Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1765

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 16
Chunk 1765
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, 950,282 of the Pre-Funded Warrants were exercised via the cashless exercise provisions
of the related agreement and the Company issued 950,281 shares of its common stock in connection with such exercise.

     F-25 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Advisor Warrants

The exercise price per share
of the Advisor Warrants shall equal $0.01 per share and shall be exercisable as follows: (1) one-third (1/3) on and after the first date
on which the closing trading price of the Company’s Common Stock on its principal stock exchange is equal to or greater than 150%
of the cash Per Share Purchase Price for 20 out of 30 trading days following November 3, 2025 (the effective date of the resale registration
statement); (2) one-third (1/3) on and after the first date on which the closing trading price of the Company’s Common Stock on
its principal stock exchange is equal to or greater than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following
November 3, 2025; and (3) one-third (1/3) on and after the first date on which the closing trading price of the Company’s Common
Stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share Purchase Price for 20 out of 30 trading days
following November 3, 2025. The Advisor Warrants will not expire until the date such warrants are fully exercised.

Lead Investor Warrants

The exercise price per share
of the Lead Investor Warrants shall equal $0.01 per share and shall be exercisable as follows: (1) one-third (1/3) on and after the first
date on which the closing trading price of the Company’s Common Stock on its principal stock exchange is equal to or greater than
150% of the cash Per Share Purchase Price for 20 out of 30 trading days following November 3, 2025; (2) one-third (1/3) on and after the
first date on which the closing trading price of the Company’s Common Stock on its principal stock exchange is equal to or greater
than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following November 3, 2025;