Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 76

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 76
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 efforts to sell on our                                                       
 behalf all of the Common Stock requested to be sold by us, consistent with its normal trading and sales practices. See “Plan of Distribution” beginning on page 29 of this prospectus. |
| Use of Proceeds                                        |     | We may use the net proceeds from the sale of shares of our                                                                                                                             
 Common Stock, if any, for general corporate purposes, which include, among other things: debt repayment, repurchases of shares of                                                      
 our Common Stock; working capital; and/or capital expenditures. We may also use such proceeds to fund acquisitions of businesses,                                                      
 assets or technologies that complement our current business. Our management will retain broad discretion over the allocation of the                                                    
 net proceeds from the sale of the shares of our Common Stock offered by this prospectus. See “Use of Proceeds” beginning                                                               
 on page 27 of this prospectus.                                                                                                                                                         |
| Risk Factors                                           |     | See the section titled “Risk Factors” beginning                                                                                                                                        
 on page 14 of this prospectus and in the documents incorporated herein by reference for a discussion of certain factors you                                                            
 should carefully consider before deciding to invest in shares of our Common Stock.                                                                                                     |
| Nasdaq Symbol                                          |     | Our Common Stock is listed on the Nasdaq under the symbol “FORD.”                                                                                                                      |

The number of shares of our Common Stock expected to be outstanding immediately after this offering is based on 85,067,662 shares of our Common Stock outstanding as of September 16, 2025, and unless otherwise indicated, excludes:

| · | a total of 13,814,883 shares of Common Stock issuable upon the exercise of the Pre-Funded Warrants with 
 an exercise price of $0.00001 per share;                                                                |

| · | a total of 13,376,388 shares of Common Stock issuable upon the exercise of the Advisor Warrants and Lead 
 Investor Warrants with an exercise price of $0.01 per share;                                             |

| · | 118,611 warrants with a weighted average exercise price of $7.20 per share; |

| · | 348,554 stock options with a weighted average exercise price of $13.45 per share; and |

| · | 52,668 shares of Common Stock available for future grants under our 2021 Equity Incentive Plan. |

| 13 |

<div align='center'>RISK FACTORS</div>

Investing in our Common
Stock involves risks