Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 79

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 79
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 into or exchangeable for our Common Stock,
in future transactions may be higher or lower than the price per share paid by investors in this offering.

In addition, the sale of shares our Common Stock
in this offering and any future sales of a substantial number of shares of our Common Stock in the public market, or the perception that
such sales may occur, could adversely affect the price of our Common Stock. We cannot predict the effect, if any, that market sales of
those shares of our Common Stock, or the perception that those shares may be sold, will have on the market price of our Common Stock.

We plan to sell shares of our Common Stock in “at the market offerings,” and investors who purchase shares of our Common Stock at different times will likely pay different prices.

Investors who purchase shares of our Common Stock
in this offering at different times will likely pay different prices and may experience different outcomes in their investment results.
We will have discretion, subject to the effect of market conditions, to vary the timing, prices and numbers of shares of our Common Stock
sold in this offering. Investors may experience a decline in the value of their shares of our Common Stock. Many factors could have an
impact on the market price of our Common Stock, including the factors described above and those disclosed under “Risk Factors”
in our most recent Annual Reports on Form 10-K, as well as those which may be disclosed in our subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K, and in the other filings we make with the SEC.

The sale or availability for sale of a substantial number of shares of our Common Stock could adversely affect the market price of such shares.

Sales of a substantial number of shares of our
Common Stock in the public market, or the perception or indication that these sales could occur, could adversely affect the market price
of such shares and could materially impair our ability to raise capital through equity offerings in the future or cause the trading price
of our Common Stock to decline. We are unable to predict what effect, if any, sales of securities in this offering or by our significant
stockholders, directors or officers will have on the market price of our Common Stock.

The actual number of shares we will issue under the Sales Agreement, at any one time or in total, is uncertain.

Subject to certain limitations in the Sales Agreement
and compliance with applicable law, we have the discretion to deliver instructions to Cantor to sell shares of our Common Stock at any
time throughout the term