Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 701

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 5
Chunk 701
---
031,364 shares of our common stock with $18.49999 of the exercise
price pre-funded at closing. Pre-funded warrants to purchase an additional 1,783,519 shares of our common stock with $18.49999 of the
exercise price pre-funded were also issued in connection with a related strategic advisor agreement. We received aggregate proceeds of
approximately $1.65 billion, before deducting placement agent fees and other offering expenses. Net proceeds to the Company, after deducting
placement agent fees and other offering expenses, were approximately $1.58 billion.

From July 1 through August 12,
2025, we sold 246,000 shares of common stock under the $35 million ELOC and received gross proceeds of $2,432,000 in connection with such
sales. We have sold all shares registered under the ELOC, which was mutually terminated on September 9, 2025.

 36 

On August 11, 2025, we sold,
in a registered direct offering, approximately 263,000 shares of our common stock at a price of $8.50 per share to six investors and received
gross proceeds of approximately $2,230,000.

From September 17, 2025 through
November 30, 2025, we sold 436,000 shares of our common stock under our Controlled Equity Offering Sales Agreement for gross proceeds
of approximately $11.7 million.

On September 11, 2025, in connection
with a Waiver and Leak-out Agreement, we sold 1,784,000 shares of our common stock to the Series B Investors for gross proceeds of $33
million.

See Note 8 to our consolidated
financial statements for more information about each of these financings.

Other Liquidity Factors

In the prior reporting period,
we identified certain conditions that raised substantial doubt about our ability to continue as a going concern. These conditions included
the loss of a significant customer, the resulting decline in revenues and cash, and recurring operating losses. During the period from
May 2025 to September 2025, the Company raised gross proceeds of over $1.65 billion through the multiple equity financing transactions
described above. Management has evaluated the Company’s ability to continue as a going concern and has concluded that the Company
now has sufficient liquidity to fund anticipated cash requirements for operations and working capital purposes for at least one year from
the date of issuance of these financial statements. As a result, substantial doubt about