Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 26

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 26
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| RISK FACTORS                                                     | 14 |
| USE OF PROCEEDS                                                  | 25 |
| DIVIDEND POLICY                                                  | 26 |
| SELLING SECURITY HOLDERS                                         | 27 |
| DESCRIPTION OF CAPITAL STOCK                                     | 28 |
| DESCRIPTION OF DEPOSITARY SHARES                                 | 30 |
| DESCRIPTION OF THE WARRANTS                                      | 31 |
| DESCRIPTION OF SUBSCRIPTION RIGHTS                               | 32 |
| DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS             | 33 |
| DESCRIPTION OF THE UNITS                                         | 34 |
| CERTAIN PROVISIONS OF NEW YORK LAW AND OF OUR CHARTER AND BYLAWS | 35 |
| PLAN OF DISTRIBUTION                                             | 37 |
| INCORPORATION BY REFERENCE                                       | 37 |
| LEGAL MATTERS                                                    | 39 |
| EXPERTS                                                          | 39 |

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<div align='center'>ABOUT
THIS PROSPECTUS</div>

To understand the terms of the securities offered
by this prospectus, you should carefully read this prospectus and any applicable prospectus supplement. You should also read the documents
referred to under the heading “Where You Can Find More Information” for information on us and the business conducted by us.

This prospectus is part of an automatic
registration statement on Form S-3 that we filed with the Securities and Exchange Commission (the “SEC”), as a
“well-known seasoned issuer” as defined in Rule 405 under the Securities Act of 1933, as amended (the
“Securities Act”) using a “shelf” registration process. Under this shelf registration process, we may
offer and sell from time to time shares of our common stock, shares of our preferred stock, warrants or units, or any combination
thereof, in one or more offerings in amounts, at prices and on terms that we determine at the time of the offering.

This prospectus provides you with a general description
of the securities that we may offer. Each time securities are sold under this shelf registration statement, we will provide an accompanying
prospectus supplement that will contain specific information about the terms of those securities and the terms of that offering. The prospectus
supplement also may add, update or change information contained in this prospectus. If there is any inconsistency between the information
in this prospectus and any accompanying prospectus supplement, you should rely on the information in the accompanying prospectus supplement.
Before making an investment decision, you should