Forward Industries, Inc. — Capital/Financing Update 2019

May 9, 2019

8-K 1 fi8k050919.htm Prepard by EDGARX.com

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __ FORM 8-K

__ CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2019

Forward Industries, Inc. (Exact name of registrant as specified in its charter)

New York	001-34780	13-1950672
(State or Other Jurisdiction	(Commission	(I.R.S. Employer
of Incorporation)	File Number)	Identification No.)

477 S. Rosemary Ave. Ste. 219 West Palm Beach, Florida 33401 (Address of Principal Executive Office) (Zip Code)

(561) 465-0030 (Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	FORD	The NASDAQ Capital Market

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On May 7, 2019, Forward Industries, Inc. (the “Company”) was notified that the maturity date of its $1.3 million revolving line of credit with TD Bank, N.A. (the “Revolving Loan”) was extended from May 31, 2019 to May 31, 2020. As previously disclosed, the Revolving Loan is: (i) secured by the assets of Intelligent Product Solutions, Inc., the Company’s wholly-owned subsidiary, (ii) bears an interest rate of the Wall Street Journal Prime Rate plus 0.75% and (iii) is guaranteed by the Company. As of the date of this Current Report on Form 8-K, there was $0 available under the Revolving Loan. The proceeds of Revolving Loan are being used for working capital.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	FORWARD INDUSTRIES, INC.
Date: May 9, 2019	By:/s/ Michael Matte
	__________
	Name: Michael Matte
	Title: Chief Financial Officer