Company: FWDI
Filing Date: 2025-06-10
Form Type: S-1
Source: 0001683168-25-004372
Chunk: 18

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-1
Chunk 18
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 us to sell pursuant to the Purchase Agreement. If
and when we do sell shares of our common stock to the Selling Stockholder, after the Selling Stockholder has acquired shares of our common
stock, the Selling Stockholder may resell all, some, or none of such shares of our common stock at any time or from time to time in its
discretion and at different prices. Therefore, sales to the Selling Stockholder by us could result in substantial dilution to the interests
of other holders of shares of our common stock. In addition, if we sell a substantial number of shares of our common stock to the Selling
Stockholder under the Purchase Agreement, or if investors expect that we will do so, the shares held by the Selling Stockholder will represent
a significant portion of our public float and may result in substantial decreases to the price of our common stock. The actual sales of
shares of our common stock or the mere existence of our arrangement with the Selling Stockholder may also make it more difficult for us
to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to affect such sales

In addition, shares of our
common stock issuable upon exercise or vesting of incentive awards under our incentive plans are, once issued, eligible for sale in the
public market, subject to any lock-up agreements and, in some cases, limitations on volume and manner of sale applicable to affiliates
under Rule 144. Furthermore, shares of our common stock reserved for future issuance under our incentive plan may become available for
sale in future.

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We may use proceeds from sales of our common stock made pursuant to the Purchase Agreement in ways with which you may not agree or in ways which may not yield a significant return.

We will have broad discretion
over the use of proceeds from sales of our common stock made pursuant to the Purchase Agreement, including for any of the purposes described
in the section entitled “Use of Proceeds,” and you will not have the opportunity, as part of your investment decision, to
assess whether the proceeds are being used appropriately. Because of the number and variability of factors that will determine our use
of the net proceeds, their ultimate use may vary substantially from their currently intended use. While we expect to use the net proceeds
from this offering as set forth in “Use of Proceeds,” we are not obligated to do so. The failure by us to apply these funds
effectively could harm our business, and the net