Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 27

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 27
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 States. |

| (24) | Consists of 29,356 shares of our common stock acquired by SummitTX Master, SPC APEX. SummitTX Master,               
 SPC APEX is controlled by Chris Fahy and is located at 81 Pondfield Road C302, Bronxville, NY 10708, United States. |

| (25) | Consists of 48,725 shares of our common stock acquired by SummitTX Pinnacle Master, LP. SummitTX Pinnacle             
 Master, LP is controlled by Chris Fahy and is located at 81 Pondfield Road C302, Bronxville, NY 10708, United States. |

| (26) | Consists of 13,514 shares of our common stock acquired by Timothy Wei Revocable Trust. Timothy Wei Revocable 
 Trust is controlled by Timothy Wei and is located at 2717 N. Albany Ave., Chicago, IL, 60647, United States. |

| S-16 |

<div align='center'>PLAN
OF DISTRIBUTION</div>

The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest, selling the Shares or interests in the Shares
received after the date of this prospectus supplement from a selling shareholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their Shares or interests in the Shares on any
stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed
prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined
at the time of sale, or at negotiated prices.

The selling shareholders may
use any one or more of the following methods when disposing of Shares or interests therein:

| · | distributions to members, partners, shareholders or other equityholders of the selling shareholders; |

| · | ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; |

| · | block trades in which the broker-dealer will attempt to sell the Shares as agent, but may position and 
 resell a portion of the block as principal to facilitate the transaction;                              |

| · | purchases by a broker-dealer as principal and resale by the broker-dealer for its account; |

| · | an exchange distribution in accordance with the rules of the applicable exchange; |

| · |