Forward Industries converts $1.7M payables to Series A-1 Preferred, aims to regain Nasdaq compliance

Forward Industries, Inc.

Converted $1,700,000 of payables owed to related party (CEO-owned) into 1,700 shares of Series A-1 Convertible Preferred Stock at $1,000 stated value.
Preferred stock is non-voting, senior to common, convertible into common at $7.50 per share (subject to 19.9% conversion blocker).
Transaction approved by a special committee; CEO Terence Wise owns the provider Forward Industries (Asia-Pacific) Corporation.
Company believes it now complies with Nasdaq's $2.5M stockholders' equity requirement, previously at risk of delisting.
Also notes reverse stock split effective June 18, 2024 to address bid price requirement; company believes compliance achieved.

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