Company: FWDI
Filing Date: 2025-06-17
Form Type: S-3/A
Source: 0001683168-25-004558
Chunk: 8

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-3/A
Chunk 8
---
 common
stock or by increasing the stated value if specified equity conditions are met (as defined in the Certificate of Designation), (ii) are
convertible into common stock at $4.50 per share, subject to customary anti-dilution and other adjustments as set forth in the Certificate
of Designation, (iii) are mandatorily convertible if certain conditions are met, including, but not limited to, when the closing price
of the common stock exceeds 200% of the conversion price for five consecutive trading days on the principal trading market, (iv) have
liquidation rights equal to the greater of: (X) 125% of the conversion amount and (Y) the amount the holder would have received if the
holder converted the shares into common stock immediately prior to liquidation, (v) are not redeemable, (vi) have such voting rights as
required by New York law, including class voting rights on matters affecting the Series B preferred stock rights and preferences and (vii)
have senior rights to all classes of common stock with respect to dividends, distributions, and liquidation preferences.

| 3 |

Both the Series A-1 and Series
B shares have certain beneficial ownership limitations and are subject to a maximum number of shares of common stock that may be issued
without triggering shareholder approval requirements under the Nasdaq Stock Market rules.

Preferred stock is available
for possible future financings or acquisitions and for general corporate purposes without further authorization of our stockholders unless
such authorization is required by applicable law, or the rules of any securities exchange or market on which our stock is then listed
or admitted or trading.

Our Board may authorize the
issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders
of common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate
purposes, could, under some circumstances, have the effect of delaying, deferring or preventing a change in control of the Company. For
a description of how future issuances of our preferred stock could affect the rights of our stockholders, see “Certain Provisions of New York Law and of Our Charter and Bylaws – Certificate of Incorporation and Bylaws,” below.

A prospectus supplement relating
to any series of preferred stock being offered will include specific terms relating to the offering. Such prospectus supplement will include:

| · | the title and stated or par value of the preferred stock;                                                                                                                                                                  |
|