Company: FWDI
Filing Date: 2025-09-11
Form Type: 424B5
Source: 0001683168-25-006851
Chunk: 18

Company: Forward Industries, Inc.
Filing Date: 2025-09-11
Form: 424B5
Chunk 18
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| · | any provisions for the issuance, payment, settlement, transfer or exchange of the units or of the securities comprising the units; and                                                        |
| · | whether the units will be issued in fully registered or global form.                                                                                                                          |

Transfer Agent

We have appointed Equiniti Trust
Company, LLC as our stock transfer agent. The transfer agent’s address is 48 Wall Street, Floor 23, New York, NY 10005.

| 6 |

<div align='center'>CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS</div>

Anti-Takeover Effects of New York Law

Section 912 of the New York Business
Corporation Law (the “NYBCL”) prohibits a business combination, such as a merger, consolidation, recapitalization, asset sale
or disposition of stock, with any “interested shareholder” for a period of five years from the date that the interested shareholder
first became an interested shareholder unless:

| · | the business combination, or the acquisition of stock that resulted in the interested shareholder first becoming an interested shareholder, was approved by Forward’s Board of Directors (“Board”) prior to the interested shareholder becoming an interested shareholder; |
| · | the business combination is approved by the disinterested shareholders at a meeting of Forward’s shareholders called no earlier than five years after the date that the interested shareholder first became an interested shareholder; or                                  |
| · | the business combination meets certain “fair price” valuation requirements.                                                                                                                                                                                                |

An “interested shareholder”
is any person that is the beneficial owner of 20% or more of the outstanding voting stock of Forward or is an affiliate or associate of
Forward that at any time during the prior five years was the beneficial owner, directly or indirectly, of 20% or more of the then outstanding
voting stock of Forward. The definition of “combination” contained in the statute is sufficiently broad to cover virtually
any kind of transaction that would allow a potential acquirer to use the corporation’s assets to finance the acquisition or otherwise
to benefit its own interests rather than the interests of the corporation and its other shareholders.

The effect of New York’s
business combination law is to potentially discourage parties interested in taking control of the Company from doing so if they cannot
obtain the approval of our Board or shareholders.

In addition, under New York law
(a) directors may be removed for cause by vote of the shareholders, and (b) directors may be removed without cause by