Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 22
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 on the applicable Additional VWAP Purchase Date, at a purchase price equal to the
lesser of 95% of (i) the closing sale price of the common stock on the business day immediately preceding the applicable Additional VWAP
Purchase Date and (ii) the lowest sale price of the common stock during the applicable Additional VWAP Purchase Period.

Notwithstanding the above,
in no event may the aggregate amount of Purchase Shares submitted in any single or combination of VWAP Purchase notices and/or Additional
VWAP Purchase notices on a particular date require a payment from the Selling Stockholder to us that exceeds $2,000,000, unless such limitation
is waived by the Selling Stockholder.

For purposes of the Purchase
Agreement, “VWAP” shall mean the daily volume weighted average price of the common stock on Nasdaq as reported by Bloomberg
through its “AQR” function.

All such determinations shall
be appropriately adjusted for any sales of shares of common stock through block transactions, any reorganization, non-cash dividend, stock
split, reverse stock split, stock combination, recapitalization or other similar transaction during such period.

Commitment Shares and Fees

In connection with entering
into the ELOC Agreement, the Company agreed to immediately issue to the Purchaser, 24,929 shares of common stock as commitment shares
and, thereafter an amount of shares equal to 1% of the Available Amount, which shall be issued in a pro rated fashion simultaneously with
the delivery of any and all Purchase Shares purchased under the ELOC Agreement.

We have paid the Selling Stockholder
$25,000 in cash as reimbursement for the reasonable, out-of-pocket expenses incurred by the Selling Stockholder, including the legal fees
and disbursements of the Selling Stockholder’s legal counsel, in connection with its due diligence investigation and the preparation,
negotiation and execution of the Purchase Agreement.

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Conditions Precedent to Commencement

Our right to commence delivering
Purchase Notices under the Purchase Agreement and the Selling Stockholder’s obligation to accept such Purchase Notices, are subject
to the initial satisfaction, at the Commencement Date, of the conditions precedent thereto set forth in the Purchase Agreement, which
conditions include, among others, the following:

| · | the accuracy in all material respects of our representations and warranties included in the Purchase Agreement;                           |
| · | this prospectus, in final form, and all reports, schedules, registrations, forms, statements, information