Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 35

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 35
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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 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 251,000
shares of common stock issuable upon exercise of outstanding warrants and stock options.

| 21 |

<div align='center'>CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</div>

Anti-Takeover Effects of New York Law

Section 912 of the New York
Business Corporation Law (the “NYBCL”) prohibits a business combination, such as a merger, consolidation, recapitalization,
asset sale or disposition of stock, with any “interested shareholder” for a period of five years from the date that the interested
shareholder first became an interested shareholder unless:

| · | the business combination, or the acquisition of stock that resulted in the interested shareholder first                               
 becoming an interested shareholder, was approved by Forward’s Board   prior to the interested shareholder becoming an                 
 interested shareholder;                                                                                                               |
| · | the business combination is approved by the disinterested stockholders at a meeting of Forward’s                                      
 stockholders called no earlier than five years after the date that the interested shareholder first became an interested shareholder; 
 or                                                                                                                                    |
| · | the business combination meets certain “fair price” valuation requirements.                                                           |

An “interested stockholder”
is any person that is the beneficial owner of 20% or more of the outstanding voting stock of Forward or is an affiliate or associate of
Forward that at any time during the prior five years was the beneficial owner, directly or indirectly, of 20% or more of the then outstanding
voting stock of Forward. The definition of “combination” contained in the statute is sufficiently broad to cover virtually
any kind of transaction that would allow a potential acquirer to use the corporation