Company: FWDI
Filing Date: 2025-05-23
Form Type: 8-K
Source: 0001683168-25-003989
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-05-23
Form: 8-K
Item: Item 3.02
Chunk 1
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Item 3.02. Unregistered Sales of Equity Securities.

To the extent required by Item 3.02, the information
contained in Item 1.01 and Item 5.03 are incorporated herein by reference. The transaction was exempt from registration pursuant to Section
4(a)(2) of the Securities Act of 1933 and Rule 506(b) of Regulation D promulgated thereunder.

Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.

On May 21, 2025, the Company filed a Certificate
of Amendment to the Certificate of Incorporation (“ Certificate of Designation”) designating 1,000,000 shares of Series B.
The Series B shares (i) accrue dividends at 10% per annum, payable quarterly in arrears in cash, provided that the Company may elect to
pay dividends in common stock or by increasing the stated value if specified equity conditions are met (as defined in the Certificate
of Designation), (ii) are convertible into common stock at $4.50 per share, subject to customary anti-dilution and other adjustments as
set forth in the Certificate of Designation, (iii) are mandatorily convertible if certain conditions are met, including, but not limited
to, when the closing price of the common stock exceeds 200% of the conversion price for five consecutive trading days (iv) have liquidation
rights equal to the greater of: (X) 125% of the conversion amount and (Y) the amount the holder would have received if the holder converted
the shares into common stock immediately prior to liquidation, (v) are not redeemable, (vi) have such voting rights as required by New
York law, including class voting rights on matters affecting the Series B rights and preferences and (vii) have senior rights to all classes
of common stock with respect to dividends, distributions, and liquidation preferences. The Series B shares contain certain beneficial
ownership limitations and are subject to a maximum number of shares of common stock that may be issued without triggering shareholder
approval requirements under the Nasdaq Stock Market rules.

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SIGNATURES