Company: FWDI
Filing Date: 2025-06-10
Form Type: S-1
Source: 0001683168-25-004372
Chunk: 15

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-1
Chunk 15
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 purchase shares being registered for resale under this prospectus in order to receive aggregate gross proceeds equal to $35,000,000
under the Purchase Agreement, we must file with the SEC one or more additional registration statements to register under the Securities
Act the resale by the Selling Stockholder of any such additional shares of our common stock we wish to sell from time to time under the
Purchase Agreement, which the SEC must declare effective, in each case before we may elect to sell any additional shares of our common
stock under the Purchase Agreement. Under applicable Nasdaq rules, in no event may we issue to the Selling Stockholder shares of our common
stock representing more than 19.99% of the total number of shares of common stock outstanding immediately prior to the execution of the
Purchase Agreement, or approximately 220,000 shares of common stock, unless (i) we obtain the approval of the issuance of additional shares
by our stockholders in accordance with the applicable stock exchange rules or (ii) the average price paid for all shares of common stock
issued under the Purchase Agreement (including both Purchase Shares and Commitment Shares) is equal to or greater than $7.10, which is
a price equal to the lower of (A) the Nasdaq Official Closing Price immediately preceding the execution of the Purchase Agreement and
(B) the average Nasdaq Official Closing Price of our common stock for the five trading days immediately preceding the execution of the
Purchase Agreement, as calculated in accordance with the rules of Nasdaq, such that the sales of such common stock to the Selling Stockholder
would not count toward such limit because they are “at market” under applicable stock exchange rules.

In addition, the Selling Stockholder
is not obligated to buy any common stock under the Purchase Agreement if such shares, when aggregated with all other common stock then
beneficially owned by the Selling Stockholder and its affiliates (as calculated pursuant to Section 13(d) of the Securities Exchange Act,
and Rule 13d-3 promulgated thereunder), would result in the Selling Stockholder beneficially owning common stock in excess of 4.99% of
the then-outstanding shares of common stock, or the Beneficial Ownership Limitation; provided, however, the Selling Stockholder may increase
the Beneficial Ownership Limitation up to 9.99% at its sole discretion upon sixty-one days’ prior written notice to us. Our inability
to access a portion or the full amount available under the Purchase Agreement, in the