Company: FWDI
Filing Date: 2025-06-10
Form Type: S-3
Source: 0001683168-25-004375
Chunk: 7

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-3
Chunk 7
---
us as the “selling security holders,”
of securities. One or more selling security holders to be identified by prospectus supplement or post-effective amendment may sell, under
this prospectus and any applicable supplements, securities issued or to be issued to them by us. The selling security holders shall not
sell any securities pursuant to this prospectus until we have identified such selling security holders and the securities being offered
for resale by such selling security holders as described above. However, the selling security holders may sell or transfer all or a portion
of their securities pursuant to any available exemption from the registration requirements of the Securities Act.

| 2 |

<div align='center'>DESCRIPTION OF CAPITAL STOCK</div>

We are authorized to issue
40,000,000 shares of common stock, par value $0.01 per share, and 4,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock

We are authorized to issue
40,000,000 shares of common stock, par value $0.01 per share. The holders of common stock are entitled to one vote per share on all matters
submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors.
In the event of our liquidation or dissolution, holders of common stock are entitled to share ratably in all assets remaining after payment
of liabilities and the liquidation preferences of any outstanding shares of preferred stock. Holders of common stock have no preemptive
rights and have no right to convert their common stock into any other securities and there are no redemption provisions applicable to
our common stock.

The holders of common stock
are entitled to any dividends that may be declared by the Company’s Board of Directors (the “Board”) out of funds legally
available for payment of dividends subject to the prior rights of holders of preferred stock and any contractual restrictions we have
against the payment of dividends on common stock. We have not paid dividends on our common stock since inception and do not plan to pay
dividends on our common stock in the foreseeable future.

As of June 9, 2025, we had
1,125,998 shares of common stock outstanding. In addition, as of that date, there were approximately 250,000 shares underlying our outstanding
warrants and stock options.

Preferred Stock

We are authorized to issue
4,000,000 shares of “blank check” preferred stock with designations, rights and preferences as may be determined