Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 36

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 36
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, and controlling persons, we have been advised
that in the opinion of the SEC this indemnification is against public policy as expressed in the Securities Act and is therefore, unenforceable.

The Selling Stockholder has
represented to us that at no time prior to the date of the Purchase Agreement has the Selling Stockholder or its agents, representatives
or affiliates engaged in or effected, in any manner whatsoever, directly or indirectly, any short sale (as such term is defined in Rule
200 of Regulation SHO of the Exchange Act) of our common stock or any hedging transaction, which establishes a net short position with
respect to our common stock. The Selling Stockholder has agreed that during the term of the Purchase Agreement, neither the Selling Stockholder,
nor any of its agents, representatives or affiliates will enter into or effect, directly or indirectly, any of the foregoing transactions.

We have advised the Selling
Stockholder that it is required to comply with Regulation M promulgated under the Exchange Act. With certain exceptions, Regulation M
precludes the Selling Stockholder, any affiliated purchasers, and any broker-dealer or other person who participates in the distribution
from bidding for or purchasing, or attempting to induce any person to bid for or purchase any security which is the subject of the distribution
until the entire distribution is complete. Regulation M also prohibits any bids or purchases made in order to stabilize the price of a
security in connection with the distribution of that security. All of the foregoing may affect the marketability of the securities offered
by this prospectus.

This offering will terminate
on the date that all of our common stock offered by this prospectus have been sold by the Selling Stockholder.

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<div align='center'>DESCRIPTION OF CAPITAL STOCK</div>

We are authorized to issue
40,000,000 shares of common stock, par value $0.01 per share, and 4,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock

We are authorized to issue
40,000,000 shares of common stock, par value $0.01 per share. The holders of common stock are entitled to one vote per share on all matters
submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors.
In the event of our liquidation or dissolution, holders of common stock are entitled to share ratably in all assets remaining after payment
of liabilities and the liquidation preferences of