Company: FWDI
Filing Date: 2025-06-10
Form Type: PRE 14A
Source: 0001683168-25-004370
Chunk: 38

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: PRE 14A
Chunk 38
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 B will receive
one share of Series A-1 and Series B of Forward Nevada in exchange for each existing share of Series A-1 and Series B, respectively. However,
you need not exchange your certificate(s) at any particular time. The Company will record the change in its records and will notify shareholders
if and when certificate exchanges are required. Until such time, existing certificates will be deemed to represent an equivalent number
of shares in Forward Nevada. Under Nevada and New York law, shareholders do not have dissenters’ or appraisal rights, or the right to
receive cash instead of stock, in connection with this reincorporation.

The trading symbol for our Common
Stock will remain “FORD.” Our common stock will continue to be listed on the Nasdaq Capital Market. We expect no interruption
in trading.

We cannot predict whether the
stock price for our common stock will increase, remain the same, or decrease if and when the Nevada Reincorporation is completed. We do
not expect the reincorporation to have any direct effect on the market price of our stock.

The Reasons for Reincorporating in Nevada

The Board considered many factors
in deciding to approve and recommend the Nevada Reincorporation. The principal reasons were:

| · | Nevada has a modern and flexible corporation law.                                                                                                                                                                                                                                                                                                                                                        |
| · | Nevada’s legislature is responsive to business needs, and we believe it is actively seeking to increase the number of Nevada corporations by making its corporate law attractive.                                                                                                                                                                                                                        |
| · | Nevada’s Eighth Judicial District, which is the largest judicial district in the state, has a designated business court devoted exclusively to corporate law issues to help institute case management plans minimizing the interruption of business operations.                                                                                                                                          |
| · | Many large corporations are incorporated in Nevada in comparison to other states (other than Delaware).                                                                                                                                                                                                                                                                                                  |
| · | Nevada law on elimination of director and officer liability and indemnification, with certain limited exceptions, of corporate agents provides more assurance for persons acting in these roles than does the law of other states. As a result, qualified persons may be more willing to serve in those roles for a Nevada corporation than for a corporation incorporated in New York or another state. |

We believe that the factors listed
above will improve the Board’s ability to manage the Company for the benefit of all shareholders.

Impacts on Rights of Shareholders

As a New York corporation, the
rights of shareholders and the duties of the Board are governed by the New York Business Corporation Law (the “