Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 19

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 19
---
324,607 stock options with a weighted average exercise price of $13.45 per share; and |

| · | 52,668 shares of common stock available for future grants under our 2021 Equity Incentive Plan. |

Except as otherwise indicated
herein, all information in this prospectus supplement assumes no exercise or conversion of outstanding options or warrants as described
above.

| S-9 |

<div align='center'>RISK
FACTORS</div>

Investing in our common stock involves risks. Before purchasing any shares of our common stock, you should carefully consider the risks discussed under the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024 filed with the SEC on December 27, 2024, as well as any amendment, supplement or update to the risk factors reflected in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement, and all of the other information contained in this prospectus supplement and incorporated by reference into this prospectus supplement. These risks and uncertainties are not the only ones facing us. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, may also become important factors that could adversely affect us. If any of such risks or the risks described below or in our SEC filings occur, our business, financial condition, results of operations or prospects could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you may lose some or all of your investment.

| S-10 |

<div align='center'>USE
OF PROCEEDS</div>

We are not selling any shares of common stock under this prospectus supplement, and we will not receive any proceeds from any sale of the Shares in this offering by the selling shareholders. The aggregate proceeds to the selling shareholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents.

| S-11 |

<div align='center'>DESCRIPTION
OF SECURITIES</div>

The following description
of our common stock summarizes the material terms and provisions thereof, including the material terms of the shares of common stock that
the selling shareholders are offering under this prospectus supplement and the accompanying prospect