Company: FWDI
Filing Date: 2025-11-14
Form Type: 424B5
Source: 0001683168-25-008451
Chunk: 66

Company: Forward Industries, Inc.
Filing Date: 2025-11-14
Form: 424B5
Chunk 66
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 as described above. However, the selling security holders may sell or transfer all or a portion of their securities
pursuant to any available exemption from the registration requirements of the Securities Act.

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<div align='center'>DESCRIPTION
OF CAPITAL STOCK</div>

We are authorized to issue
300,000,000 shares of common stock, par value $0.01 per share, and 4,000,000 shares of preferred stock, par value $0.01 per share.

Common Stock

We are authorized to issue
300,000,000 shares of common stock, par value $0.01 per share. The holders of common stock are entitled to one vote per share on all matters
submitted to a vote of stockholders, including the election of directors. There is no cumulative voting in the election of directors.
In the event of our liquidation or dissolution, holders of common stock are entitled to share ratably in all assets remaining after payment
of liabilities and the liquidation preferences of any outstanding shares of preferred stock. Holders of common stock have no preemptive
rights and have no right to convert their common stock into any other securities and there are no redemption provisions applicable to
our common stock.

The holders of common stock
are entitled to any dividends that may be declared by the Board out of funds legally available for payment of dividends subject to the
prior rights of holders of preferred stock and any contractual restrictions we have against the payment of dividends on common stock.
We have not paid dividends on our common stock since inception and do not plan to pay dividends on our common stock in the foreseeable
future.

As of September 16, 2025, we had 85,067,662
shares of common stock outstanding. In addition, as of that date, there were approximately 27,658,436 shares underlying our
outstanding warrants and stock options.

Preferred Stock

We are authorized to issue
4,000,000 shares of “blank check” preferred stock with designations, rights and preferences as may be determined from time
to time by our Board.

At the date of this prospectus,
100,000 shares have been designated as Series A Participating Preferred Stock (“Series A Preferred”) and there are
no shares of Series A Preferred outstanding.

As of the date of this prospectus,
6,700 shares have been designated as Series A-1 Preferred Stock and there are no shares outstanding.

As of the date of this prospectus,
1,000,000 shares have been