Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 401

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1C
Chunk 401
---
  
    $109,000 
  
    Paid time off 
     245,000  
     265,000 
  
    Professional fees 
     270,000  
     12,000 
  
    Other 
     88,000  
     186,000 
  
    Total 
    $624,000  
    $572,000 

     F-21 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 8        SHAREHOLDERS’
EQUITY

Reverse Stock Split

The Company’s shareholders
authorized, and the Board of Directors approved a 1-for-10 reverse stock split, which became effective on June 18, 2024. Any fractional
shares that would have otherwise resulted from the reverse stock split were rounded up to the nearest whole share. Accordingly, all references
made to shares, per share, or common share amounts in the accompanying consolidated financial statements and applicable disclosures have
been retroactively adjusted to reflect the reverse stock split. The reverse stock split did not change the par value of the common stock
nor the authorized number of shares of common stock or any series of preferred stock.

Securities Purchase Agreement

In September 2025, we entered
into a securities purchase agreement (the “Securities Purchase Agreement”) with certain accredited investors (the “Purchasers”)
pursuant to which we sold and issued to the Purchasers in a private placement (the “Private Placement”) an aggregate of (i)
77,144,562 shares (the “Shares”) of common stock of the Company, par value $0.01 per share (the “Common Stock”),
at an offering price of $18.50 and (ii) pre-funded warrants (the “Pre-Funded Warrants” and together with the Shares, the “Securities”)
to purchase 12,031,364 shares of Common Stock (the “Pre-Funded Warrant Shares”) with $18.49999 of the exercise price per Pre-Funded
Warrant that was pre-funded at closing (the “Per Share Purchase Price”). In the Private Placement, the Purchasers tendered
U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company as consideration for the Securities. We received aggregate proceeds of approximately
$1.65 billion, before deducting placement agent fees and other expenses