Forward Industries Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Leadership Update
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Item 1.01 Entry into a Material Definitive Agreement.
On April 30, 2025, 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 May 2, 2025. The Agency Agreement was set to expire on April 30, 2025.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April 25, 2025, in connection with the pending expiration of Agency Agreement and the proposed purchase by FC of certain assets of the Company’s Original Equipment Manufacturing business (“Asset Sale”), Mr. Terence Wise notified the Company of his intention to resign from his position as the Company’s Chief Executive Officer and as a member of the Company’s Board of Directors. Mr. Wise did not specify an effective date of his resignation other than it would be shortly after the closing of the Asset Sale.
As previously disclosed on a Form 8-K filed on March 24, 2025, while preliminary terms have been agreed to, the Asset Sale remains subject to negotiation and execution of definitive agreements, approval by independent directors, and compliance with applicable corporate governance requirements. There can be no assurance that the parties will reach a final agreement or that any transaction will be completed. The Company will provide further updates as material developments occur.
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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: May 1, 2025 | By: | /s/ Kathleen Weisberg | |
| Name: Kathleen Weisberg | |||
| Title: Chief Financial Officer | |||
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