Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 16

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 16
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 for prior non-performance, and (ii) provide conversion notices and such other documentation
reasonably requested by the Company in order to complete the conversion of all of C/M’s Series B Preferred Stock into shares of
common stock.

In connection with the Waiver
and Leak-out Agreement, the Company granted C/M the right to purchase up to $33,000,000 worth of shares of common stock at a purchase
price per share equal to the Per Share Purchase Price; and has agreed to include for registration on the Resale Registration Statement,
on behalf of C/M as a selling shareholder, all shares of common stock previously underlying the Series B Preferred Stock and Warrant held
by C/M.

ELOC Termination

As previously disclosed, on
May 16, 2025, we entered into a securities purchase agreement (the “ELOC Agreement”) with C/M. Pursuant to the ELOC Agreement,
the Company had agreed to sell, and C/M had agreed to purchase, up to $35 million of the Company’s common stock, par value $0.01
per share, subject to a sale limit of 19.99% of the outstanding shares of the Company’s common stock in accordance with the rules
of The Nasdaq Stock Market, LLC. On September 8, 2025, the Company and C/M mutually agreed to terminate the ELOC Agreement, effective
as of September 9, 2025.

| S-7 |

Asset Management Agreement

On September 10, 2025, we
entered into an asset management agreement (the “Asset Management Agreement”) with Galaxy Digital Capital Management LP, an
SEC-registered investment adviser (the “Asset Manager”), pursuant to which we appointed the Asset Manager to provide discretionary
investment management services with respect to all of our (whether held directly by us or indirectly by a subsidiary or affiliate) cash,
cash equivalents, stablecoins, cryptocurrency and other investible assets (excluding (i) publicly traded equities acquired pursuant to
mergers, acquisitions, combinations or other similar transactions pursuant to which we acquire or otherwise combine or merge with another
publicly traded digital asset treasury company, (ii) privately offered equity securities and (iii) non-publicly traded convertible debt
instruments). Title to the account and all account assets will be held in our name. The Asset Manager is not authorized to act as custodian
of our assets, nor to take possession or title to any assets.

As compensation for the Asset
Manager’s services,