Company: FWDI
Filing Date: 2025-06-10
Form Type: S-3
Source: 0001683168-25-004375
Chunk: 8

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-3
Chunk 8
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 from time
to time by our Board.

At the date of this prospectus,
100,000 shares have been designated as Series A Participating Preferred Stock (“Series A Preferred”). As of June 9, 2025,
there were no shares of Series A Preferred outstanding.

As of the date of this prospectus,
6,700 shares have been designated as Series A-1 Preferred Stock and there are 4,925 shares issued and outstanding. Series A-1 shares
(i) are convertible at $7.50 per share, subject to customary anti-dilution and other adjustments as set forth in the Certificate of Designation,
(ii) have liquidation rights equal to: (X) an amount per share equal to the stated value, and (Y) the same amount that a holder of the
Company’s common stock would receive on an as-converted basis, (iii) are not redeemable, (iv) have such voting rights as required
by New York law, including class voting rights on matters affecting the Series B preferred stock rights and preferences, and (v) have
senior rights to all classes of common stock with respect to dividends, distributions, and liquidation preferences.

As of the date of this prospectus,
1,000,000 shares have been designated Series B preferred stock and there are 1,000,000 shares issued and outstanding. The Series B shares
(i) accrue dividends at 10% per annum, payable quarterly in arrears in cash, provided that the Company may elect to pay dividends in common
stock or by increasing the stated value if specified equity conditions are met (as defined in the Certificate of Designation), (ii) are
convertible into common stock at $4.50 per share, subject to customary anti-dilution and other adjustments as set forth in the Certificate
of Designation, (iii) are mandatorily convertible if certain conditions are met, including, but not limited to, when the closing price
of the common stock exceeds 200% of the conversion price for five consecutive trading days on the principal trading market, (iv) have
liquidation rights equal to the greater of: (X) 125% of the conversion amount and (Y) the amount the holder would have received if the
holder converted the shares into common stock immediately prior to liquidation, (v) are not redeemable, (vi) have such voting rights as
required by New York law, including class voting rights on matters affecting the Series B