Company: FWDI
Filing Date: 2025-09-11
Form Type: 8-K
Source: 0001683168-25-006838
Chunk: 3

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 8-K
Item: Item 3.02
Chunk 3
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im Chief Executive
Officer of the Company since May 16, 2025. Mr. Pruitt’s biography and other related information is as set forth in the Company’s
Definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on June 20, 2025, and is incorporated by
reference herein.

Mr. Pruitt’s appointment to the Board was contemplated pursuant
to the Lead Investor Agreement among the Company, J Digital 6 Cayman Ltd. and Multicoin Capital Master Fund, LP (“ Multicoin Capital”),
dated September 6, 2025 (the “Lead Investor Agreement”). There are no family relationships among any of the Company’s
directors or executive officers and Mr. Pruitt, and there are no related party transactions involving Mr. Pruitt that would
require disclosure under Item 404(a) of Regulation S-K.

Chairman Appointment

In connection with the Private Placement, on September 10, 2025, the
Board also appointed Pyahm (Kyle) Samani, 35, to serve on the Board, effective immediately, until elections are held at the Company’s
next shareholder meeting. Mr. Samani will also serve as Chairman of the Board, effective upon appointment.

Mr. Samani founded Multicoin Capital, one of the
three lead investors in the Private Placement, in May 2017 and has served as one of the firm’s Managing Partners since its founding.
As Managing Partner, he leads the investment team, sources investments, negotiates transactions, and collaborates with portfolio founders.
Since 2022 he has worked directly with members of Congress and the administration on key regulatory issues affecting the industry.

Multicoin is an early and prolific investor in
the Solana ecosystem. As a Managing Partner for the firm, Mr. Samani has developed a deep understanding of the Solana community, which
the Company believes makes him particularly well-suited for the Chairman role.

Mr. Samani was appointed to the Board pursuant
to the Lead Investor Agreement. There are no family relationships among any of the Company’s directors or executive officers and
Mr. Samani. In connection with the Private Placement, Multicoin Capital acquired an aggregate of 7,947,843 shares of Common Stock,
and Mr. Samani, through his personal investment vehicle, purchased an aggregate of 1,351,352 shares of Common Stock.

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Item 7.01 Regulation FD Disclosure.