Company: FWDI
Filing Date: 2025-06-10
Form Type: S-1
Source: 0001683168-25-004372
Chunk: 29

Company: Forward Industries, Inc.
Filing Date: 2025-06-10
Form: S-1
Chunk 29
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| $                |  7.10 | -3 |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        | 1,743,554 |
| $                |  8.00 |    |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        | 1,964,568 |
| $                |  9.00 |    |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        | 2,210,139 |
| $                | 10.00 |    |     |                    | 245,571 |     |                                                    | 18.0% |     | $                                                                        | 2,455,710 |

__________

| (1) | The denominator is based on 1,371,569 shares of our common                                                                                                                                                                                                                        
 stock outstanding as of June 9, 2025, adjusted to include the issuance of the number of Purchase Shares set forth in the adjacent column                                                                                                                                          
 which we would have issued to the Selling Stockholder based on the applicable assumed purchase price per share.                                                                                                                                                                   |
| (2) | Represents the last reported sales price of our common stock on June                                                                                                                                                                                                              
 9, 2025, as reported by Nasdaq.                                                                                                                                                                                                                                                   |
| (3) | Represents the minimum price for which the average price paid for all shares of common stock issued under the Purchase Agreement must be in order for the sales to be considered “at market” under applicable stock exchange rules and therefore not subject to the Exchange Cap. |

| 15 |

<div align='center'>USE OF PROCEEDS</div>

We will not receive any of the
proceeds from the sale of shares of our common stock offered by the Selling Stockholder. In addition, we will not receive any proceeds
from the issuance or sale of the Commitment Shares. We may receive up to $35,000,000 in aggregate gross proceeds from sales of shares
of our common stock to the Selling Stockholder pursuant to the Purchase Agreement after the date of this prospectus. However, the actual
proceeds may be less than this amount depending on the number of shares of our common stock sold and the price at which the shares of
our common stock are sold.

We intend to use the proceeds
for working capital and other general corporate purposes. Our expected use of the net