Forward Industries announces 1-for-10 reverse stock split

Forward Industries announced that it will effect a 1-for-10 reverse stock split of its common stock, par value $0.01 per share, that will become effective on June 18, 2024, at 12:01 a.m., Eastern Time. Forward’s Common Stock will continue to trade on The Nasdaq Capital Market under the existing symbol “FORD” and will begin trading on a split-adjusted basis when the market opens on June 18, 2024. At the company’s special meeting of Shareholders held on June 10, 2024, the company’s shareholders approved a proposal to authorize a reverse stock split of the company’s Common Stock at a ratio within the range of 1-for-3 to 1-for-10. The company’s board of directors approved a 1-for-10 reverse split ratio, and the company will file a Certificate of Amendment to its Restated Certificate of Incorporation to effect the Reverse Stock Split effective June 18, 2024. The Reverse Stock Split is primarily intended to bring the company into compliance with the $1.00 minimum bid price requirement to maintain its listing on Nasdaq. There is no guarantee the company will meet the minimum bid price requirement for a period of time sufficient to regain compliance with Nasdaq listing requirements.