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Forward Industries , Inc. (NASDAQ:FORD) reported several corporate developments in a press release statement and SEC filing related to events on August 8, 2025. The company’s stock has shown remarkable momentum, delivering a 250% return over the past year according to InvestingPro data, though technical indicators suggest the stock is currently overbought.
On August 8, Forward Industries (Asia-Pacific) Corporation converted 610 shares of Series A-1 Preferred Stock, valued at $610,000, into 81,333 shares of common stock at a conversion price of $7.50 per share. The transaction was conducted under Section 3(a)(9) of the Securities Act of 1933, exempting it from registration requirements. Following this conversion, 4,315 shares of Series A-1 Preferred Stock remain outstanding, all held by Forward Industries (Asia-Pacific) Corporation. The company, currently valued at $17 million in market capitalization, operates with moderate debt levels but faces profitability challenges, with a negative EBITDA of $2.9 million in the last twelve months.
The company also announced changes in executive leadership at its wholly owned subsidiary, Kablooe Inc. Fred Sklenar was appointed Chief Executive Officer and President of Kablooe Inc., effective August 18, 2025. Mr. Sklenar, who has served as Director of Project Plans at Kablooe Inc. since January 2024, will receive an annual base salary of $175,000 and is eligible for a $50,000 performance bonus, contingent upon continued employment through August 18, 2026, and achievement of certain performance targets. Tom KraMer will resign from all positions at Kablooe Inc., including CEO and President, effective August 18, 2025.
On August 11, 2025, the Compensation Committee approved an amendment to the employment agreement with Chief Financial Officer Kathleen Weisberg, increasing her potential severance from six months to eight months of her base salary.
At the company’s 2025 Annual Shareholders’ Meeting on August 8, shareholders elected Sangita Shah, Sharon Hrynkow, and Keith Johnson as directors. Proposals to ratify the appointment of the independent public accounting firm, approve the issuance of common stock under two securities purchase agreements, amend the 2021 Equity Incentive Plan to increase reserved shares by 300,000, and adjourn the meeting if necessary were all approved. A proposal to change the company’s state of incorporation from New York to Nevada was not approved.
All information is based on a press release statement and the company’s Form 8-K filing with the Securities and Exchange Commission.
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