Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1058

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 9
Chunk 1058
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 been recorded to shareholders equity as a reduction of the related proceeds on the consolidated financial
statements as of September 30, 2025. Pursuant to the terms of the ELOC, the Company could issue and sell shares to the Series B Investor
at prices discounted below the then-current market price of the Company’s common stock.

On June 10, 2025, the Company
filed a registration statement to register shares of common stock issuable under the ELOC. The registration statement was declared effective
by the SEC on June 20, 2025. In Fiscal 2025, the Company received gross proceeds of $2,432,000 from the sale of 248,000 shares of Common
Stock under the ELOC. In September 2025, the Company and the Series B Investor mutually agreed to terminate the ELOC.

     F-26 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

At-the Market Offering

On September 16, 2025,
the Company entered into a Controlled Equity Offering Sales Agreement (the “ATM”) with Cantor Fitzgerald & Company (“Cantor”),
as principal and/or agent, pursuant to which it may offer and sell, from time to time, through Cantor, shares of its common stock, having
an aggregate offering price of up to $4 billion. Shares will be issued and sold pursuant to the Company’s effective registration
statement on Form S-3 as previously filed with, and declared effective by, the SEC. The Company filed a prospectus supplement, dated September
16, 2025, with the SEC in connection with the offer and sale of shares under the ATM. We will pay Cantor a commission of up to 3% of the
gross proceeds from each sale of shares under the ATM. In Fiscal 2025, we sold 124,000 shares of common stock under the ATM for gross
proceeds of $4,064,000 and incurred fees related to the ATM of $839,000, of which $102,000 have been recorded as a reduction to additional
paid-in capital and $737,000 have been recorded as deferred financing costs and presented as a component of other assets on the consolidated
financial statements.

Nasdaq

In July 2023, the Company was
notified by Nasdaq that it was not in compliance with Nasdaq Listing Rule 5550(a)(2) (