8-K
filed May 22, 2025, 7:59 PM ET
ticker FWDI
CIK 0000038264
other material
confidence high
sentiment negative
materiality 0.85
Forward Industries sells Swiss unit to CEO's company, CEO resigns; secures $35M equity line
Forward Industries, Inc.
- Sold Forward Switzerland and related assets to entity owned by then-CEO Terence Wise to satisfy $4.1M in payables.
- CEO and Chairman Terence Wise resigned; Michael Pruitt appointed interim CEO, Keith Johnson appointed director.
- Entered $35M equity line with C/M Capital; 24,929 commitment shares issued; purchases at 95% of market prices.
- Agency Agreement terminated; promissory note extended to Dec 31, 2025; cash payments of $200K now, $150K each in July/Aug/Sep.
- Sangita Shah appointed Chairperson of the Board.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Michael Pruitt was appointed as interim Chief Executive Officer at Forward Industries, Inc..
- Action
- appointed
- Role
- interim Chief Executive Officer
Exact text from the filing
On May 16, 2025, the Company appointed Michael Pruitt as interim Chief Executive Officer, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Keith Johnson was appointed as director at Forward Industries, Inc..
- Action
- appointed
- Role
- director
Exact text from the filing
Effective May 16, 2025, the Board appointed Keith Johnson as a director of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Terence Wise resigned as Chief Executive Officer at Forward Industries, Inc..
- Action
- resigned
- Role
- Chief Executive Officer
Exact text from the filing
Pursuant to the Separation Agreement, Mr. Wise resigned from all of his positions with the Company, including his positions as Chief Executive Officer, Chairman of the Board, and director.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Sangita Shah was appointed as Chairperson of the Board at Forward Industries, Inc..
- Action
- appointed
- Role
- Chairperson of the Board
Exact text from the filing
Additionally, on May 16, 2025, Sangita Shah was appointed as Chairperson of the Board, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.9
Michael Pruitt resigned as director at Forward Industries, Inc..
- Action
- resigned
- Role
- director
Exact text from the filing
In connection with his appointment as interim Chief Executive Officer, Mr. Pruitt resigned from the Company’s Board.
View on SEC.gov
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