Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 37

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 37
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 sold and issued to the Purchasers in a private placement (the “Private Placement”) an aggregate
of (i) 77,144,562 shares (the “Shares”) of common stock of the Company, par value $0.01 per share (the “Common Stock”), at an offering price of $18.50 and (ii) pre-funded warrants (the “Pre-Funded Warrants” and together
with the Shares, the “Securities”) to purchase 12,031,364 shares of Common Stock (the “Pre-Funded Warrant Shares”) with $18.49999 of the exercise price per Pre-Funded Warrant that was pre-funded at closing (the “Per Share Purchase Price”). In the Private Placement, the Purchasers tendered U.S. dollars, USD Coin (USDC) or Tether (USDT) to the Company
as consideration for the Securities. The Private Placement closed on September 10, 2025. We received aggregate proceeds of approximately
$1.65 billion, before deducting placement agent fees and expenses.

The unfunded exercise price of each Pre-Funded
Warrant equals $0.00001 per underlying Pre-Funded Warrant Share. The exercise price and the number of shares of Common Stock issuable
upon exercise of each Pre-Funded Warrant is subject to appropriate adjustment in the event of certain stock dividends, stock splits, stock
combinations, or similar events affecting our Common Stock. The Pre-Funded Warrants are exercisable in cash or by means of a cashless
exercise and will not expire until the date such Pre-Funded Warrants are fully exercised. The Pre-Funded Warrants may not be exercised
if the aggregate number of shares of Common Stock beneficially owned by the holder thereof (together with its affiliates) immediately
following such exercise would exceed a specified beneficial ownership limitation; provided, however, that a holder may increase or
decrease the beneficial ownership limitation by giving notice to the Company (61 days’ notice for increases), but not to any percentage
in excess of 9.99%.

In connection with the Private Placement, we
entered into a registration rights agreement (the “Registration Rights Agreement”)
with the Purchasers, providing for the registration for resale of the Shares, the Advisor Shares (as defined below), the Lead Investor
Shares (as defined below), the Pre-Funded Warrant Shares and the shares of Common Stock underlying each of the Advisor Warrants and Lead
Investor Shares on