Company: FWDI
Filing Date: 2025-06-10
Form Type: S-1
Source: 0001683168-25-004372
Chunk: 9

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-1
Chunk 9
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a “VWAP Purchase”) at a purchase price equal to the lesser of 95% of (i) the closing price of a share of common stock on the trading day immediately prior to such applicable VWAP Purchase Date and (ii) the lowest sale price of the common stock on such applicable VWAP Purchase Date.

At any time from and after the Commencement Date, on any business day that is also the VWAP Purchase Date for a VWAP Purchase, we may also direct the Selling Stockholder to purchase, on such same business day (the “Additional VWAP Purchase Date” and, together
with a Fixed Purchased Date and a VWAP Purchase Date, a “Purchase Date”), an additional number of shares of common stock (an “Additional VWAP Purchase” and, together with a Fixed Purchase and a VWAP Purchase, a “Purchase”) at a purchase price equal to the lesser of 95% of (i) the closing price of a share of common stock on the business day immediately prior to such applicable Additional VWAP Purchase Date and (ii) the lowest sale price of the common stock on such applicable Additional VWAP Purchase Date.

If we make certain issuances of our securities within three business days after a Purchase Date and such securities are issued at prices (the “New Issuance Price”) less than the prices to be paid by the Selling Stockholder in such Fixed Purchase, VWAP Purchase or Additional VWAP Purchase, the purchase price for such applicable Fixed Purchase, VWAP Purchase and Additional VWAP Purchase would be reduced to the New Issuance Price, subject to the terms and conditions set forth in the Purchase Agreement.

Under the Purchase Agreement, in no event may the aggregate amount of Purchase Shares submitted in any single or combination of VWAP Purchase notices and/or Additional VWAP Purchase notices on a particular date require a payment from the Selling Stockholder to us that exceeds $2,000,000, unless such limitation is waived by the Selling Stockholder.

In no event shall we issue or sell any shares of common stock pursuant to the Purchase Agreement to the extent that after giving effect thereto, the aggregate number of shares of common stock that would be issued pursuant to the Purchase Agreement (including the Commitment Shares) would exceed 19.99% of the total number of shares of common stock issued and outstanding immediately preceding the execution of the Purchase Agreement (the “Exchange Cap”), subject to adjustment as set forth in the Purchase Agreement, unless and until (i) we obtain the approval of the issuance of