Company: FWDI
Filing Date: 2025-06-24
Form Type: 424B3
Source: 0001683168-25-004724
Chunk: 31

Company: Forward Industries, Inc.
Filing Date: 2025-06-24
Form: 424B3
Chunk 31
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 Purchase, or Additional VWAP Purchase, as applicable, of common stock is subject to certain agreed upon maximum      
 amount limitations set forth in the Purchase Agreement. Also, the Purchase Agreement prohibits us from issuing and selling any of    
 our common stock to the Selling Stockholder to the extent such shares, when aggregated with all other common stock then beneficially 
 owned by the Selling Stockholder, would cause the Selling Stockholder beneficial ownership of our common stock to exceed the         
 Beneficial Ownership Limitation (as defined in the Purchase Agreement)                                                               |
| (2) | Applicable                                                                                                                           
 percentage ownership is based on 1,125,998 shares of our common                                                                      
 stock outstanding as of June 9, 2025.                                                                                                |
| (3) | Assumes the sale of all shares being offered pursuant to this prospectus.                                                            |
| (4) | The                                                                                                                                  
 business address of C/M Capital Master Fund, LP is 1111 Brickell Avenue, Suite 2920, Miami, Florida 33131. As of the date of the     
 Purchase Agreement, C/M Capital Master Fund, LP did not beneficially own any shares of our common stock. Thomas Walsh and Jonathan   
 Juchno are the Managing Partners of C/M Capital Master Fund, LP, and therefore may be deemed to have shared voting and investment    
 power over securities owned directly and indirectly by C/M Capital Master Fund, LP. C/M Capital Master Fund, LP is not a registered  
 broker-dealer or an affiliate of a registered broker-dealer. The foregoing should not be construed in and of itself as an admission  
 by Mr. Walsh and Mr. Juchno as to beneficial ownership of the securities beneficially owned directly or indirectly by C/M Capital    
 Master Fund, LP. Does not include shares of common stock issuable under Series B Preferred Stock beneficially owned by C/M Capital.  |

| 18 |

<div align='center'>Plan of Distribution</div>

The shares of common stock
offered by this prospectus are being offered by the Selling Stockholder. The shares may be sold or distributed from time to time by the
Selling Stockholder directly to one or more purchasers or through brokers, dealers, or underwriters who may act solely as agents at market
prices prevailing at the time of sale, at prices related to the prevailing market prices, at negotiated prices, or at fixed prices, which
may be changed. The sale of our common stock offered by this prospectus could be effected in one or more of the