Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 71

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 71
---
 expiration
date set forth in the applicable prospectus supplement, unless otherwise specified in the warrant agreement. After the close of business
on the expiration date, unexercised warrants will automatically expire and become void. Holders may exercise warrants as set forth in
the prospectus supplement relating to the warrants being offered. Until a holder exercises the warrants to purchase any securities underlying
the warrants, the holder will not have any rights as a holder of the underlying securities by virtue of ownership of warrants.

| 31 |

<div align='center'>DESCRIPTION
OF SUBSCRIPTION RIGHTS</div>

We may issue subscription
rights to purchase shares of our common stock or shares of our preferred stock. We may issue subscription rights independently or together
with any other offered security, which may or may not be transferable by the stockholder. In connection with any offering of subscription
rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or
other purchasers may be required to purchase any securities remaining unsubscribed for after such offering.

The prospectus supplement
relating to any subscription rights we may offer will contain the specific terms of the subscription rights. These terms may include the
following:

| · | the price, if any, for the subscription rights;                                                                     |
| · | the number and terms of each share of common stock or preferred stock which may be purchased per each subscription  
 right;                                                                                                              |
| · | the exercise price payable for each share of common stock or preferred stock upon the exercise of the subscription  
 rights;                                                                                                             |
| · | the extent to which the subscription rights are transferable;                                                       |
| · | any provisions for adjustment of the number or amount of securities receivable upon exercise of the subscription    
 rights or the exercise price of the subscription rights;                                                            |
| · | any other terms of the subscription rights, including the terms, procedures and limitations relating to the         
 exchange and exercise of the subscription rights;                                                                   |
| · | the date on which the right to exercise the subscription rights shall commence, and the date on which the           
 subscription rights shall expire;                                                                                   |
| · | the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed 
 securities; and                                                                                                     |
| · | if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us            
 in connection with the offering of subscription rights.                                                             |

The description in an accompanying
prospectus supplement of any subscription rights