Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 106

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 106
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, you should carefully consider the risks described below and discussed
under the section captioned “Risk Factors” in our Annual Report on Form 10-K for the year ended September 30, 2024 filed
with the SEC on December 27, 2024, as well as any amendment, supplement or update to the risk factors reflected in subsequent filings
with the SEC, which are incorporated by reference into this prospectus, and all of the other information contained in this prospectus
and incorporated by reference into this prospectus and in any related free writing prospectus that we have authorized for use in connection
with this offering. These risks and uncertainties are not the only ones facing us. Additional risks and uncertainties that we are unaware
of, or that we currently deem immaterial, also may become important factors that affect us. If any of such risks or the risks described
below or in our SEC filings occur, our business, financial condition, results of operations or prospects could be materially and adversely
affected. In that case, the trading price of our Common Stock could decline, and you may lose some or all of your investment.

Risks Related to this Offering and our Common Stock

The price of our Common Stock has and may continue to fluctuate significantly, and this may make it difficult for you to resell shares of Common Stock owned by you at times or at prices you find attractive.

The trading price of our Common Stock has fluctuated
widely and may continue to fluctuate widely as a result of a number of factors, many of which are outside our control. Since May 1, 2025,
our Common Stock has traded at prices as low as $5.69 per share and as high as $39.00 per share. This volatility may affect the price
at which you could sell the shares of our Common Stock, and the sale of substantial amounts of our Common Stock could adversely affect
the price of our Common Stock. Our stock price is likely to continue to be volatile and subject to significant price and volume fluctuations
in response to market and other factors.

As a result, you may not be able to sell your
shares of Common Stock at or above the price at which you purchase them. In addition, the stock market in general, and Nasdaq and the
stock of digital asset and blockchain technology companies in particular, have experienced extreme price and volume fluctuations that
have often been unrelated or disproportionate to the operating performance of these companies. Broad market and industry factors may negatively
affect the market