Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 48

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 48
---
-dilution provisions of the warrants, including adjustments for stock splits, combinations, reclassifications, 
 reorganizations, mergers, consolidations, sales of assets, or similar events;                                      |
| · | the rights, if any, we have to redeem the warrants;                                                                |
| · | the date on which the right to exercise the warrants will commence and the date on which the warrants will         
 expire;                                                                                                            |
| · | the name of the warrant agent; and                                                                                 |
| · | any other material terms of the warrants.                                                                          |

Exercise of warrants

Each warrant will entitle the
holder of the warrant to purchase the securities that we specify in the applicable prospectus supplement at the exercise price that we
describe in the applicable prospectus supplement. Holders may exercise warrants at any time up to 5:00 p.m. Eastern Time on the expiration
date set forth in the applicable prospectus supplement, unless otherwise specified in the warrant agreement. After the close of business
on the expiration date, unexercised warrants will automatically expire and become void. Holders may exercise warrants as set forth in
the prospectus supplement relating to the warrants being offered. Until a holder exercises the warrants to purchase any securities underlying
the warrants, the holder will not have any rights as a holder of the underlying securities by virtue of ownership of warrants.

| 31 |

<div align='center'>DESCRIPTION
OF SUBSCRIPTION RIGHTS</div>

We may issue subscription
rights to purchase shares of our common stock or shares of our preferred stock. We may issue subscription rights independently or together
with any other offered security, which may or may not be transferable by the stockholder. In connection with any offering of subscription
rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or
other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement
relating to any subscription rights we may offer will contain the specific terms of the subscription rights. These terms may include the
following:

| · | the price, if any, for the subscription rights;                                                                     |
| · | the number and terms of each share of common stock or preferred stock which may be purchased per each subscription  
 right;                                                                                                              |
| · | the exercise price payable for each share of common stock or preferred stock upon the exercise of the subscription  
 rights;                                                                                                             |
| · | the extent to which the subscription rights are transferable