Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 55

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 55
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ries, Inc. and Subsidiaries for the years ended September 30, 2024 and 2023, have been audited by CohnReznick LLP, independent registered
public accounting firm, as set forth in their report thereon appearing in Forward Industries, Inc. and Subsidiaries’ Annual report
on Form 10-K for the year ended September 30, 2024, and incorporated by reference herein. Such consolidated financial statements are incorporated
by reference herein in reliance upon such report, which includes an explanatory paragraph on Forward Industries, Inc. and Subsidiaries’
ability to continue as a going concern, given on the authority of such firm as experts in accounting and auditing.

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PROSPECTUS

<div align='center'>FORWARD INDUSTRIES, INC.

Up to $4,000,000,000

Common Stock</div>

We have entered into a Controlled Equity Offering
Sales Agreement with Cantor Fitzgerald & Co. (“Cantor” or the “Agent”), dated September 16,
2025 (the “Sales Agreement”) relating to shares of our common stock, $0.01 par value per share (“Common Stock”),
offered by this prospectus. In accordance with the terms of the Sales Agreement, from time to time we may offer and sell shares of our
Common Stock having an aggregate gross sales price of up to $4 billion to or through Cantor, acting as principal and/or sales agent, pursuant
to this prospectus.

Sales of our Common Stock, if any, under this
prospectus may be made in sales deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under
the Securities Act of 1933, as amended (the “Securities Act”). Subject to the terms of the Sales Agreement, Cantor
is not required to sell any specific number or dollar amounts of our Common Stock but will use commercially reasonable efforts consistent
with its normal trading and sales practices, on mutually agreed terms between Cantor and us. There is no current arrangement for funds
to be received in any escrow, trust or similar arrangement.

The Agent will be entitled to compensation under
the terms of the Sales Agreement at a commission rate of up to 3.0% of the gross proceeds from each sale of our Common Stock. In connection
with the sales of our Common Stock on our behalf, the Agent will be deemed to be an “underwriter”