SCHEDULE: C/M Capital Reports Passive Stake in Forward Industries

C/M Capital Master Fund, C/M Capital Partners, Thomas Walsh, and Jonathan Juchno have filed an amended Schedule 13G, disclosing passive beneficial ownership in Forward Industries, Inc.

Summary

• C/M Capital Master Fund, LP, C/M Capital Partners, LP, Thomas Walsh, and Jonathan Juchno (collectively, the "Reporting Persons") have filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership of Common Stock in Forward Industries, Inc.
• The filing indicates that C/M Capital Master Fund, LP beneficially owns 338,907 shares, representing 0.4% of the class.
• C/M Capital Partners, LP, Thomas Walsh, and Jonathan Juchno each beneficially own 1,381,368 shares, representing 1.6% of the class.
• The percentages are calculated based on 86,017,943 shares of Common Stock outstanding as of September 17, 2025.
• C/M Capital Partners is the investment manager for C/M Master Fund and a special purpose vehicle (C/M SPV) that holds some shares.
• Messrs. Walsh and Juchno are the managing members of the general partner of C/M Capital Partners and disclaim beneficial ownership of shares held by C/M Master Fund and C/M SPV.
• The securities were not acquired and are not held for the purpose of changing or influencing control of Forward Industries, Inc.

Sentiment

Score: 5

Explanation: The filing is a routine passive ownership disclosure (Schedule 13G Amendment No. 1) and does not contain information that would significantly alter the sentiment towards the company. It simply updates the reported beneficial ownership percentages of a group of investors.

Positives

• The filing indicates a continued passive investment by C/M Capital entities and individuals, suggesting a long-term, non-activist interest in Forward Industries, Inc.

Negatives

• No specific negative information regarding Forward Industries, Inc. is contained within this ownership disclosure filing.

Risks

• The filing itself does not detail specific risks related to Forward Industries, Inc.'s operations or financial health, as it is an ownership disclosure.

Future Outlook

This filing is an ownership disclosure and does not contain any forward-looking statements or guidance from Forward Industries, Inc. or the reporting persons regarding the company's future performance.

Industry Context

This Schedule 13G filing reflects a passive investment by a capital fund and its principals in Forward Industries, Inc. It is a routine disclosure of ownership and does not provide insights into broader industry trends or competitive positioning beyond indicating investor interest in the company.

Stakeholder Impact

• Shareholders: Provides transparency regarding significant passive ownership stakes, which can offer some stability by indicating long-term investor interest without intent to influence control.
• Management: Awareness of significant passive shareholders, though without direct implications for operational decisions given the non-activist nature of the filing.

Key Dates

Keywords

Forward Industries, Common Stock, Schedule 13G, Beneficial Ownership, C/M Capital Master Fund, C/M Capital Partners, Thomas Walsh, Jonathan Juchno, Passive Investment, SEC Filing