Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 24

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 24
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 at 3625 S. Loba Dr., 
 Prescott, AZ 86303, United States.                                                                                                      |

| (10) | Consists of 13,514 shares of our common stock acquired by Jan Zasowski. Jan Zasowski is located at 1841 
 N. Maud Ave., Chicago, IL 60614, United States.                                                         |

| S-14 |

| (11) | Consists of 54,055 shares of our common stock acquired by Liquidity Technology Limited. Liquidity Technology                   
 Limited is controlled by Qi Yang and is located at Jayla Place, 2nd Floor, Road Town, Tortola, British Virgin Islands, VG1110. |

| (12) | Consists of 13,514 shares of our common stock acquired by Lucas Bruder. Lucas Bruder is located at 3571 
 Far West Blvd #3478, Austin, TX 78731, United States.                                                   |

| (13) | Consists of 108,109 shares of our common stock acquired by Modular Capital Master Ltd. Modular Capital                                 
 Master Ltd. is controlled by James Ho and Vincent Jow. Modular Capital Master Ltd. is located at 388 South Abbott Avenue, Milpitas, CA 
 95035, United States.                                                                                                                  |

| (14) | Consists of 82,541 shares of our common stock acquired by Niche Plus Emerald Fund LLC. Niche Plus Emerald           
 Fund LLC is controlled by Chris Fahy and is located at 81 Pondfield Road C302, Bronxville, NY 10708, United States. |

| (15) | Consists of 81,081 shares of our common stock acquired by Pantera Blockchain Fund LP. Pantera Blockchain                                
 Fund LP is under management by Pantera Capital Partners LP (“PCP LP”). PCP LP serves as investment advisor to Pantera Blockchain        
 Fund LP and has control and discretion over the shares held by Pantera Blockchain Fund LP. As such, PCP LP may be deemed the beneficial 
 owner of the shares held by Pantera Blockchain Fund LP. PCP LP disclaims any beneficial ownership of the reported shares other than to  
 the extent of any pecuniary interest therein. Pantera Blockchain Fund LP is located at 600 Montgomery St., 45th Floor, San              
 Francisco, CA 94111, United States.                                                                                                     |

| (16) | Consists of 216,216 shares of our common stock acquired by Pantera DAT Opportunities Master