Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 14

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 14
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 shall equal one penny ($0.01) per share and shall be exercisable as follows: (1) one-third (1/3)
of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of the Company’s common
stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase Price for 20 out of 30 trading days
following the effectiveness of the registration statement; (2) one-third (1/3) of the Advisor Warrants shall be exercisable on and after
the first date on which the closing trading price of the Company’s common stock on its principal stock exchange is equal to or greater
than 200% of the cash Per Share Purchase Price for 20 out of 30 trading days following the effectiveness of the registration statement;
and (3) one-third (1/3) of the Advisor Warrants shall be exercisable on and after the first date on which the closing trading price of
the Company’s common stock on its principal stock exchange is equal to or greater than 250% of the cash Per Share Purchase Price
for 20 out of 30 trading days following the effectiveness of the registration statement.

| S-6 |

Lead Investor Agreement

On September 6, 2025, we entered
into a Lead Investor Agreement (the “Lead Investor Agreement”) with J Digital 6 Cayman Ltd. (“Jump Crypto”) and
Multicoin Capital Master Fund, LP (“Multicoin,” and together with Galaxy and Jump Crypto, the “Sponsors”) to secure
the commitment of Jump Crypto and Multicoin in the Private Placement. In consideration of their respective participation, we issued to
each of Jump Crypto and Multicoin in addition to the Securities acquired by Jump Crypto and Multicoin pursuant to the Securities Purchase
Agreement, 1,783,519 Lead Investor Shares and warrants to purchase up to 4,458,796 shares of common stock (the “Lead Investor Warrants”).
The exercise price per share of the Lead Investor Warrants equals one penny ($0.01) per share and the Lead Investor Warrants are exercisable
as follows: (1) one-third (1/3) of the Lead Investor Warrants shall be exercisable on and after the first date on which the closing trading
price of the Company’s common stock on its principal stock exchange is equal to or greater than 150% of the cash Per Share Purchase
Price