Company: FWDI
Filing Date: 2025-09-11
Form Type: 424B5
Source: 0001683168-25-006851
Chunk: 22

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 424B5
Chunk 22
---
 supplement, each series of the securities will be a new issue with no established trading market, other than our shares
of common stock, which are currently traded on The Nasdaq Capital Market. It is possible that one or more underwriters may make a market
in a series of the securities, but underwriters will not be obligated to do so and may discontinue any market making at any time without
notice. Therefore, we can give no assurance about the liquidity of the trading market for any of the securities.

Under agreements we may enter
into, we may indemnify underwriters, brokers, and agents who participate in the distribution of the securities against certain liabilities,
including liabilities under the Securities Act, or contribute with respect to payments that the underwriters, brokers or agents may be
required to make, subject to applicable law and the terms of the specific agreements.

Any compensation we pay underwriters
or brokers will be subject to the guidelines of the Financial Industry Regulatory Authority, Inc. We will disclose the compensation in
any applicable prospectus supplement or pricing supplement, as the case may be.

To facilitate the offering of
securities, certain persons participating in the offering may engage in transactions that stabilize, maintain, or otherwise affect the
price of the securities, subject to Regulation M and other applicable securities laws and regulations. This may include over-allotments
or short sales of the securities, which involve the sale by persons participating in the offering of more securities than we sold to them.
In these circumstances, these persons would cover such over-allotments or short positions by making purchases in the open market or by
exercising their over-allotment option, if any. In addition, these persons may stabilize or maintain the price of the securities by bidding
for or purchasing securities in the open market or by imposing penalty bids, whereby selling concessions allowed to brokers participating
in the offering may be reclaimed if securities sold by them are repurchased in connection with stabilization transactions. The effect
of these transactions may be to stabilize or maintain the market price of the securities at a level above that which might otherwise prevail
in the open market. These transactions may be discontinued at any time.

From time to time, we may engage
in transactions with these underwriters, brokers, and agents in the ordinary course of business.

Direct Sales and Sales through Agents

We may sell the securities directly.
In this case, no underwriters or agents would be involved. We also may sell the securities through agents designated by us from time to
time. In