Company: FWDI
Filing Date: 2025-06-17
Form Type: S-1/A
Source: 0001683168-25-004556
Chunk: 28

Company: Forward Industries, Inc.
Filing Date: 2025-06-17
Form: S-1/A
Chunk 28
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 is dependent upon the number
of shares of common stock, if any, we ultimately sell to the Selling Stockholder under the Purchase Agreement. Further, if and when we
elect to sell shares of common stock to the Selling Stockholder pursuant to the Purchase Agreement, after the Selling Stockholder has
acquired such shares, the Selling Stockholder may resell all, some, or none of such shares of common stock at any time or from time to
time in its discretion and at different prices.

The issuance of our shares
of common stock to the Selling Stockholder pursuant to the Purchase Agreement will not affect the rights or privileges of our existing
stockholders, except that the economic and voting interests of each of our existing stockholders will be diluted. Although the number
of shares of common stock that our existing stockholders own will not decrease, the shares of common stock owned by our existing stockholders
will represent a smaller percentage of our total outstanding shares of common stock after any such issuance.

| 14 |

The following table sets forth
the amount of gross proceeds we may receive from the Selling Stockholder from our sale of Purchase Shares that we may issue and sell to
the Selling Stockholder from time to time under the Purchase Agreement at various assumed purchase prices. The table does not give effect
to the issuance of any Commitment Shares.

| Assumed Purchase 
 Price Per Share  |       |    |     | Total Number       
 of Purchase Shares 
 to be Issued       |         |     | Percentage of                                      
 Outstanding Common Stock After Giving Effect       
 to the Issuance of                                 
 the Purchase Shares to the Selling Stockholder (1) |       |     | Proceeds from the Sale of the Purchase Shares to the Selling Stockholder |           |
|:-----------------|------:|---:|:----|:-------------------|--------:|:----|:---------------------------------------------------|:------|:----|:-------------------------------------------------------------------------|----------:|
| $                |  1.00 |    |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        |   245,571 |
| $                |  5.00 |    |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        | 1,227,855 |
| $                |  6.47 | -2 |     |                    | 245,571 |     |                                                    | 18.