Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 73

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 73
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 UNITS</div>

We may issue units comprised
of one or more of the other securities described in this prospectus or any prospectus supplement in any combination. Each unit will be
issued so that the holder of the unit will automatically become the holder of each security included in the unit, with all associated
rights and obligations of such securities. The unit agreement under which a unit is issued may provide that the securities included in
the unit may not be held or transferred separately, at any time or at any times before a specified date or upon the occurrence of a specified
event or occurrence.

The applicable prospectus supplement
will describe:

| · | the designation and the terms of the units and of the securities comprising the units, including whether     
 and under what circumstances those securities may be held or transferred separately;                         |
| · | any unit agreement under which the units will be issued;                                                     |
| · | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities 
 comprising the units; and                                                                                    |
| · | whether the units will be issued in fully registered or global form.                                         |

Transfer Agent

We have appointed Equity Stock
Transfer, LLC as our stock transfer agent. The transfer agent’s address is 237 W 37th St. Suite 602, New York, NY 10018.

| 34 |

<div align='center'>CERTAIN
PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</div>

Anti-Takeover Effects of New
York Law

Section 912 of the New York
Business Corporation Law (the “NYBCL”) prohibits a business combination, such as a merger, consolidation, recapitalization,
asset sale or disposition of stock, with any “interested shareholder” for a period of five years from the date that the interested
shareholder first became an interested shareholder unless:

| · | the business combination, or the acquisition of stock that resulted in the interested shareholder first becoming             
 an interested shareholder, was approved by the Board prior to the interested shareholder becoming an interested shareholder; |
| · | the business combination is approved by the disinterested shareholders at a meeting of Forward’s shareholders                
 called no earlier than five years after the date that the interested shareholder first became an interested shareholder; or  |
| · | the business combination meets certain “fair price” valuation requirements.                                                  |

An “interested shareholder”
is any person that is the beneficial owner of 20% or more of the outstanding voting stock