Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 36

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 36
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ation.

In order to reincorporate in Nevada,
we recently formed a Nevada subsidiary and will merge the Company into it with the subsidiary being the surviving corporation.

Shareholders are urged to
read this Information Statement carefully, including all of the related appendices attached to this Proxy Statement. The following discussion
summarizes material provisions of the Nevada Reincorporation and is subject to and qualified in its entirety by the Merger Agreement in
substantially the form attached hereto as Annex A (the “Merger Agreement”), the Nevada Articles of Incorporation in
substantially the form attached hereto as Annex B; and the Nevada Bylaws in substantially the form attached hereto as Annex C. Prior to the consummation of the Nevada Reincorporation, the Company will file with the Secretary of State of the State of Nevada:
(i) the Nevada Articles of Incorporation, and (ii) the Nevada Certificate of Designation, Preference and Rights (the “Certificate
of Designation”) of the Series A-1 Convertible Preferred Stock (the “Series A-1”) and Series B Convertible Preferred
Stock (the “Series B”), respectively. The Certificate of Designations for the Series A-1 and Series B are substantially similar
to the Certificate of Designations with respect to the Series A-1 and Series B other than changes to conform the comparable provisions
under New York law to the applicable provisions under Nevada law. Copies of our current New York Certificate of Incorporation (“New
York Certificate”), current New York Certificate of Designation for Series A-1 and Series B and current bylaws (“New York
Bylaws”) have been filed with the SEC as exhibits to our Annual Report on Form 10-K filed with the SEC on December 27, 2024. Copies
will be sent to shareholders free of charge upon written request to:

<div align='center'>Forward Industries, Inc.

700 Veterans Memorial Highway, Suite 100

Hauppauge, NY 11788

Attention: Investor Relations

Phone Number: 631-547-3055</div>

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Structure of the Nevada Reincorporation

To accomplish the Nevada Reincorporation,
we recently incorporated a subsidiary as a Nevada corporation under Nevada law. We refer to this new subsidiary that will be named Forward
Industries, Inc. as Forward Nevada in this Proxy Statement. Forward New York will then merge with and into Forward Nevada under the terms
of an Agreement and Plan of Merger between