Company: FWDI
Filing Date: 2025-09-11
Form Type: 424B5
Source: 0001683168-25-006851
Chunk: 14

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 424B5
Chunk 14
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 subject to the prior rights of holders of preferred stock and any contractual restrictions we have
against the payment of dividends on common stock. We have not paid dividends on our common stock since inception and do not plan to pay
dividends on our common stock in the foreseeable future.

As of June 9, 2025, we had 1,125,998
shares of common stock outstanding. In addition, as of that date, there were approximately 250,000 shares underlying our outstanding warrants
and stock options.

Preferred Stock

We are authorized to issue 4,000,000
shares of “blank check” preferred stock with designations, rights and preferences as may be determined from time to time by
our Board.

At the date of this prospectus,
100,000 shares have been designated as Series A Participating Preferred Stock (“Series A Preferred”). As of June 9, 2025,
there were no shares of Series A Preferred outstanding.

As of the date of this prospectus,
6,700 shares have been designated as Series A-1 Preferred Stock and there are 4,925 shares issued and outstanding. Series A-1 shares (i)
are convertible at $7.50 per share, subject to customary anti-dilution and other adjustments as set forth in the Certificate of Designation,
(ii) have liquidation rights equal to: (X) an amount per share equal to the stated value, and (Y) the same amount that a holder of the
Company’s common stock would receive on an as-converted basis, (iii) are not redeemable, (iv) have such voting rights as required
by New York law, including class voting rights on matters affecting the Series B preferred stock rights and preferences, and (v) have
senior rights to all classes of common stock with respect to dividends, distributions, and liquidation preferences.

As of the date of this prospectus,
1,000,000 shares have been designated Series B preferred stock and there are 1,000,000 shares issued and outstanding. The Series B shares
(i) accrue dividends at 10% per annum, payable quarterly in arrears in cash, provided that the Company may elect to pay dividends in common
stock or by increasing the stated value if specified equity conditions are met (as defined in the Certificate of Designation), (ii) are
convertible into common stock at $4.50 per share, subject to customary anti-dilution and other adjustments as set forth in