Company: FWDI
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001683168-25-001830
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Company: Forward Industries, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry into a Material Definitive Agreement.

On March 20, 2025, Forward Industries, Inc. (the
“ Company”) and Forward Industries (Asia-Pacific) Corporation (“ FC”), a company owned by the Company’s Chief
Executive Officer and Chairman of the Board, Mr. Terence Wise, entered into an Accounts Payables Conversion Agreement (the “ Conversion
Agreement”). The Conversion Agreement is identical to the prior conversion agreements entered into by the Company and FC, as previously
disclosed in the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission, except with respect to
the amount converted. In accordance with the terms of the Conversion Agreement, FC converted $2,500,000 of the Company's outstanding accounts
payable to FC into 2,500 shares of the Company’s Series A-1 Convertible Preferred Stock, with a stated value of $1,000 per share.
FC agreed to this conversion to strengthen the Company’s Shareholders’ Equity position as part of the Company’s ongoing
efforts to meet Nasdaq's continued listing requirements. The Company can provide no assurance that such conversion will be
adequate, individually or with other efforts the Company may undertake, to satisfy Nasdaq’s requirements.

The foregoing description of the Conversion Agreement
does not purport to be complete and is qualified in its entirety by the complete text of the Conversion Agreement, a copy of which is
filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 3.02. Unregistered Sales of Equity Securities.