Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 17

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 17
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 not obligated to do so. The failure by us to apply these funds
effectively could harm our business, and the net proceeds may be used for corporate purposes that do not increase our operating results
or enhance the value of our common stock.

Risks Related to Our Financial Position and Capital Needs

If we do not raise debt or equity capital, we may not be able to pay all of our contractual obligations.

The extent
we rely on the Selling Stockholder as a source of funding will depend on a number of factors including, the prevailing market price of
our common stock and volume of trading and the extent to which we are able to secure working capital from other sources. If obtaining
sufficient funding from the Selling Stockholder does not occur for any reason including the Selling Stockholder suffering liquidity issues
or failure of the Company to keep the registration statement current, we will need to secure another source of funding in order to pay
off our contractual obligations. Should the financing we require be unavailable or prohibitively expensive when we require it, such circumstances
would likely have a material adverse effect on our business, operating results, financial condition and prospects.

Our auditors have issued a “going concern” audit opinion.

Our independent auditors have
indicated in their report on our September 30, 2024 and September 30, 2023 financial statements that there is substantial doubt about
our ability to continue as a going concern. A “going concern” opinion indicates that the financial statements have been prepared
assuming we will continue as a going concern for one year from the date the financial statements are issued and do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets, or the amounts and classification of liabilities
that may result if we do not continue as a going concern. Therefore, you should not rely on our balance sheet as an indication of the
amount of proceeds that would be available to satisfy claims of creditors, and potentially be available for distribution to stockholders,
in the event of liquidation.

| 9 |

Risks Related to Our Common Stock

Due to factors beyond our control, our stock price may be volatile.

Any of the following factors
could affect the market price of our common stock:

| · | Our failure to increase revenue in each succeeding quarter and achieve and thereafter maintain profitability;                                  |
| · | Our failure to meet our revenue and earnings guidance or our failure to meet financial analysts’                                               
 performance expectations;                                                                                                                      |
| · | Cybersecurity breaches;