Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 910

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 7A
Chunk 910
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 Warrants

The unfunded exercise price of
each Pre-Funded Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of Common
Stock issuable upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends,
stock splits, stock combinations, or similar events affecting our Common Stock. The Pre-Funded Warrants are exercisable in cash or by
means of a cashless exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants
may not 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 September 2025, 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