Company: FWDI
Filing Date: 2025-09-11
Form Type: 424B5
Source: 0001683168-25-006851
Chunk: 5

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 424B5
Chunk 5
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 on September 10, 2025, which are incorporated by reference into this prospectus supplement, and the other reports incorporated by reference into the accompanying prospectus for a discussion of factors you should carefully consider before deciding to invest in our Common Stock. |

(1) The number of shares of
Common Stock to be outstanding immediately after this offering is based on 82,743,337 shares of Common Stock outstanding as of September
11, 2025 and excludes, as of that date:

| · | a total of 118,611 shares of Common Stock issuable upon the exercise of warrants with a weighted average exercise price of $7.20 per share; |
| · | a total of 12,031,364 shares of Common Stock issuable upon the exercise of pre-funded warrants;                                             |
| · | 348,554 stock options with a weighted average exercise price of 13.45 per share; and                                                        |
| · | 52,668 shares of Common Stock available for future grants under our 2021 Equity Incentive Plan.                                             |

Except as otherwise indicated
herein, all information in this prospectus supplement assumes no exercise or conversion of outstanding options or warrants as described
above.

| S-4 |

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

Investing in our securities
involves risks. Before purchasing the securities offered by this prospectus you should consider carefully the risk factors incorporated
by reference in this prospectus from (i) our Form 10-K and Form 10-K/A for the year ended September 30, 2024 filed with the SEC on December
27, 2024 and January 17, 2025 and (ii) our Form 8-K filed on September 11, 2025, , as well as the risks, uncertainties and additional
information set forth in the other documents incorporated by reference in this prospectus that we file with the Commission after the date
of this prospectus and which are deemed incorporated by reference in this prospectus, and the information contained in any applicable
prospectus supplement. For a description of these reports and documents, and information about where you can find them, see “Incorporation of Certain Information by Reference.” The risks and uncertainties we discuss in this prospectus and in the documents incorporated
by reference in this prospectus are those that we currently believe may materially affect our company. Additional risks not presently
known, or currently deemed immaterial, also could materially and adversely affect