Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 44

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 44
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 be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof (together with its affiliates) immediately
following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase or
decrease the beneficial ownership limitation by giving notice to the Company (61 days’ notice for increases), but not to any percentage
in excess of 9.99%.

In connection with the Private Placement, we
entered into a registration rights agreement (the “Registration Rights Agreement”)
with the Purchasers, providing for the registration for resale of the Shares, the Advisor Shares (as defined below), the Lead Investor
Shares (as defined below), the Pre-Funded Warrant Shares and the shares of Common Stock underlying each of the Advisor Warrants and Lead
Investor Shares on an effective registration statement, pursuant to a registration statement to be filed with the SEC no later than October
10, 2025.

We intend to use the net proceeds from the Private
Placement to purchase SOL, for working capital and any future transactions, for the payment of transaction costs and for the establishment
of our cryptocurrency treasury operations.

| 10 |

Galaxy Strategic Advisor Agreement

On September 6, 2025, we entered into a Strategic
Advisor and Lead Investor Agreement (the “Strategic Advisor Agreement”) with Galaxy Digital LP (“Galaxy”)
pursuant to which we engaged Galaxy to serve as our strategic advisor with respect to the Private Placement. In consideration of Galaxy’s
services, we issued to Galaxy in addition to the Securities acquired by Galaxy pursuant to the Securities Purchase Agreement 1,783,519
of Pre-Funded Warrants and 4,458,796 warrants (the “Advisor Warrants”) to purchase an amount of shares of our Common
Stock (the “Advisor Shares”). The exercise price per share of the Advisor Warrants shall equal one penny ($0.01) per
share and shall be exercisable as follows: (1) one-third (1/3) of the Advisor Warrants shall be exercisable 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 the effectiveness of this registration statement; (2) one-third
(1/3) of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading