Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 12

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 12
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 or any other filing with the SEC.

| S-4 |

Recent Developments

Securities Purchase Agreement

On September 6, 2025, we entered
into the Securities Purchase Agreement with certain accredited investors (the “Purchasers”) pursuant to which we sold and
issued to the Purchasers in a private placement (the “Private Placement”) an aggregate of (i) 77,144,562 Securities Purchase
Agreement Shares, at an offering price of $18.50 and (ii) pre-funded warrants (the “Pre-Funded Warrants”) to purchase 12,031,364
Pre-Funded Warrant Shares with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the “Per Share
Purchase Price”). In the Private Placement, the Purchasers tendered U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company
as consideration for the Securities Purchase Agreement Shares and the Pre-Funded Warrants. The Private Placement closed on September 10,
2025. We received aggregate proceeds of approximately $1.65 billion, before deducting placement agent fees and expenses.

The unfunded exercise price
of each Pre-Funded Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of common
stock issuable upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends,
stock splits, stock combinations or similar events affecting our common stock. The Pre-Funded Warrants are exercisable in cash or by means
of a cashless exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not
be exercised if the aggregate number of shares of common stock beneficially owned by the holder thereof (together with its affiliates)
immediately following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase
or decrease the beneficial ownership limitation by giving written notice to the Company (61 days’ advance written notice for increases),
but not to any percentage in excess of 9.99% of the then-outstanding shares of common stock.

In connection with the Private
Placement, we entered into the Registration Rights Agreement with the Purchasers, providing for the registration for resale of the Securities
Purchase Agreement Shares, the Pre-Funded Warrant Shares and the shares of common stock underlying each of the Advisor