Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 21

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 21
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 will be held by the selling shareholder after completion of the sales.

The information contained
in the table below in respect of the selling shareholders has been obtained from the selling shareholders and has not been independently
verified by us. The percentage of shares of common stock beneficially owned by the selling shareholders, both before and after the offering,
is based on 86,459,465 shares of common stock outstanding as of October 31, 2025, determined in accordance with Rule 13d-3 under the
Exchange Act.

|    |                       |     |           Ownership Before Offering |     |                                         |     |                                |     | Ownership After Offering            |     |                                         |
|    | Name of Shareholder   |     | Number of Shares Beneficially Owned |     | Percentage of Shares Beneficially Owned |     | Total Number of Shares Offered |     | Number of Shares Beneficially Owned |     | Percentage of Shares Beneficially Owned |
| 1. | Livingtone Group Inc. |     |                             54,0551 |     | *%                                      |     |                         54,055 |     | —                                   |     | —                                       |

____________________________

| (1) | Consists of 54,055 shares of our common stock acquired by Livingtone Group Inc. Livingtone Group Inc.                                     
 is controlled by Ng Ming Yeow and Ong Teng Siong and is located at Intershore Chambers, P.O. Box 4342, Road Town, Tortola, British Virgin 
 Islands.                                                                                                                                  |

| S-13 |

<div align='center'>PLAN
OF DISTRIBUTION</div>

The selling shareholders,
which as used herein includes donees, pledgees, transferees or other successors-in-interest, selling the Shares or interests in the Shares
received after the date of this prospectus supplement from a selling shareholder as a gift, pledge, partnership distribution or other
transfer, may, from time to time, sell, transfer or otherwise dispose of any or all of their Shares or interests in the Shares on any
stock exchange, market or trading facility on which the shares are traded or in private transactions. These dispositions may be at fixed
prices, at prevailing market prices at the time of sale, at prices related to the prevailing market price, at varying prices determined
at the time of sale, or at negotiated prices.

The selling shareholders may
use any one or more of the following methods when disposing of Shares or interests therein:

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