Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 61

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 61
---
 common stock and the conversion price of the Series B
may be adjusted (subject to a floor price of $1.00), the number of shares that will actually be issued may be more than 333,334 shares
of common stock. The ownership interest of the existing shareholders (other than the Series B Investors) would be correspondingly reduced.
The number of shares of common stock described above does not give effect to (i) the future issuance of shares of common stock upon the
exercise of outstanding options or warrants, or (ii) any other potential future issuances of common stock, including pursuant to the ELOC.
The sale into the public market of these shares also could materially and adversely affect the market price of our common stock.

If, despite the Company’s
best efforts the shareholder approval is not obtained at this Annual Meeting, the Company shall cause an additional shareholder meeting
to be held as soon as possible. If, despite the Company’s reasonable best efforts the shareholder approval is not obtained after
such subsequent shareholder meetings, the Company shall cause additional shareholder meetings to be held at least once every six months
thereafter until such shareholder approval is obtained. For the avoidance of doubt, if the Company fails to obtain shareholder approval,
(i) the Exchange Cap shall be applicable for all purposes, limiting share issuances to 20% of then currently outstanding shares, and (ii)
any dividend payments on the Series B shall be payable only in cash.

Required Vote

This proposal requires the affirmative
vote of a majority of the voting power of the capital stock entitled to vote thereon and present in person or represented by proxy at
the Meeting. Abstentions will have the effect of an “AGAINST” vote on this proposal. Broker non-votes will have no effect.

Recommendation of the Board

The Board recommends that the
shareholders vote “FOR” the Nasdaq 20% Issuance Proposal Series B.

| 46 |

<div align='center'>PROPOSAL 6. ADJOURNMENT</div>

General

The Company is asking its stockholders
to approve, if necessary, a proposal to adjourn the Annual Meeting to a later date and time to solicit additional proxies in favor of
one or more proposals submitted to a vote by the stockholders at the Annual Meeting. Any adjournment of the Annual Meeting for the purpose
of soliciting additional proxies will allow stockholders who have already sent in their proxies to revoke them at any time prior to the
time that the proxies are used