---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-000462"
form_type: "8-K"
ticker: "FWRD"
cik: "0000912728"
company_name: "FORWARD AIR CORP"
filed_at: "2025-01-06T23:59:59+00:00"
generated_at: "2026-05-28T11:57:18.376083+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Forward Air announces strategic review, amends credit agreement; reaffirms FY2024 guidance

## Summary
- Board of Directors launches review of strategic alternatives to maximize shareholder value.
- Credit agreement amended: max consolidated first lien net leverage ratio raised to 6.75:1.00 through Sep 2025, stepping down to 5.50:1.00.
- Revolving credit commitments reduced from $340M to $300M; could further drop $50M if leverage exceeds 6.50x unless $50M prepayment made.
- Anti-cash hoarding covenant requires prepayment if unrestricted cash exceeds $120M per month through Dec 2026.
- Reaffirms previously issued FY2024 financial guidance (no specific numbers provided).

## SEC filing metadata
- accession: 0001628280-25-000462
- form_type: 8-K
- ticker: FWRD
- cik: 0000912728
- company_name: FORWARD AIR CORP
- filed_at: 2025-01-06T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/912728/000162828025000462/0001628280-25-000462-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/912728/000162828025000462/fwrd-20241230.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-000462
- JSON: https://secwatch.observer/filing/0001628280-25-000462.json
- Plain text: https://secwatch.observer/filing/0001628280-25-000462.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.