Company: FWDI
Filing Date: 2025-06-20
Form Type: DEF 14A
Source: 0001683168-25-004653
Chunk: 1

Company: Forward Industries, Inc.
Filing Date: 2025-06-20
Form: DEF 14A
Chunk 1
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<div align='center'>Forward Industries, Inc.

700 Veterans Memorial Highway, Suite 100

Hauppauge, New York 11788

_________________________</div>

To The Shareholders of Forward Industries, Inc.:

We are pleased to invite you
to attend the 2025 Annual Meeting of the Shareholders of Forward Industries, Inc. (the “Annual Meeting”) which will be on
August 8, 2025, at 10:00 a.m. Eastern Time. This year’s meeting will be held virtually via a live audio webcast at www.virtualshareholdermeeting.com/FWD2025.
At the Annual Meeting, our shareholders will be asked:

| 1. | To elect three members to our Board of Directors.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 2. | To ratify the appointment of our independent registered public accounting firm for fiscal year 2025.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| 3. | To consider and vote upon a proposal to change the Company’s state of incorporation from New York to Nevada by means of a merger of the Company with and into a wholly-owned Nevada subsidiary (the “Reincorporation”), pursuant to the Agreement and Plan of Merger attached as Annex A to this Proxy Statement.                                                                                                                                                                                                                                                                                                                           |
| 4. | To approve, for purposes of complying with Nasdaq Listing Rule 5635, the issuance of shares of the Company’s common stock pursuant to that certain securities purchase agreement dated May 16, 2025 (the “ELOC Agreement”) with C/M Capital Master Fund, LP (the “Purchaser”), establishing an equity line of credit pursuant to which the Company may sell shares of common stock to the Purchaser from time to time in its discretion, without giving effect to the exchange cap in the Purchase Agreement (the “Nasdaq 20% Issuance Proposal ELOC”).                                                                                     |
| 5. | To approve, for purposes of complying with Nasdaq Listing Rule 5635, the issuance of shares of the Company’s common stock pursuant to the conversion of Series B Preferred Stock (the “Series B”) and conversion of warrants issued pursuant to those certain securities purchase agreements dated May 23, 2025 (the “Series B Purchase Agreements”) with C/M Capital Master Fund,