---
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"
generated_at: "2026-05-20T19:13:04.283401+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Forward Industries sells Swiss unit to CEO's company, CEO resigns; secures $35M equity line

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: other_material
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 1.02, 3.02, 5.02, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001683168-25-003941
- JSON: https://secwatch.observer/filing/0001683168-25-003941.json
- Plain text: https://secwatch.observer/filing/0001683168-25-003941.txt

## Key facts
- Executive change
  Michael Pruitt was appointed as interim Chief Executive Officer at Forward Industries, Inc..
  - Action: appointed
  - Role: interim Chief Executive Officer
  source text: On May 16, 2025, the Company appointed Michael Pruitt as interim Chief Executive Officer, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm
- Executive change
  Keith Johnson was appointed as director at Forward Industries, Inc..
  - Action: appointed
  - Role: director
  source text: Effective May 16, 2025, the Board appointed Keith Johnson as a director of the Company.
  evidence_url: https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm
- Executive change
  Terence Wise resigned as Chief Executive Officer at Forward Industries, Inc..
  - Action: resigned
  - Role: Chief Executive Officer
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm
- Executive change
  Sangita Shah was appointed as Chairperson of the Board at Forward Industries, Inc..
  - Action: appointed
  - Role: Chairperson of the Board
  source text: Additionally, on May 16, 2025, Sangita Shah was appointed as Chairperson of the Board, effective immediately.
  evidence_url: https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm
- Executive change
  Michael Pruitt resigned as director at Forward Industries, Inc..
  - Action: resigned
  - Role: director
  source text: In connection with his appointment as interim Chief Executive Officer, Mr. Pruitt resigned from the Company’s Board.
  evidence_url: https://www.sec.gov/Archives/edgar/data/38264/000168316825003941/0001683168-25-003941-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.