Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 1415

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 11
Chunk 1415
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5. The Lead Investor
Warrants will not expire until the date such warrants are fully exercised.

Below is a rollforward of warrant
activity for Fiscal 2025: 

    Schedule of warrant
activity 

    Number of Warrants  
    Weighted Average Exercise Price 
  
    Warrants outstanding at September 30, 2024 
     7,500  
    $7.50 
  
    Warrants granted 
     27,302,382  
    $0.03 
  
    Warrants exercised 
     (950,282) 
    $0.00 
  
    Warrants outstanding at September 30, 2025 
     26,359,600  
    $0.03 

Equity Line of Credit

On May 16, 2025, the Company
entered into a Securities Purchase Agreement (the “ELOC”) and related Registration Rights Agreement with one of the Series
B Investors pursuant to which the Company had the right, in its sole discretion, to sell, and the Series B Investor agreed to purchase,
shares of the Company’s common stock having an aggregate value of up to $35 million, subject to certain limitations and conditions
set forth in the underlying agreement. The Company had control over the timing and amount of any sales of common stock under this agreement.
In connection with the execution of the ELOC, the Company issued 26,000 commitment shares to the Series B Investor and paid third-party
fees of $71,000, which have been recorded to shareholders equity as a reduction of the related proceeds on the consolidated financial
statements as of September 30, 2025. Pursuant to the terms of the ELOC, the Company could issue and sell shares to the Series B Investor
at prices discounted below the then-current market price of the Company’s common stock.

On June 10, 2025, the Company
filed a registration statement to register shares of common stock issuable under the ELOC. The registration statement was declared effective
by the SEC on June 20, 2025. In Fiscal 2025, the Company received gross proceeds of $2,432,000 from the sale of 248,000 shares of Common
Stock under the ELOC. In September 2025, the Company and the Series B Investor mutually agreed to terminate the ELOC.

     F-26 

FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

NOT