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8-K filed May 22, 2025 23:59 UTC 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.

item 1.01item 1.02item 3.02item 5.02item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed (interim)

Michael Pruitt

interim Chief Executive Officer

FWDI · Forward Industries, Inc.

Effective: 2025-05-16
Filed: May 22, 2025 23:59 UTC

On May 16, 2025, the Company appointed Michael Pruitt as interim Chief Executive Officer, effective immediately.

Appointed

Keith Johnson

director

FWDI · Forward Industries, Inc.

Effective: 2025-05-16
Filed: May 22, 2025 23:59 UTC

Effective May 16, 2025, the Board appointed Keith Johnson as a director of the Company.

Departed

Terence Wise

Chief Executive Officer

FWDI · Forward Industries, Inc.

Effective: 2025-05-16
Successor: Michael Pruitt
Filed: May 22, 2025 23:59 UTC

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.

Role change

Sangita Shah

Chairperson of the Board

FWDI · Forward Industries, Inc.

Effective: 2025-05-16
Filed: May 22, 2025 23:59 UTC

Additionally, on May 16, 2025, Sangita Shah was appointed as Chairperson of the Board, effective immediately.

Departed

Michael Pruitt

director

FWDI · Forward Industries, Inc.

Effective: 2025-05-16
Filed: May 22, 2025 23:59 UTC

In connection with his appointment as interim Chief Executive Officer, Mr. Pruitt resigned from the Company’s Board.

Source: SEC EDGAR

accession 0001683168-25-003941

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