Schedule 13G highlights: C/M Capital Master Fund, LP, its investment manager C/M Capital Partners, LP, and principals Thomas Walsh and Jonathan Juchno disclosed a 114,975-share position in Forward Industries (FORD) as of 24 Jul 2025.
The holding equals 9.3 % of the 1,242,473 shares outstanding (figure includes 116,475 shares issued to the fund on 24 Jul 2025). All reporting persons share voting and dispositive power; none have sole authority.
Filers certified the stake is passive—not intended to influence control— and no additional agreements or transactions were revealed.
Positive
New 9.3 % stake by C/M Capital Master Fund signals institutional confidence and may support trading liquidity.
Negative
None.
Insights
TL;DR: Hedge-fund group reveals 9.3% passive stake, modestly bullish signal without activist overtones.
The disclosure introduces a new institutional holder with meaningful but sub-10 % ownership. At roughly one month’s trading volume for FORD, the position could improve float liquidity and broaden the shareholder base. Because the filing is on Schedule 13G rather than 13D, the group affirms a passive intent, limiting expectations of governance agitation or strategic change. Impact on valuation will depend on whether the fund adds to its stake or shifts to an activist posture later. For now, the news is incrementally positive but not transformative.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Forward Industries, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
349862409
(CUSIP Number)
07/24/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
349862409
1
Names of Reporting Persons
C/M Capital Master Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
114,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
114,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
114,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
349862409
1
Names of Reporting Persons
C/M Capital Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
114,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
114,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
114,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.3 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
349862409
1
Names of Reporting Persons
Thomas Walsh
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
114,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
114,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
114,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP No.
349862409
1
Names of Reporting Persons
Jonathan Juchno
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
114,975.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
114,975.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
114,975.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.3 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Forward Industries, Inc.
(b)
Address of issuer's principal executive offices:
700 Veterans Memorial Highway, Suite 100, Hauppauge, NY 11788
Item 2.
(a)
Name of person filing:
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. C/M Capital Partners is the investment manager to C/M Master Fund. 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.
(b)
Address or principal business office or, if none, residence:
The address of the business office of each of the Reporting Persons is 1111 Brickell Ave, Suite 2920, Miami, FL 33131.
(c)
Citizenship:
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.
(d)
Title of class of securities:
Common Stock, par value $0.01 per share
(e)
CUSIP No.:
349862409
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
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 1,242,473 shares of Common Stock outstanding, which is the sum of (i) 1,125,998 shares of Common Stock outstanding as of June 23, 2025, as reported in the Issuer's Prospectus filed pursuant to Rule 424(b)(3) with the Securities and Exchange Commission on June 24, 2025 (the "Prospectus") and (ii) 116,475 shares of Common Stock outstanding issued to the C/M Master Fund on July 24, 2025 pursuant to the Prospectus.
(b)
Percent of class:
9.3%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
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.
(ii) Shared power to vote or to direct the vote:
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.
(iii) Sole power to dispose or to direct the disposition of:
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.
(iv) Shared power to dispose or to direct the disposition of:
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.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
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.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
C/M Capital Master Fund, LP
Signature:
/s/ Thomas Walsh
Name/Title:
By: C/M Global GP, LLC, General Partner, By: Thomas Walsh, Manager
