Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 107

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 107
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 price of our Common Stock, regardless of our actual operating performance.

Management will have broad discretion as to the allocation of the net proceeds from the sale of the shares of our Common Stock offered by this prospectus, and we may not use the net proceeds effectively.

Our management will have broad discretion in the
use of the net proceeds we receive from this offering, including for any of the purposes described in the section titled “Use of
Proceeds,” and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being
used in a manner you may deem appropriate. You must rely on the judgment of our management regarding the use of the net proceeds of this
offering. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate
use may vary substantially from their currently intended use. In addition, our management could use the proceeds in ways that do not improve
our business or results of operations or enhance the value of our Common Stock, which could have a material adverse effect on our business
and cause the price of our Common Stock to decline. See “Use of Proceeds.”

If you purchase shares of Common Stock in this offering, you will suffer an immediate and substantial dilution of your investment.

The price per share of our Common Stock in this
offering may exceed the net tangible book value per share of our Common Stock outstanding prior to this offering. Therefore, if you purchase
shares of our Common Stock in this offering, you may pay a price per share that substantially exceeds our net tangible book value per
share after this offering. The exercise of outstanding stock options and warrants may result in further dilution
of your investment.

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You may experience future dilution as a result of future equity offerings.

In order to raise additional capital, we may in
the future offer additional shares of our Common Stock or other securities convertible into or exchangeable for our Common Stock at prices
that may not be the same as the price per share of our Common Stock in this offering. We may sell shares of our Common Stock or other
securities in any other offering at a price per share that is less than the price per share paid by investors in this offering, and investors
purchasing shares of our Common Stock or other securities in the future could have rights superior to existing stockholders. The price
per share at which we sell additional shares of our Common Stock, or securities convertible into or exchangeable for our Common Stock,