Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 23

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 23
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 Shares except to the extent of their pecuniary interest therein. Anson East Master Fund            
 LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.                                                                        |
| (9)  | Consists of 175,700 shares of our common stock acquired by Anson Investments Master Fund LP. Anson Advisors                                      
 Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Investments Master Fund LP (“Anson”), hold voting and                     
 dispositive power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the general       
 partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and Mr. Nathoo      
 each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. Anson Investments            
 Master Fund LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.                                                            |
| (10) | Consists of 40,471 shares of our common stock acquired by Anson Opportunities Master Fund LP. Anson Advisors                                     
 Inc and Anson Funds Management LP, the Co-Investment Advisers of Anson Opportunities Master Fund LP (“Anson”), hold voting                       
 and dispositive power over the Common Shares held by Anson. Tony Moore is the managing member of Anson Management GP LLC, which is the           
 general partner of Anson Funds Management LP. Moez Kassam and Amin Nathoo are directors of Anson Advisors Inc. Mr. Moore, Mr. Kassam and         
 Mr. Nathoo each disclaim beneficial ownership of these Common Shares except to the extent of their pecuniary interest therein. Anson Investments 
 Master Fund LP is located at 181 Bay Street, Suite 4200, Toronto, ON M5J 2T3, Canada.                                                            |
| (11) | Consists of 540,541 shares of our common stock acquired by AP Fund Two, LLC. AP Fund Two, LLC is controlled                                      
 by Argentum Peak, LLC. The individual with voting and investment power over the securities held by AP Fund Two, LLC is Kevin Rolston.            
 AP Fund Two, LLC is located at 600 Washington Blvd, 7th Floor, Stamford, CT