Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 20
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 2024, as well as any amendment, supplement or update to the risk factors reflected in subsequent filings with the SEC, which are incorporated by reference into this prospectus supplement, and all of the other information contained in this prospectus supplement and incorporated by reference into this prospectus supplement. These risks and uncertainties are not the only ones facing us. Additional risks and uncertainties that we are unaware of, or that we currently deem immaterial, may also become important factors that could adversely affect us. If any of such risks or the risks described below or in our SEC filings occur, our business, financial condition, results of operations or prospects could be materially and adversely affected. In that case, the trading price of our common stock could decline, and you may lose some or all of your investment.

| S-11 |

<div align='center'>USE
OF PROCEEDS</div>

We are not selling any shares of common stock under this prospectus supplement, and we will not receive any proceeds from any sale of the Shares in this offering by the selling shareholders. The aggregate proceeds to the selling shareholders from the sale of the common stock offered by them will be the purchase price of the common stock less discounts or commissions, if any. Each of the selling shareholders reserves the right to accept and, together with their agents from time to time, to reject, in whole or in part, any proposed purchase of common stock to be made directly or through agents. Upon any exercise of the Pre-Funded Warrants by payment of cash, however, we will receive the exercise price of the Pre-Funded Warrants.

| S-12 |

<div align='center'>DESCRIPTION
OF SECURITIES</div>

The following description
of our common stock summarizes the material terms and provisions thereof, including the material terms of the shares of common stock that
the selling shareholders are offering under this prospectus supplement and the accompanying prospectus.

Common Stock

See Description of Capital Stock on page 28 of the accompanying prospectus for a description of the material terms of our common stock.

| S-13 |

<div align='center'>SELLING
SHAREHOLDERS</div>

This prospectus relates to
the possible resale by the selling shareholders named in the table below (the “selling shareholders”) of up to an aggregate
of 102,848,137 shares of our common stock issued in the Private Placement pursuant to the Securities Purchase Agreement, the Strategic
Advisor Agreement and the Lead Investor Agreement, or issuable pursuant to the exercise of the Pre-Funded