Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 27

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 27
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ured Small                                     
 Cap Lending Series (the “Selling Stockholder”), including 44,444 shares issuable upon the exercise of the PS Agreement Warrants               
 and 91,506 shares of common stock which were issued upon conversion of the Series B Preferred Stock. WVP Management, LLC, the managing        
 member of WVP Emerging Manager Onshore Fund LLC – C/M Capital Series, has discretionary authority to vote and dispose of the shares           
 beneficially owned by this Selling Stockholder and may be deemed to be the beneficial owner of these shares. C/M Capital Partners, LP         
 and Worth Venture Partners, LLC, in their capacity as advisors to this Selling Stockholder, may also be deemed to have investment discretion  
 and voting power of the shares beneficially owned by this Selling Stockholder. Thomas Walsh and Jonathan Juchno in their capacity as partners 
 of C/M Capital Partners, LP, may also be deemed to have investment discretion and voting power over the shares beneficially owned by this     
 Selling Stockholder. Abby Flamholz, in her capacity as Managing Member of WVP Management, LLC and in her capacity as managing member of       
 Worth Venture Partners, LLC, may also be deemed to have investment discretion and voting power of the shares beneficially owned by this       
 Selling Stockholder. WVP Management, LLC, C/M Capital Partners, LP, Worth Venture Partners, LLC, Mr. Walsh, Mr. Juchno and Ms. Flamholz       
 each disclaim any beneficial ownership of these shares, except to the extent of any pecuniary interest therein. The business address is       
 1111 Brickell Avenue, Suite 2920, Miami, FL 33131.                                                                                            |
| (185) | Consists of 10,811 shares of our common stock acquired by Zane Glauber. Zane Glauber is located at 70                                         
 Little West Street #PH1F, New York City, NY 10004, United States. The Selling Securityholder is an employee of Galaxy Digital Services        
 LLC, which is affiliated with three registered broker dealers: Galaxy Digital Partners LLC, Galaxy Securities LLC and Fin 2 LLC.              |

| S-30 |

<div align='center'>PLAN
OF DISTRIBUTION</div>

The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest, selling the Shares or interests in the Shares
received after the date of this prospectus supplement from a selling shareholder as a gift, pledge, partnership