Company: FWDI
Filing Date: 2025-09-17
Form Type: S-3ASR
Source: 0001683168-25-007043
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-09-17
Form: S-3ASR
Chunk 20
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 Value
of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a conversion price
of $7.50 per share) of the Company. Following FC’s conversion, no Series A-1 remain outstanding.

On September 10, 2025, WVP Emerging Manager Onshore
Fund, LLC — Structured Small Cap Lending Series (“WVP”) converted 400,000 shares of Series B Convertible Preferred
Stock, $0.01 par value (“Series B”) (Stated Value of $400,000) in accordance with the terms of the Series B and was
issued 91,506 shares of Common Stock (based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted
600,000 shares of Series B (Stated Value of $600,000) in accordance with the terms of the Series B and issued 137,259 shares of Common
Stock (based on a conversion price of $4.50 per share) of the Company. Following WVP’s and C/M’s conversion of their Series
B, no Series B remain outstanding.

Appointments

On September 10, 2025, the Board appointed: (i)
Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting and (ii) Pyahm (Kyle)
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.

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

Investing in our securities involves risk. Before
you decide whether to purchase any of our securities, you should carefully consider the specific risks discussed in, or incorporated by
reference into, the applicable prospectus supplement, together with all the other information contained in the prospectus supplement or
incorporated by reference into this prospectus and the applicable prospectus supplement. You should also consider the risks, uncertainties
and assumptions discussed under the caption “Risk Factors” herein as well as those included in our Annual Report on Form 10-K
for the year ended September 30, 2024 filed with the SEC on December 27, 2024, as well as the risks, uncertainties and additional information
set forth in the other documents incorporated by reference in this prospectus that we