Company: FWDI
Filing Date: 2025-09-11
Form Type: 424B5
Source: 0001683168-25-006851
Chunk: 10

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 424B5
Chunk 10
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-3. If the aggregate market
value of our common stock computed pursuant to such instruction equals or exceeds $75 million subsequent to the effective date of this
Registration Statement, then the one-third limitation on sales specified therein shall not apply to additional sales made pursuant to
this Registration Statement on or subsequent to such date, and instead this Registration Statement shall be considered filed pursuant
to General Instruction I.B.1. of Form S-3.

On June 9, 2025, the last reported
sales price of our common stock on The Nasdaq Capital Market was $6.47 per share.

Investing in our securities involves risks. You should carefully read and consider the “ Risk Factors” section included in our most recent Annual Report on Form 10-K and on page 2 of this prospectus and in the applicable prospectus supplement before investing in our securities.

Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or determined whether this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

<div align='center'>The date of this prospectus is June 20, 2025</div>

<div align='center'>TABLE OF CONTENTS</div>

|                                                                  | Page |
| PROSPECTUS SUMMARY                                               |    1 |
| CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS             |    2 |
| RISK FACTORS                                                     |    2 |
| USE OF PROCEEDS                                                  |    2 |
| DESCRIPTION OF CAPITAL STOCK                                     |    3 |
| DESCRIPTION OF WARRANTS                                          |    5 |
| DESCRIPTION OF UNITS                                             |    6 |
| CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS |    7 |
| PLAN OF DISTRIBUTION                                             |    8 |
| LEGAL MATTERS                                                    |   11 |
| EXPERTS                                                          |   11 |
| INCORPORATION OF CERTAIN INFORMATION BY REFERENCE                |   12 |

| i |

<div align='center'>PROSPECTUS SUMMARY</div>

This summary only highlights the
more detailed information appearing elsewhere in this prospectus or incorporated by reference in this prospectus. It may not contain all
of the information that is important to you. You should carefully read the entire prospectus and the documents incorporated by reference
in this prospectus before deciding whether to invest in our securities. Unless otherwise indicated or the context requires otherwise,
in this prospectus