Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 18

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 18
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 conversion price of $4.50 per share) of the Company. Following WVP’s and C/M’s conversion of their Series B Preferred
Stock, no Series B Preferred Stock remain outstanding. Under the PS Agreement, C/M holds 66,667 warrants to purchase shares of our common
stock at an exercise price of $6.50 per share and WVP holds 44,444 warrants to purchase shares of our common stock at an exercise price
of $6.50 per share (collectively, the “PS Agreement Warrants”).

Appointments

On September 10, 2025, the
Board appointed: (i) Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting
and (ii) Pyahm (Kyle) Samani to serve on the Board until elections are held at our next shareholder meeting. Mr. Samani will also serve
as Chairman of the Board.

| S-8 |

<div align='center'>THE OFFERING</div>

| Issuer                                           | Forward Industries Inc.                                                                                                                                                                                                                                                     |
| Common stock offered by the Selling Shareholders | 3,178,391 Shares. See “Selling Shareholders”                                                                                                                                                                                                                                |
| Common stock outstanding                         | 86,459,465 shares                                                                                                                                                                                                                                                           |
| Use of proceeds                                  | The selling shareholders will receive all of the net proceeds from the sale of the Shares by them in this offering, and we will not receive any proceeds from the sale of the Shares in this offering. See “Use of Proceeds” on page S-11 of this prospectus supplement.    |
| Risk Factors                                     | See the section titled “Risk Factors” beginning on page S-10 of this prospectus supplement and in the documents incorporated herein by reference for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock. |
| Nasdaq Symbol                                    | Our common stock is listed on the Nasdaq under the symbol “FORD.”                                                                                                                                                                                                           |

The number of shares of our
common stock to be outstanding immediately after this offering is based on 86,459,465 shares of our common stock outstanding as of October
31, 2025, and unless otherwise indicated, excludes:

| · | 26,359,600 warrants outstanding with a weighted average exercise price of $0.03 per share, which includes 
 the Pre-Funded Warrants and the $0.01 warrants issued in the Private Placement;                           |

| · |