferred stock;                                                                      |
| · | the provisions for redemption, if applicable, of the preferred stock;                                          |
| · | any listing of the preferred stock on any securities exchange;                                                 |
| · | the terms and conditions, if applicable, upon which the preferred stock will be convertible into our common    
 stock, including the conversion price or the manner of calculating the conversion price and conversion period; |
| · | if appropriate, a discussion of federal income tax consequences applicable to the preferred stock; and         |
| · | any other specific terms, preferences, rights, limitations or restrictions of the preferred stock.             |

| 29 |

<div align='center'>DESCRIPTION
OF DEPOSITARY SHARES</div>

We may offer depositary receipts
representing fractional shares of our preferred stock, rather than full shares of preferred stock. The shares of preferred stock represented
by depositary shares will be deposited under a depositary agreement between us and a bank or trust company that meets certain requirements
and is selected by us (the “Bank Depositary”). Each owner of a depositary share will be entitled to all the rights and preferences
of the preferred stock represented by the depositary share.

The description in an accompanying
prospectus supplement of any depositary shares we offer will not necessarily be complete and will be qualified in its entirety by reference
to the applicable depositary agreement, which will be filed with the SEC if we offer depositary shares. For more information on how you
can obtain copies of any depositary agreement if we offer depositary shares, see “Where You Can Find More Information.” We
urge you to read the applicable depositary agreement and any accompanying prospectus supplement in their entirety.

Dividends and Other Distributions

If we pay a cash distribution
or dividend on a series of preferred stock represented by depositary shares, the Bank Depositary will distribute such dividends to the
record holders of such depositary shares. If the distributions are in property other than cash, the Bank Depositary will distribute the
property to the record holders of the depositary shares. However, if the Bank Depositary determines that it is not feasible to make the
distribution of property, the Bank Depositary may, with our approval, sell such property and distribute the net proceeds from such sale
to the record holders of the depositary shares.

Redemption of Depositary Shares