Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 34

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 34
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 investment of $100 made at the closing price of the Company’s common stock at September 30, 2022 for the measurement period beginning on such date and continuing through and including the end of the applicable fiscal year reflected in the table.                                                                                                                                                                          |
| (5) | Represents the amount of net loss reflected in the Company’s audited financial statements for the applicable fiscal year reflected in the table.                                                                                                                                                                                                                                                                                                                                             |

| 21 |

<div align='center'>PROPOSAL 2. RATIFICATION OF THE APPOINTMENT OF OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2025</div>

General

Our Board has appointed CBIZ CPAs
P.C. (“CBIZ”) to serve as our independent registered public accounting firm for the fiscal year ending September 30,
2025. CBIZ has been Forward’s independent registered public accounting firm since March 2025. While the selection of Forward’s
independent registered public accounting firm is not legally required to be submitted to shareholders for ratification under applicable
law, Forward is submitting this matter to the shareholders as a matter of good corporate governance. Even if the appointment is ratified,
the Board may, in its discretion, appoint a different independent registered public accounting firm at any time during the year if it
determines that such a change would be in the best interests of Forward and its shareholders. If the appointment is not ratified, the
Board will consider its options.

A representative of CBIZ is
expected to be present at the Annual Meeting and will have an opportunity to make a statement if they desire to do so and to respond to
appropriate questions. Representatives of CohnReznick LLP (“CR”), our former independent registered public accounting firm
for the year ended September 30, 2024, have not been invited to and will not be present at the annual meeting.

Change in Independent Registered Public Accounting Firm

On March 28, 2025, the Audit Committee
dismissed CohnReznick LLP (“CR”) as the Company’s independent registered public accounting firm.

The reports of CR on the Company’s
financial statements for the fiscal years ended September 30, 2024 and 2023 did not contain any adverse opinion or a disclaimer of opinion
and were not qualified or modified as to uncertainty, audit scope or accounting principle, except that the report on the Company’s
financial statements for the fiscal year ended September 30, 2024 contained an explanatory paragraph regarding the Company’s
ability