SCHEDULE 13G/A 0000902664-25-003216 0002038499 XXXXXXXX LIVE 1 Common Stock, par value $0.01 per share 09/30/2025 0000038264 Forward Industries, Inc. 349862409 700 VETERANS MEMORIAL HWY, SUITE 100 HAUPPAUGE NY 11788 Rule 13d-1(c) C/M Capital Master Fund, LP DE 0.00 338907.00 0.00 338907.00 338907.00 N 0.4 PN C/M CAPITAL PARTNERS, LP DE 0.00 1381368.00 0.00 1381368.00 1381368.00 N 1.6 PN Thomas Walsh X1 0.00 1381368.00 0.00 1381368.00 1381368.00 N 1.6 IN Jonathan Juchno X1 0.00 1381368.00 0.00 1381368.00 1381368.00 N 1.6 IN Forward Industries, Inc. 700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788 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 and a special purpose vehicle ("C/M SPV"). C/M Capital Partners is the investment manager to C/M Master Fund and C/M SPV. 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 and C/M SPV. The address of the business office of each of the Reporting Persons is 1111 Brickell Ave, Suite 2920, Miami, FL 33131. 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. Y 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 86,017,943 shares of Common Stock outstanding as of September 17, 2025, as reported in the Issuer's Registration Statement on Form S-8 filed with the Securities and Exchange Commission on September 18, 2025. 1.6% 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. 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. 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. 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. N Y N See Item 2(a). Y Y Y N 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. C/M Capital Master Fund, LP /s/ Thomas Walsh 11/14/2025 C/M CAPITAL PARTNERS, LP /s/ Thomas Walsh 11/14/2025 Thomas Walsh /s/ Thomas Walsh 11/14/2025 Jonathan Juchno /s/ Jonathan Juchno 11/14/2025