Company: FWDI
Filing Date: 2025-11-10
Form Type: 424B5
Source: 0001683168-25-008141
Chunk: 46

Company: Forward Industries, Inc.
Filing Date: 2025-11-10
Form: 424B5
Chunk 46
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 which C/M agreed to (i) the termination,
waiver or amendment of all covenants and provisions to forgo all of C/M’s rights under the Common Stock Purchase Warrant (the “Warrant”),
the Preferred Stock Purchase Agreement and the Registration Rights Agreement, each entered into on or about May 23, 2025, between the
Company and C/M, including a general release from any liability 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 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
stockholder, all shares of Common Stock previously underlying the Series B 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.

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