Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 574

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 3
Chunk 574
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.50 and (ii) pre-funded warrants (the “Pre-Funded Warrants” and together with the Shares, the “Securities”)
to purchase 12,031,364 shares of Common Stock (the “Pre-Funded Warrant Shares”) with $18.49999 of the exercise price per Pre-Funded
Warrant that was pre-funded at closing (the “Per Share Purchase Price”). In the Private Placement, the Purchasers tendered
U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company as consideration for the Securities. We received aggregate proceeds of approximately
$1.65 billion, before deducting placement agent fees and other expenses.

In connection with the Private
Placement, we entered into a registration rights agreement (the “Registration Rights Agreement”) with the Purchasers, providing
for the registration for resale of the Shares, the Advisor Shares (as defined below), the Lead Investor Shares (as defined below), the
Pre-Funded Warrant Shares and the shares of Common Stock underlying each of the Advisor Warrants and Lead Investor Warrants on an effective
registration statement, pursuant to a registration statement which was filed on November 3, 2025 and amended on November 10, 2025 and
November 14, 2025.

On October 10, 2025, we entered
into a Waiver and Consent (the “Waiver and Consent”) with certain holders of the Company’s securities (who collectively
beneficially own at least 50.1% of the then outstanding Registrable Securities, as defined in the Registration Rights Agreement). The
Waiver and Consent waived the compliance of the Filing Date (as defined in the Registration Rights Agreement) and extended the deadline
for the Company to file the initial resale registration statement with the Securities and Exchange Commission to November 10, 2025. Such
registration statement was filed and automatically effective on November 3, 2025.

Galaxy Strategic Advisor Agreement

In September 2025, we entered
into a Strategic Advisor and Lead Investor Agreement (the “Strategic Advisor Agreement”) with Galaxy Digital LP (“Galaxy”)
pursuant to which we engaged Galaxy to serve as our strategic advisor with respect to the Private Placement. In consideration of Galaxy’s
services, we issued to Galaxy, in addition to the Securities acquired by Galaxy pursuant to the Securities Purchase Agreement, 1,783,519
of Pre-Funded Warrants and 4,458,