Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 495

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 2
Chunk 495
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) 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
November 3, 2025; and (3) one-third (1/3) 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 November 3, 2025. The Advisor Warrants will not expire until the date such warrants are fully exercised.

Lead Investor Warrants

The exercise price per share
of the Lead Investor Warrants shall equal $0.01 per share and shall be exercisable as follows: (1) one-third (1/3) 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 November 3, 2025; (2) one-third (1/3) 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 November 3, 2025; and (3) one-third (1/3) 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 November 3, 2025. The Lead Investor
Warrants will not expire until the date such warrants are fully exercised.

Below is a rollforward of warrant
activity for Fiscal 2025: 

    Schedule of warrant
activity 

    Number of Warrants  
    Weighted Average Exercise Price 
  
    Warrants outstanding at September 30, 2024 
     7,500  
    $7.50 
  
    Warrants granted 
     27,302,382  
    $0.03 
  
    Warrants exercised 
     (950,282) 
    $0.00