Forward converts $500K payables owed to CEO's firm into Series A-1 preferred stock

Forward Industries, Inc.

Converted $500,000 of accounts payable into 500 shares of Series A-1 Convertible Preferred at $1,000/share.
Conversion executed with Forward Industries (Asia-Pacific) Corp., wholly owned by CEO/Chairman Terence Wise.
Authorized Series A-1 shares increased from 1,700 to 2,700 via Certificate of Amendment filed Sept 30, 2024.
Shares issued in unregistered transaction exempt under Section 4(a)(2) and Rule 506(b).

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Forward Industries, Inc.: Increased authorized shares of Series A-1 Convertible Preferred Stock from 1,700 to 2,700 shares (effective 2024-09-30).

Change: charter amendment
Effective: 2024-09-30

Exact text from the filing

Effective September 30, 2024, the Company filed a Certificate of Amendment of the Certificate of Incorporation (the “Amendment”) increasing the number of authorized shares of Series A-1 from 1,700 shares to 2,700 shares.

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Forward Industries, Inc. filing history →

Source: SEC EDGAR

accession 0001683168-24-006943

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