Company: FWDI
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001683168-25-009068
Chunk: 110

Company: Forward Industries, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1
Chunk 110
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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 
  
    Warrants outstanding at September 30, 2025 
     26,359,600  
    $0.03 

Equity Line of Credit

On May 16, 2025, the Company
entered into a Securities Purchase Agreement (the “ELOC”) and related Registration Rights Agreement with one of the Series
B Investors pursuant to which the Company had the right, in its sole discretion, to sell, and the Series B Investor agreed to purchase,
shares of the Company’s common stock having an aggregate value of up to $35 million, subject to certain limitations and conditions
set forth in the underlying agreement. The Company had control over the timing and amount of any sales of common stock under this agreement.
In connection with the execution of the ELOC, the Company issued 26,000 commitment shares to the Series B Investor and paid third-party
fees of $71,000, which have been recorded to shareholders equity as a reduction of the related proceeds on the consolidated financial
statements as of September 30, 2025. Pursuant to the terms of the ELOC, the Company could issue and sell shares to the Series B Investor
at prices discounted below the then-current market price of the Company’s common stock.

On June 10, 2025, the Company
filed a registration statement to register shares of common stock issuable under the ELOC. The registration statement was declared effective
by the SEC on June 20,