Company: FWDI
Filing Date: 2025-03-31
Form Type: 8-K
Source: 0001683168-25-002064
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Company: Forward Industries, Inc.
Filing Date: 2025-03-31
Form: 8-K
Item: Item 8.01
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Item 8.01. Other Events

By letter dated February 21, 2025, Forward Industries,
Inc. (the “ Company”) was notified by the Listing Qualifications Staff (the “ Staff”) of The Nasdaq Stock Market
LLC (“ Nasdaq”) that the Staff had determined to delist the Company’s securities from Nasdaq due to the Company’s
non-compliance with the $2.5 million stockholders’ equity requirement for continued listing on The Nasdaq Capital Market, as set
forth in Nasdaq Listing Rule 5550(b) (the “ Equity Rule”). The Company subsequently requested a hearing before the Nasdaq Hearings
Panel to present its plan to regain compliance with the Equity Rule, which request stayed any further action by Nasdaq with respect to
the Company’s listing pending the issuance of the Panel’s decision following the hearing.

As disclosed by the Company in a Current Report
on Form 8-K filed with the Securities and Exchange Commission on March 24, 2025, on March 20, 2025, the Company and Forward Industries
(Asia-Pacific) Corporation (“ FC”), a company owned by the Company’s Chief Executive Officer and Chairman of the Board,
executed an Accounts Payables Conversion Agreement, pursuant to which FC converted $2,500,000 of the Company’s outstanding accounts
payable to FC into 2,500 shares of the Company’s Series A-1 Convertible Preferred Stock, with a stated value of $1,000 per share.
As therein disclosed, FC agreed to the conversion of debt to strengthen the Company’s stockholders’ equity position as part
of the Company’s ongoing efforts to ensure compliance with Nasdaq’s continued listing criteria.

As a result of the debt conversion transaction
with FC, as of the date of this filing the Company believes it has stockholders’ equity of at least $2.5 million; however, the Company
awaits Nasdaq’s formal confirmation that it has evidenced compliance with the Equity Rule. If deemed compliant, Nasdaq will continue
to monitor the Company to ensure its ongoing compliance with the Equity Rule and, if at the time of filing of the Company’s next
periodic financial statements the Company does not evidence compliance with the Equity Rule, the Company may be subject to delisting from
Nasdaq.

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SIGNATURES

Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its