<SEC-DOCUMENT>0000902664-25-003216.txt : 20250728
<SEC-HEADER>0000902664-25-003216.hdr.sgml : 20250728
<ACCEPTANCE-DATETIME>20250728172500
ACCESSION NUMBER:		0000902664-25-003216
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250728
DATE AS OF CHANGE:		20250728

SUBJECT COMPANY:	

	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

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-45773
		FILM NUMBER:		251156739

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			C/M CAPITAL PARTNERS, LP
		CENTRAL INDEX KEY:			0002038499
		ORGANIZATION NAME:           	
		EIN:				991188042
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		1111 BRICKELL AVENUE, SUITE 2920
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131
		BUSINESS PHONE:		201-391-1839

	MAIL ADDRESS:	
		STREET 1:		1111 BRICKELL AVENUE, SUITE 2920
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33131
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: C/M CAPITAL PARTNERS, LP -->
          <cik>0002038499</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/24/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000038264</issuerCik>
        <issuerName>Forward Industries, Inc.</issuerName>
        <issuerCusip>349862409</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>700 VETERANS MEMORIAL HWY, SUITE 100</com:street1>
          <com:city>HAUPPAUGE</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>11788</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>C/M Capital Master Fund, LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>114975.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>114975.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>114975.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>C/M Capital Partners, LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>114975.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>114975.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>114975.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.3</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Thomas Walsh</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>114975.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>114975.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>114975.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Jonathan Juchno</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>114975.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>114975.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>114975.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>9.3</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Forward Industries, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by:

(i) C/M Capital Master Fund, LP, a Delaware limited partnership ("C/M Master Fund");

(ii) C/M Capital Partners, LP, a Delaware limited partnership ("C/M Capital Partners");

(iii) Thomas Walsh ("Mr. Walsh"); and

(iv) Jonathan Juchno ("Mr. Juchno").

The foregoing persons are hereinafter sometimes collectively referred to as the "Reporting Persons."

The shares of common stock, par value $0.01 per share (the "Common Stock") of Forward Industries, Inc. (the "Issuer") reported herein are held by C/M Master Fund. C/M Capital Partners is the investment manager to C/M Master Fund. Messrs. Walsh and Juchno are the managing members of the general partner of C/M Capital Partners. Messrs. Walsh and Juchno disclaim beneficial ownership of any shares of Common Stock held by C/M Master Fund.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the business office of each of the Reporting Persons is 1111 Brickell Ave, Suite 2920, Miami, FL 33131.</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Each of C/M Master Fund and C/M Capital Partners is a limited partnership organized under the laws of the State of Delaware. Each of Messrs. Walsh and Juchno is a citizen of the United States.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by Item 4(a) is set forth in Row 9 of the cover page for each of the Reporting Persons and is incorporated herein by reference.

The percentages set forth in this Schedule 13G are calculated based upon an aggregate of 1,242,473 shares of Common Stock outstanding, which is the sum of (i) 1,125,998 shares of Common Stock outstanding as of June 23, 2025, as reported in the Issuer's Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on June 24, 2025 (the "Prospectus") and (ii) 116,475 shares of Common Stock outstanding issued to the C/M Master Fund on July 24, 2025 pursuant to the Prospectus.</amountBeneficiallyOwned>
        <classPercent>9.3%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each of the Reporting Persons and is incorporated herein by reference.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>C/M Capital Master Fund, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Thomas Walsh</signature>
        <title>By: C/M Global GP, LLC, General Partner, By: Thomas Walsh, Manager</title>
        <date>07/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>C/M Capital Partners, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Thomas Walsh</signature>
        <title>Thomas Walsh, Partner</title>
        <date>07/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Thomas Walsh</reportingPersonName>
      <signatureDetails>
        <signature>Thomas Walsh, Individually</signature>
        <title>Thomas Walsh, Partner</title>
        <date>07/28/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Jonathan Juchno</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jonathan Juchno</signature>
        <title>Jonathan Juchno, Individually</title>
        <date>07/28/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

</edgarSubmission>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>p25-1634exhibit991.htm
<DESCRIPTION>JOINT FILING AGREEMENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXHIBIT 99.1</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">JOINT ACQUISITION STATEMENT<BR>
PURSUANT TO RULE 13d-1(k)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The undersigned acknowledge
and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments
to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint
acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the
completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness
and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information
is inaccurate.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">DATED: July 28, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 12pt"><B>C/M Capital Master Fund, LP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 12pt">By: C/M Global GP, LLC, its General Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 12pt"><I><U>/s/ Thomas Walsh</U></I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 12pt">Name: Thomas Walsh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 12pt">Title: Manager</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4"><FONT STYLE="font-size: 12pt"><B>C/M Capital Partners, LP</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top"><FONT STYLE="font-size: 12pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 12pt"><I><U>/s/ Thomas Walsh</U></I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom"><FONT STYLE="font-size: 12pt">Name: Thomas Walsh</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 12pt">Title: Partner</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 79%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ <I>Thomas Walsh</I></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Thomas Walsh</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/ <I>Jonathan Juchno</I></U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Jonathan Juchno</P>

</BODY>
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</TEXT>
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</SEC-DOCUMENT>
