Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 20

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 20
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us.

Common Stock

See Description of Capital Stock on page 28 of the accompanying prospectus for a description of the material terms of our common stock.

| S-12 |

<div align='center'>SELLING
SHAREHOLDERS</div>

This prospectus relates to
the possible resale by the selling shareholders named in the table below (the “selling shareholders”) of up to an aggregate
of 3,178,391 shares of our common stock issued in the Private Placement pursuant to the Securities Purchase Agreement. For additional
information regarding the issuance of the Shares covered by this prospectus supplement, see the section titled “Prospectus Supplement Summary—Recent Developments.”

We are registering the offer
and sale of the Shares to satisfy our obligations pursuant to the Registration Rights Agreement, under which we agreed to register the
Shares on a prospectus supplement pursuant to the Securities Act.

The Shares covered hereby
may be offered from time to time by the selling shareholders. The selling shareholders may sell some, all or none of their Shares covered
hereby. We do not know how long the selling shareholders will hold the offered Shares before selling them, and, other than as set forth
herein, we currently have no agreements, arrangements or understandings with the selling shareholders regarding the sale or other disposition
of any of the Shares.

The term “selling shareholders”
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.

The following table sets forth
the name of the selling shareholders, the number of shares of common stock (i) owned by or attributable to the selling shareholders immediately
prior to this prospectus supplement, (ii) offered hereby and registered by the registration statement of which this prospectus supplement
is a part, and (iii) to be owned by the selling shareholders after the maximum number of shares being offered hereby are sold, which assumes
that all shares of common stock covered by this prospectus supplement will be sold by the selling shareholders and that no additional
shares of common stock of the Company are subsequently bought or sold by the selling shareholders. However, because the selling shareholders
may offer from time to time all, some or none of its shares of common stock under this prospectus supplement, or in another permitted
manner, no assurances can be given as to the actual number of shares of common stock that will