Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 30

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 30
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 aggregate of 1,125,998 shares of our common stock outstanding on June 9,
2025. Because the purchase price of the common stock issuable under the Purchase Agreement is determined on each Fixed Purchase Date,
with respect to a Fixed Purchase, on the applicable VWAP Purchase Date, with respect to a VWAP Purchase, and on the applicable Additional
VWAP Purchase Date, with respect to an Additional VWAP Purchase, the number of shares that may actually be sold by us to the Selling
Stockholder under the Purchase Agreement may be fewer than the number of shares being offered by this prospectus. The fourth column assumes
the sale of all of the shares offered by the Selling Stockholder pursuant to this prospectus.

We may amend or supplement
this prospectus from time to time in the future to update or change the Selling Stockholder list and the securities that may be resold.

| 17 |

Please see the section titled
“Plan of Distribution” for further information regarding the Selling Stockholder’s method of distributing these
securities

| Name of Selling Stockholder     |     | Number of Shares of 
 Common Stock Owned  
 Prior to Offering   |        |     |             |      |     | Maximum Number of Shares of Common Stock to be Offered Pursuant to this Prospectus |         |     | Number of Shares                     
 of Common Stock Owned After Offering |   |     |             |    |
|                                 |     | Number (1)          |        |     | Percent (2) |      |     |                                                                                    |         |     | Number (3)                           |   |     | Percent (4) |    |
| C/M Capital Master Fund, LP (4) |     |                     | 24,929 |     |             | 2.2% |     |                                                                                    | 273,000 |     |                                      | 0 |     |             | 0% |

| (1) | In accordance with Rule 13d-3(d) under the Exchange Act, we                                                                          
 have excluded from the number of shares beneficially owned prior to the offering all of the shares that the Selling Stockholder may  
 be required to purchase under the Purchase Agreement, because the issuance of such shares is solely at our discretion and is subject 
 to conditions contained in the Purchase Agreement, the satisfaction of which are entirely outside of the Selling Stockholder’s       
 control, including the registration statement that includes this prospectus becoming and remaining effective. Furthermore, the Fixed 
 Purchases, VWAP