Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 11

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 11
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holders as a result of the sale and issuance
of common stock to the Selling Stockholder under the Purchase Agreement, including but not limited to the following: substantial dilution,
significant declines in our stock price and our inability to draw sufficient funds when needed. See
“Risk Factors.” The sale of our common stock to the Selling Stockholder under the Purchase Agreement will not affect the rights
or privileges of our other stockholders, except that the economic and voting interests of our existing stockholders will be diluted as
a result of any such sale. Although the number of shares of common stock that our other stockholders own will not decrease, the shares
owned by our other stockholders will represent a smaller percentage of our total outstanding shares after any such sale to the Selling
Stockholder under the Purchase Agreement.

| 4 |

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

The following summary contains basic information about this offering. The summary is not intended to be complete. You should read the full text and more specific details contained elsewhere in this prospectus.

| Common stock offered by the Selling Stockholder              |     | 273,000 shares of our common stock, consisting of (i) up to 245,571                                                                           
 Purchase Shares that may be issued by us to the Selling Stockholder, from time to time at our sole discretion, pursuant to the Purchase       
 Agreement, and (ii) up to 27,429 Commitment Shares of which 24,929 shares of common stock are outstanding.                                    |
| Common stock outstanding immediately prior to this offering  |     | 1,125,998 shares                                                                                                                              |
| Common stock outstanding immediately following this offering |     | 1,374,069 shares                                                                                                                              |
| Terms of the offering                                        |     | The Selling Stockholder will determine when and how it will dispose of any                                                                    
 shares of our common stock that are registered under this prospectus for resale. See “Plan of Distribution.”                                  |
| Use of proceeds                                              |     | We will not receive any of the proceeds from the sale of shares of our common                                                                 
 stock offered by the Selling Stockholder. Additionally, we will not receive any proceeds from the issuance or sale of any Commitment          
 Shares. We may receive up to $35,000,000 in aggregate gross proceeds from the Selling Stockholder under the Purchase Agreement in connection  
 with sales of our shares of our common stock to the Selling Stockholder pursuant to the Purchase Agreement after the date of this prospectus. 
 However, the actual