Forward Industries issues $1M Series B Preferred stock, convertible at $4.50

Forward Industries, Inc.

Raised $1M via issuance of 1M shares of Series B Preferred to C/M Capital Master Fund and WVP-Emerging Manager.
Series B Preferred carries 10% annual dividend payable quarterly; convertible into common at $4.50 per share.
Investors also received warrants to purchase 111,111 shares of common at $6.50 per share.
Proceeds will be used for working capital and general corporate purposes.
Registration rights agreement requires filing of resale registration statement within 90 days.

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