Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 39

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 39
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 of Designation for Series A-1 and Series B and current bylaws (“New York
Bylaws”) have been filed with the SEC as exhibits to our Annual Report on Form 10-K filed with the SEC on December 27, 2024. Copies
will be sent to shareholders free of charge upon written request to:

<div align='center'>Forward Industries, Inc.

700 Veterans Memorial Highway, Suite 100

Hauppauge, NY 11788

Attention: Investor Relations

Phone Number: 631-547-3055</div>

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Structure of the Nevada Reincorporation

To accomplish the Nevada Reincorporation,
we recently incorporated a subsidiary as a Nevada corporation under Nevada law. We refer to this new subsidiary that will be named Forward
Industries, Inc. as Forward Nevada in this Proxy Statement. Forward New York will then merge with and into Forward Nevada under the terms
of an Agreement and Plan of Merger between Forward New York and Forward Nevada, which we refer to as the “Merger Agreement.”
Forward Nevada will be the survivor in the Merger, and upon effectiveness of the Merger, each outstanding share of Forward New York common
stock will automatically convert to one share Forward Nevada common stock without any action required by shareholders. The Series A-1
and Series B will also convert to Forward Nevada Series A-1 and Series B on a one-for-one basis.

The proposed Merger Agreement
is included as Annex A. Forms of the Forward Nevada’s Articles of Incorporation and Nevada Bylaws are included as Annex B and Annex C of this Proxy Statement. Please read these documents in full rather than relying on any summary or description
of their terms.

Impact on Our Business

Forward Nevada will carry on our
business as before, with all of the same directors, officers, employees and properties. We will not move any employees or operations to
Nevada. In general, the Nevada Reincorporation itself is not expected to change our business, management, fiscal year, assets or liabilities,
or location of our facilities, which we expect will be the same immediately after the Nevada Reincorporation is completed as immediately
before it is completed.

Other Aspects of the Nevada Reincorporation

In connection with the Nevada
Reincorporation proposal, the Merger has three key components:

| · | the Nevada Articles of Incorporation, Series A-1 Certificate of Designation, Series B Certificate of Designation and the Nevada Bylaws;