{"schema_version":"secwatch.filing_event.v1","accession":"0001683168-25-003941","form_type":"8-K","ticker":"FWDI","cik":"0000038264","company_name":"Forward Industries, Inc.","filed_at":"2025-05-22T23:59:59+00:00","discovered_at":"2026-05-14T18:02:50.966377+00:00","generated_at":"2026-05-20T19:13:04.283401+00:00","sec_items":["1.01","1.02","3.02","5.02","9.01"],"event_type":"other_material","sentiment":"negative","materiality_score":0.85,"calibrated_materiality_score":0.85,"confidence":"high","headline":"Forward Industries sells Swiss unit to CEO's company, CEO resigns; secures $35M equity line","bullets":["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."],"urls":{"canonical":"https://secwatch.observer/filing/0001683168-25-003941","json":"https://secwatch.observer/filing/0001683168-25-003941.json","markdown":"https://secwatch.observer/filing/0001683168-25-003941.md","text":"https://secwatch.observer/filing/0001683168-25-003941.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/forward_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-05-20T19:13:04.283401+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"04042ee1bc","claim":"Michael Pruitt was appointed as interim Chief Executive Officer at Forward Industries, Inc..","evidence_excerpt":"On May 16, 2025, the Company appointed Michael Pruitt as interim Chief Executive Officer, effective immediately.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"interim Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"3a858d3631","claim":"Keith Johnson was appointed as director at Forward Industries, Inc..","evidence_excerpt":"Effective May 16, 2025, the Board appointed Keith Johnson as a director of the Company.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"director"}],"fact_type":"executive_change"},{"claim_id":"43eb20b4fb","claim":"Terence Wise resigned as Chief Executive Officer at Forward Industries, Inc..","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"Chief Executive Officer"}],"fact_type":"executive_change"},{"claim_id":"677d8b39ad","claim":"Sangita Shah was appointed as Chairperson of the Board at Forward Industries, Inc..","evidence_excerpt":"Additionally, on May 16, 2025, Sangita Shah was appointed as Chairperson of the Board, effective immediately.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"appointed"},{"label":"Role","value":"Chairperson of the Board"}],"fact_type":"executive_change"},{"claim_id":"7a04c58cda","claim":"Michael Pruitt resigned as director at Forward Industries, Inc..","evidence_excerpt":"In connection with his appointment as interim Chief Executive Officer, Mr. Pruitt resigned from the Company’s Board.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm","confidence":0.9,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"director"}],"fact_type":"executive_change"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}