Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 19

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 19
---
 Samani to serve on the Board until elections are held at our next shareholder meeting. Mr. Samani will also serve
as Chairman of the Board.

| S-9 |

<div align='center'>THE OFFERING</div>

| Issuer                                           | Forward Industries Inc.                                                                                                                                                                                                                                                     |
| Common stock offered by the Selling Shareholders | 102,848,137 Shares. See “Selling Shareholders”                                                                                                                                                                                                                              |
| Common stock outstanding                         | 86,459,465 shares                                                                                                                                                                                                                                                           |
| Use of proceeds                                  | The selling shareholders will receive all of the net proceeds from the sale of the Shares by them in this offering, and we will not receive any proceeds from the sale of the Shares in this offering. See “Use of Proceeds” on page S-12 of this prospectus supplement.    |
| Risk Factors                                     | See the section titled “Risk Factors” beginning on page S-11 of this prospectus supplement and in the documents incorporated herein by reference for a discussion of certain factors you should carefully consider before deciding to invest in shares of our common stock. |
| Nasdaq Symbol                                    | Our common stock is listed on the Nasdaq under the symbol “FORD.”                                                                                                                                                                                                           |

The number of shares of our
common stock to be outstanding immediately after this offering is based on 86,459,465 shares of our common stock outstanding as of October
31, 2025, and unless otherwise indicated, excludes:

| · | 26,359,600 warrants outstanding with a weighted average exercise price of $0.03 per share, which includes 
 the Pre-Funded Warrants and the $0.01 warrants issued in the Private Placement;                           |
| · | 324,607 stock options with a weighted average exercise price of $13.45 per share; and                     |
| · | 52,668 shares of common stock available for future grants under our 2021 Equity Incentive Plan.           |

Except as otherwise indicated
herein, all information in this prospectus supplement assumes no exercise or conversion of outstanding options or warrants as described
above.

| S-10 |

<div align='center'>RISK
FACTORS</div>

Investing in our common stock involves risks. Before purchasing any shares of our common stock, you should carefully consider the risks discussed under the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024 filed with the SEC on December 27,