Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 1
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 the applicable stock exchange rules or (ii) the average
price paid for all shares of common stock issued under the Purchase Agreement (including both Purchase Shares and Commitment Shares) is
equal to or greater than $7.10, which is a price equal to the lower of (A) the Nasdaq Official Closing Price immediately preceding the
execution of the Purchase Agreement and (B) the average Nasdaq Official Closing Price of our common stock for the five trading days immediately
preceding the execution of the Purchase Agreement, as calculated in accordance with the rules of Nasdaq, such that the sales of such common
stock to the Selling Stockholder would not count toward such limit because they are “at market” under applicable stock exchange
rules. See “The Committed Equity Financing” for a description of the Purchase Agreement and “Selling Stockholder”
for additional information regarding the Selling Stockholder.

We are not selling any securities
under this prospectus and will not receive any of the proceeds from the sale of the shares of our common stock by the Selling Stockholder.
Additionally, we will not receive any proceeds from the issuance or sale of any Commitment Shares. However, we may receive up to $35 million
in aggregate gross proceeds from the sale of the shares of common stock to the Selling Stockholder under the Purchase Agreement, from
time to time in our discretion, subject to the restrictions and satisfaction of the conditions in the Purchase Agreement, after the date
the registration statement that includes this prospectus is declared effective and after satisfaction of other conditions in the Purchase
Agreement. The actual proceeds from the Selling Stockholder may be less than this amount depending on the number of shares of our common
stock sold and the price at which the shares of our common stock are sold.

The Selling Stockholder may
offer, sell or distribute all or a portion of the shares of our common stock acquired under the Purchase Agreement and hereby registered
publicly or through private transactions at prevailing market prices or at negotiated prices. We will bear all costs, expenses and fees
in connection with the registration of the shares of our common stock, including with regard to compliance with state securities or “blue
sky” laws. The Selling Stockholder will bear all commissions and discounts, if any, attributable to its sale of shares of our common
stock. See “Plan of Distribution” for more information about how the Selling Stockholder may sell or otherwise
dispose of the shares of common stock being registered pursuant to this prospectus. The Selling Stockholder is an