Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 74

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 74
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 of Forward or is an affiliate or associate of
Forward that at any time during the prior five years was the beneficial owner, directly or indirectly, of 20% or more of the then outstanding
voting stock of Forward. The definition of “combination” contained in the statute is sufficiently broad to cover virtually
any kind of transaction that would allow a potential acquirer to use the corporation’s assets to finance the acquisition or otherwise
to benefit its own interests rather than the interests of the corporation and its other shareholders.

The effect of New York’s
business combination law is to potentially discourage parties interested in taking control of the Company from doing so if they cannot
obtain the approval of our Board or shareholders.

In addition, under New York
law (a) directors may be removed for cause by vote of the shareholders, and (b) directors may be removed without cause by vote of the
shareholders only if specifically authorized by the Certificate of Incorporation or Bylaws. Further, removal of directors with or without
cause is subject to: (1) if a corporation has cumulative voting, no director may be removed when the votes cast against such director’s
removal would be sufficient to elect such director if voted cumulatively at an election at which the same total number of votes were cast
and the entire Board, or class of directors of which he is a member, were then being elected; and (2) when, pursuant to the certificate
of incorporation, the holders of any class of shares are entitled to elect one or more directors, any director so elected may be removed
only by the vote of the holders of such class. Any such removal requires the affirmative vote of stockholders representing not less than
two-thirds of the voting power of the shares entitled to vote.

Certificate of Incorporation
and Bylaws

Provisions of our Certificate
of Incorporation and Bylaws may delay or discourage transactions involving an actual or potential change in our control or change in our
management, including transactions in which stockholders might otherwise receive a premium for their shares, or transactions that our
stockholders might otherwise deem to be in their best interests. Therefore, these provisions could adversely affect the price of our common
stock. Among other things, our Certificate of Incorporation and Bylaws:

| · | permit our Board to issue up to 4,000,000 shares of preferred stock, without further stockholder approval,                              
 with such rights, preferences and privileges as our Board may designate in accordance with applicable law, including rights relating