Company: FWDI
Filing Date: 2025-09-11
Form Type: 8-K
Source: 0001683168-25-006838
Chunk: 2

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 8-K
Item: Item 3.02
Chunk 2
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Item 3.02 Unregistered Sales of Equity Securities.

On September 10, 2025, Forward Industries (Asia-Pacific)
Corporation (“FC”) converted 4,315 shares of Series A-1 Preferred Stock (“Series A-1”) (Stated 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 Capital
converted 600,000 shares of Series B (Stated Value of $600,000) in accordance with the terms of the Series B and was 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 Capital’s conversion
of their Series B, no Series B remain outstanding.

The shares of Common Stock issued upon conversion
of the Series A-1 and Series B were issued in reliance upon the exemption from registration provided by Section 3(a)(9) of the Securities
Act of 1933, as amended (the “Securities Act”) as the transaction constituted an exchange of securities by the Company
with an existing security holder and no commission or other remuneration was paid or given directly or indirectly for soliciting such
exchange.

   2  

Item 5.02 Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal Officers.

Board of Directors Appointment

In connection with the Private Placement (as defined
below), on September 10, 2025, the board of directors of the Company (the “Board”) appointed Michael Pruitt, 65, to
serve on the Board, effective immediately, until elections are held at the Company’s next shareholder meeting.

Mr. Pruitt has been the Inter