Forward Industries Enters Material Definitive Agreement
Ticker: FWDI · Form: 8-K · Filed: Nov 18, 2024 · CIK: 38264
Sentiment: neutral
Topics: material-agreement
Related Tickers: FORW
TL;DR
FORW just signed a big deal, details TBD.
AI Summary
Forward Industries, Inc. announced on November 13, 2024, that it entered into a material definitive agreement. The filing does not provide specific details on the agreement or any associated dollar amounts. The company is incorporated in New York and its fiscal year ends on September 30.
Why It Matters
This filing indicates a significant new development for Forward Industries, Inc., potentially impacting its business operations and financial future.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.
Key Players & Entities
- Forward Industries, Inc. (company) — Registrant
- November 13, 2024 (date) — Date of earliest event reported
- New York (jurisdiction) — State of Incorporation
- 001-34780 (identifier) — Commission File Number
- 13-1950672 (identifier) — I.R.S. Employer Identification No.
- 700 Veterans Memorial Hwy. Suite 100 Hauppauge (address) — Business Address
FAQ
What is the nature of the material definitive agreement entered into by Forward Industries, Inc.?
The filing states that Forward Industries, Inc. entered into a material definitive agreement on November 13, 2024, but does not provide specific details about the agreement itself.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on November 13, 2024.
In which state is Forward Industries, Inc. incorporated?
Forward Industries, Inc. is incorporated in New York.
What is the Commission File Number for Forward Industries, Inc.?
The Commission File Number for Forward Industries, Inc. is 001-34780.
What is the business address of Forward Industries, Inc.?
The business address of Forward Industries, Inc. is 700 Veterans Memorial Hwy. Suite 100 Hauppauge.
Filing Stats: 529 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-11-18 16:02:08
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share FORD The NASDAQ Capital Mar
- $65,833 — (i) reduce the monthly service fee from $65,833 to $35,000 and (ii) to change the payme
- $35,000 — the monthly service fee from $65,833 to $35,000 and (ii) to change the payment terms fo
Filing Documents
- forward_8k.htm (8-K) — 28KB
- forward_ex1001.htm (EX-10.1) — 7KB
- 0001683168-24-008222.txt ( ) — 204KB
- ford-20241113.xsd (EX-101.SCH) — 3KB
- ford-20241113_lab.xml (EX-101.LAB) — 33KB
- ford-20241113_pre.xml (EX-101.PRE) — 22KB
- forward_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive
Item 1.01 Entry into a Material Definitive Agreement. On November 13, 2024, Forward Industries, Inc. (the "Company") and Forward Industries (Asia-Pacific) Corporation ("FC") agreed to extend the Buying Agency and Supply Agreement dated November 2, 2023 (the "Agency Agreement") to April 30, 2025. Either party may terminate the Agency Agreement with 30 days prior written notice. Additionally, the Agency Agreement was amended to: (i) reduce the monthly service fee from $65,833 to $35,000 and (ii) to change the payment terms for all products and service fees from 60 days to seven days after the Company collects payments for goods from its customers. These amended terms were memorialized in a letter agreement between the Company and FC. The foregoing description of the letter agreement does not purport to be complete and is qualified in its entirety by reference to the letter agreement which is filed as Exhibit 10.1.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Letter Agreement – Amendment/Extension of FC Buying Agency and Supply Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FORWARD INDUSTRIES, INC. Date: November 18, 2024 By: /s/ Kathleen Weisberg Name: Kathleen Weisberg Title: Chief Financial Officer 3