# EDGAR Filing Document

**Accession Number:** 0000038264
**File Stem:** 0001104659-25-091229
**Filing Date:** 2025-9
**Character Count:** 22638
**Document Hash:** b57226e003393807a37f12ad14b70226
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-091229.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001104659-25-091229

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forward Industries, Inc.
- **CENTRAL INDEX KEY:** 0000038264
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS PRODUCTS, NEC [3089]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 131950672
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-45773
- **FILM NUMBER:** 251323406

**BUSINESS ADDRESS:**
- **STREET 1:** 700 VETERANS MEMORIAL HWY, SUITE 100
- **CITY:** HAUPPAUGE
- **STATE:** NY
- **ZIP:** 11788
- **BUSINESS PHONE:** 631-547-3055

**MAIL ADDRESS:**
- **STREET 1:** 700 VETERANS MEMORIAL HWY, SUITE 100
- **CITY:** HAUPPAUGE
- **STATE:** NY
- **ZIP:** 11788

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FORWARD INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19950105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PROGRESS HEAT SEALING CO INC
- **DATE OF NAME CHANGE:** 19721111
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Multicoin Capital Management, LLC
- **CENTRAL INDEX KEY:** 0002017172

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 501 WEST AVE.
- **STREET 2:** SUITE 3901
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701
- **BUSINESS PHONE:** 512-774-4000

**MAIL ADDRESS:**
- **STREET 1:** 501 WEST AVE.
- **STREET 2:** SUITE 3901
- **CITY:** AUSTIN
- **STATE:** TX
- **ZIP:** 78701

## Ex-99.A

**<u>Schedule A</u>**

GENERAL PARTNERS, CONTROL PERSONS, DIRECTORS AND EXECUTIVE OFFICERS OF CERTAIN REPORTING PERSONS

The following sets forth the name, position, address, principal occupation and citizenship of each general partner, control person, director and/or executive officer of the applicable Reporting Persons (the "<u>Instruction C Persons</u>"). To the best of the Reporting Persons' knowledge, (i) none of the Instruction C Persons during the last five years has been convicted in a criminal proceeding (excluding traffic violations or other similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws and (ii) none of the Instruction C Persons owns any shares of Common Stock or is party to any contract or agreement as would require disclosure in this Schedule 13D, except to the extent such Instruction C Person is a Reporting Person in which case such Instruction C Person's beneficial ownership is as set forth in Item 5 of the Schedule 13D.

REPORTING PERSON: Multicoin Capital Master Fund, LP, a Cayman Islands limited partnership ("MCMF LP")

Multicoin Capital Fund GP I, LLC ("<u>MCF GPI</u>") serves as the general partner of MCMF LP. The business address of MCF GPI is c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange St., Wilmington, New Castle, Delaware, 19801. Its principal occupation is serving as the general partner of MCMF LP. MCF GPI is a Delaware limited liability company.

Multicoin Capital GP, LLC ("<u>MC GP</u>"), serves as the managing member of MCF GPI. The business address of MC GP is 501 West Avenue, Suite 3901, Austin, TX 78701. The principal occupation of MC GP is serving as managing member of MCF GPI. MC GP is a Texas limited liability company.

Messrs. Samani and Jain serve as the managers of MC GP. Messrs. Samani and Jain are Reporting Persons.

## Exhibit 99.1

**Exhibit 99.1**

**JOINT FILING AGREEMENT**

In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended, each of the undersigned hereby agrees to the joint filing, along with all other such undersigned, on behalf of the Reporting Persons (as defined in the joint filing), of a statement on Schedule 13D (including amendments thereto) with respect to the common stock, par value $0.01 per share, of Forward Industries, Inc., and that this agreement be included as an Exhibit 99.1 to such joint filing. This agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. The undersigned acknowledge that each shall be responsible for the timely filing of any amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others.

IN WITNESS WHEREOF, each of the undersigned hereby executes this agreement as of this 18th day of September, 2025.

---

| | |
|:---|:---|
| **MULTICOIN CAPITAL MANGEMENT, LLC** | **MULTICOIN CAPITAL MANGEMENT, LLC** |
| By | /s/ Pyahm Samani |
|  | Pyahm Samani |
|  | Authorized Signatory |
| **MULTICOIN CAPITAL MASTER FUND, LP** | **MULTICOIN CAPITAL MASTER FUND, LP** |
| By | /s/ Pyahm Samani |
|  | Pyahm Samani |
|  | Authorized Signatory |
| /s/ Pyahm Samani | /s/ Pyahm Samani |
| **PYAHM SAMANI** | **PYAHM SAMANI** |
| /s/ Tushar Jain | /s/ Tushar Jain |
| **TUSHAR JAIN** | **TUSHAR JAIN** |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Forward Industries, Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**349862409**

*(CUSIP Number)*

**Prat Vallabhaneni**<br>1221 Avenue of the Americas<br>New York NY 10020<br>212-819-8200

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/11/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **349862409** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Multicoin Capital Management, LLC** | Name of reporting person<br>**Multicoin Capital Management, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**TEXAS** | Citizenship or place of organization<br>**TEXAS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12406639.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12406639.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.1%** | Percent of class represented by amount in Row (11)<br>**14.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** * Includes 4,458,796 shares of Common Stock (as defined in Item 1) issuable upon exercise of the Lead Investor Warrants (as defined in Item 3); however, see the discussion of the Blocker (as defined in Item 3) in Item 3.

| **CUSIP No.** | **349862409** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Multicoin Capital Master Fund, LP** | Name of reporting person<br>**Multicoin Capital Master Fund, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**WC** | Source of funds (See Instructions)<br>**WC** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12406639.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12406639.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.1%** | Percent of class represented by amount in Row (11)<br>**14.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** * Includes 4,458,796 shares of Common Stock issuable upon exercise of the Lead Investor Warrants; however, see the discussion of the Blocker in Item 3.

| **CUSIP No.** | **349862409** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pyahm Samani** | Name of reporting person<br>**Pyahm Samani** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**1351352.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12406639.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**1351352.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12406639.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**13757991.00** | Aggregate amount beneficially owned by each reporting person<br>**13757991.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**15.7%** | Percent of class represented by amount in Row (11)<br>**15.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** * Includes 4,458,796 shares of Common Stock issuable upon exercise of the Lead Investor Warrants; however, see the discussion of the Blocker in Item 3.

| **CUSIP No.** | **349862409** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Tushar Jain** | Name of reporting person<br>**Tushar Jain** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[ ] (a)<br>[x] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**AF** | Source of funds (See Instructions)<br>**AF** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**12406639.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**12406639.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | Aggregate amount beneficially owned by each reporting person<br>**12406639.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**14.1%** | Percent of class represented by amount in Row (11)<br>**14.1%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** * Includes 4,458,796 shares of Common Stock issuable upon exercise of the Lead Investor Warrant; however, see the discussion of the Blocker in Item 3.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Forward Industries, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
700 Veterans Memorial Highway, Suite 100, Hauppauge, NY, 11788

**Item 4. Purpose of Transaction**

The information set forth in or incorporated by reference in Item 3 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 4.

In connection with the Private Placement and MCMF LP's right to nominate an Investor Designee pursuant to the Lead Investor Agreement, MCMF LP nominated Mr. Samani as its initial Investor Designee, and on September 10, 2025, the Board appointed Mr. Samani to serve on the Board, effective immediately, until elections are held at the Issuer's next shareholder meeting.  Mr. Samani will also serve as Chairman of the Board, effective upon appointment.  Upon his appointment to the Board, Mr. Samani shall be entitled to insurance coverage applicable to directors and officers of the Issuer.  In the event that a vacancy is created at any time by the death, disability, retirement, disqualification, resignation or removal (with or without cause) of the Investor Designee, MCMF LP shall have the right to designate a replacement to fill such vacancy and the Issuer shall cause such vacancy to be filled by the replacement so designated and the Board shall promptly elect such designee to the Board.

The Reporting Persons acquired the Common Stock described in this 13D for investment purposes and intend to review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer's financial position and strategic direction, actions taken by the Issuer's management and the Board, price levels of the Common Stock, other investment opportunities available to the Reporting Persons, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may from time to time and at any time in the future take or engage in various plans, actions or transactions with respect to the investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock, disposing of shares of Common Stock, acquiring other financial instruments that are based upon or relate to the value of the Common Stock, selling or obtaining financing on some or all of their beneficial or economic holdings, engaging in hedging or similar transactions with respect to securities that are based upon or relate to the value of the Common Stock, or proposing or considering, or changing their intention with respect to, one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

**Item 5. Interest in Securities of the Issuer**

**(a)**
MCM LLC, MCMF LP and Mr. Jain each beneficially own an aggregate of 12,406,639 shares of Common Stock (including 4,458,796 shares of Common Stock issuable upon exercise of the Lead Investor Warrants) (the "Subject Shares") which represent approximately 14.1% of the outstanding shares of Common Stock, based on 83,233,878 shares of Common Stock outstanding as of September 11, 2025, as reported in the Issuer's Current Report on Form 8-K filed with the SEC on September 11, 2025, and assumes the exercise of the Lead Investor Warrants.  Mr. Samani beneficially owns an aggregate of 13,757,991 shares of Common Stock (including 4,458,796 shares of Common Stock issuable upon exercise of the Lead Investor Warrants) which represents approximately 15.7% of the outstanding shares of Common Stock, based on 83,233,878 shares of Common Stock outstanding as of September 11, 2025, as reported in the Issuer's Current Report on Form 8-K filed with the SEC on September 11, 2025, and assumes the exercise of the Lead Investor Warrants.

The Reporting Persons disclaim beneficial ownership of the shares of Common Stock owned by Fatemeh Z. Samani, the mother of Mr. Samani, and the shares of Common Stock owned by Christopher Klinvex, the future father-in-law of Mr. Samani.

Each of the Reporting Persons may be deemed to have the shared power to vote or direct the vote of (and the shared power to dispose or direct the disposition of) all of the Subject Shares. Mr. Samani may be deemed to have the sole power to vote or direct the vote of (and the sole power to dispose or direct the disposition of) all of the shares of Common Stock directly held by him.

**(b)**
See Items 7-11 of the cover pages and Item 5(a) above.

**(c)**
Except as set forth in Item 3 of the Schedule 13D, no transactions in the shares of Common Stock have been effected by the Reporting Persons or Mr. Samani in the past sixty (60) days.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in or incorporated by reference in Item 3, 4, and 5 of this Schedule 13D is hereby incorporated by reference in its entirety into this Item 6.

The Reporting Persons may, from time to time, enter into and dispose of swaps, options or other derivative transactions with one or more counterparties that are based upon the value of the Common Stock, which transactions may be significant in amount. The profit, loss and/or return on such contracts may be wholly or partially dependent on the market value of the Common Stock.

On September 12, 2025, the Reporting Persons entered into a Joint Filing Agreement in which the Reporting Persons agreed to the joint filing on behalf of each of them of statements on Schedule 13D with respect to the securities of the Issuer to the extent required by applicable law. The Joint Filing Agreement is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Except as set forth herein, there are no contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in Item 2 hereof and between such persons and any person with respect to any securities of the Issuer, including any class of the Issuer's securities used as a reference security, in connection with any of the following: call options, put options, security-based swaps or any other derivative securities, transfer or voting of any of the securities, finder's fees, joint ventures, loan or option arrangements, guarantees of profits, division of profits or loss, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Multicoin Capital Management, LLC

**Signature:** /s/ Pyahm Samani

**Name/Title:** Pyahm Samani/Manager

**Date:** 09/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Multicoin Capital Master Fund, LP

**Signature:** /s/ Pyahm Samani

**Name/Title:** Pyahm Samani/Manager of Multicoin Capital GP, LLC, Managing Member of Multicoin Capital Fund GP I, LLC, its General Partner

**Date:** 09/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pyahm Samani

**Signature:** /s/ Pyahm Samani

**Name/Title:** Pyahm Samani

**Date:** 09/18/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Tushar Jain

**Signature:** /s/ Tushar Jain

**Name/Title:** Tushar Jain

**Date:** 09/18/2025