Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 21

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 21
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 be sold by the selling shareholders or
that will be held by the selling shareholder after completion of the sales.

The information contained
in the table below in respect of the selling shareholders has been obtained from the selling shareholders and has not been independently
verified by us. The percentage of shares of common stock beneficially owned by the selling shareholders, both before and after the offering,
is based on 86,459,465 shares of common stock outstanding as of October 31, 2025, determined in accordance with Rule 13d-3 under the
Exchange Act.

|     |                                    |     |           Ownership Before Offering |     |                                         |     |                                |     | Ownership After Offering            |     |                                         |
|     | Name of Shareholder                |     | Number of Shares Beneficially Owned |     | Percentage of Shares Beneficially Owned |     | Total Number of Shares Offered |     | Number of Shares Beneficially Owned |     | Percentage of Shares Beneficially Owned |
| 1.  | Alex Tanner Cline                  |     |                             13,5141 |     | *%                                      |     |                         13,514 |     | —                                   |     | —                                       |
| 2.  | Butterfly Research, Inc.           |     |                             81,0822 |     | *%                                      |     |                         81,082 |     | —                                   |     | —                                       |
| 3.  | Carbon Invest Pte Ltd              |     |                             16,2173 |     | *%                                      |     |                         16,217 |     | —                                   |     | —                                       |
| 4.  | Christopher Klinvex                |     |                             54,0554 |     | *%                                      |     |                         54,055 |     | —                                   |     | —                                       |
| 5.  | CM Sub-Advised Fund 2 LTD          |     |                             77,0275 |     | *%                                      |     |                         77,027 |     | —                                   |     | —                                       |
| 6.  | DCG International Investments Ltd. |     |                            216,2176 |     | *%                                      |     |                        216,217 |     | —                                   |     | —                                       |
| 7.  | Declan Doogan                      |     |                             32,4337 |     | *%                                      |     |