<SEC-DOCUMENT>0001104659-25-089651.txt : 20250912
<SEC-HEADER>0001104659-25-089651.hdr.sgml : 20250912
<ACCEPTANCE-DATETIME>20250912184857
ACCESSION NUMBER:		0001104659-25-089651
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20250910
FILED AS OF DATE:		20250912
DATE AS OF CHANGE:		20250912

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Multicoin Capital Management, LLC
		CENTRAL INDEX KEY:			0002017172
		ORGANIZATION NAME:           	
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34780
		FILM NUMBER:		251312738

	BUSINESS ADDRESS:	
		STREET 1:		501 WEST AVE.
		STREET 2:		SUITE 3901
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701
		BUSINESS PHONE:		512-774-4000

	MAIL ADDRESS:	
		STREET 1:		501 WEST AVE.
		STREET 2:		SUITE 3901
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78701

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Forward Industries, Inc.
		CENTRAL INDEX KEY:			0000038264
		STANDARD INDUSTRIAL CLASSIFICATION:	PLASTICS PRODUCTS, NEC [3089]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				131950672
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0930

	BUSINESS ADDRESS:	
		STREET 1:		700 VETERANS MEMORIAL HWY, SUITE 100
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788
		BUSINESS PHONE:		631-547-3055

	MAIL ADDRESS:	
		STREET 1:		700 VETERANS MEMORIAL HWY, SUITE 100
		CITY:			HAUPPAUGE
		STATE:			NY
		ZIP:			11788

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FORWARD INDUSTRIES INC
		DATE OF NAME CHANGE:	19950105

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PROGRESS HEAT SEALING CO INC
		DATE OF NAME CHANGE:	19721111
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>tm2525975-1_3seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2025-09-10</periodOfReport>

    <noSecuritiesOwned>1</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000038264</issuerCik>
        <issuerName>Forward Industries, Inc.</issuerName>
        <issuerTradingSymbol>FORD</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0002017172</rptOwnerCik>
            <rptOwnerName>Multicoin Capital Management, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>501 WEST AVENUE, SUITE 3901</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>AUSTIN</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>78701</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>1</isOther>
            <officerTitle></officerTitle>
            <otherText>Director by deputization</otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <remarks>In addition to Multicoin Capital Management, LLC, a Texas limited liability company (&quot;MCM LLC&quot;), this Form 3 is being filed jointly by Multicoin Capital Master Fund, LP, a Cayman Islands limited partnership (&quot;MCMF LP&quot;), Pyahm Samani, a citizen of the United States of America (&quot;Mr. Samani&quot;), and Tushar Jain, a citizen of the United States of America (&quot;Mr. Jain&quot;) (collectively, the &quot;Reporting Persons&quot;). MCM LLC is the investment advisor to MCMF LP. Mr. Samani and Mr. Jain each are a managing partner of MCM LLC. On September 6, 2025, the Issuer entered into a Securities Purchase Agreement with certain investors in a private investment in public equity investment, pursuant to which Mr. Samani was appointed a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be deemed directors by deputization for purposes of Section 16 of the Securities Exchange Act of 1934. No securities are beneficially owned by any of the Reporting Persons.</remarks>

    <ownerSignature>
        <signatureName>MULTICOIN CAPITAL MANAGEMENT, LLC By: /s/ Pyahm Samani, Managing Partner</signatureName>
        <signatureDate>2025-09-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
