Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 72

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 72
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 factors, including our results of operations, financial condition, future prospects, contractual restrictions,
restrictions imposed by applicable law, and other factors our board of directors deems relevant.

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<div align='center'>SELLING
SECURITY HOLDERS</div>

This prospectus also relates to the possible resale
by certain of our selling security holders, who we refer to in this prospectus as the “selling security holders,” of securities.
One or more selling security holders to be identified by prospectus supplement or post-effective amendment may sell, under this prospectus
and any applicable supplements, securities issued or to be issued to them by us. The selling security holders shall not sell any securities
pursuant to this prospectus until we have identified such selling security holders and the securities being offered for resale by such
selling security holders as described above. However, the selling security holders may sell or transfer all or a portion of their securities
pursuant to any available exemption from the registration requirements of the Securities Act.

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

We are authorized to issue
300,000,000 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
300,000,000 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 any outstanding shares of preferred stock. Holders of common stock have no preemptive
rights and have no right to convert their common stock into any other securities and there are no redemption provisions applicable to
our common stock.

The holders of common stock
are entitled to any dividends that may be declared by the Board out of funds legally available for payment of dividends subject to the
prior rights of holders of preferred stock and any contractual restrictions we have against the payment of dividends on common stock.
We have not paid dividends on our common stock since inception and do not plan to pay dividends on our common stock in the foreseeable
future.

As of September 16, 2025, we had