Company: FWDI
Filing Date: 2025-11-03
Form Type: 424B5
Source: 0001683168-25-007923
Chunk: 18

Company: Forward Industries, Inc.
Filing Date: 2025-11-03
Form: 424B5
Chunk 18
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conduct, gross negligence or fraud, neither Galaxy nor any of its affiliates or their respective officers, directors, employees, contractors
and agents shall have any liability for claims, losses, damages, penalties, obligations or expenses of any kind suffered by us as a result
of any act or omission by Galaxy in connection with, arising out of, or relating to the services provided under the Services Agreement.

| S-8 |

Conversion of Shares

On September 10, 2025, Forward
Industries (Asia-Pacific) Corporation (“FC”) converted 4,315 shares of Series A-1 Preferred Stock (“Series A-1”)
(Stated Value of $4,315,000) in accordance with the terms of the Series A-1 and was issued 575,333 shares of Common Stock (based on a
conversion price of $7.50 per share) of the Company. Following FC’s conversion, no Series A-1 remain outstanding.

On September 10, 2025, WVP
Emerging Manager Onshore Fund, LLC - Structured Small Cap Lending Series (“WVP”) converted 400,000 shares of Series B Preferred
Stock (Stated Value of $400,000) in accordance with the terms of the Series B Preferred Stock and was issued 91,506 shares of common stock
(based on a conversion price of $4.50 per share) of the Company. On September 10, 2025, C/M converted 600,000 shares of Series B Preferred
Stock (Stated Value of $600,000) in accordance with the terms of the Series B Preferred Stock and issued 137,259 shares of common stock
(based on a conversion price of $4.50 per share) of the Company. Following WVP’s and C/M’s conversion of their Series B Preferred
Stock, no Series B Preferred Stock remain outstanding. Under the PS Agreement, C/M holds 66,667 warrants to purchase shares of our common
stock at an exercise price of $6.50 per share and WVP holds 44,444 warrants to purchase shares of our common stock at an exercise price
of $6.50 per share (collectively, the “PS Agreement Warrants”).

Appointments

On September 10, 2025, the
Board appointed: (i) Michael Pruitt to serve on the Board, effective immediately, until elections are held at our next shareholder meeting
and (ii) Pyahm (Kyle)