Company: FWDI
Filing Date: 2025-03-24
Form Type: 8-K
Source: 0001683168-25-001830
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-03-24
Form: 8-K
Item: Item 8.01
Chunk 2
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Item 8.01. Other Events.

Mr. Terence Wise notified the Company that FC
will not be renewing the Buying Agency and Supply Agreement dated November 2, 2023, as extended (the “ Agency Agreement”).
The Company has made the determination that it will no longer continue its original equipment manufacturer distribution business (the
“ OEM Business”) if the Company is unable to extend the term of the Agency Agreement. As part of FC’s entrance into the
Conversion Agreement, the Company and FC agreed to proposed terms which would provide a framework by which FC would purchase the assets
or securities of the OEM Business from the Company. While preliminary terms have been agreed to, any potential transaction remains subject
to negotiation and execution of definitive agreements, approval by independent directors, and compliance with applicable corporate governance
requirements. There can be no assurance that the parties will reach a final agreement or that any transaction will be completed.

Item 9.01. Financial Statements
and Exhibits.