Large holder Cetus Capital VI reports 3,163,709 Forward Air (FWRD) shares

Rhea-AI Filing Summary

Cetus Capital VI, L.P. filed an initial insider ownership report for Forward Air Corp. The filing shows direct ownership of 3,163,709 shares of Forward Air common stock, making Cetus Capital VI a more-than-10% beneficial owner of the company’s shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Cetus Capital VI, L.P.

Role 10% Owner

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 3,163,709 shares (Direct)

Footnotes (1)

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Cetus Capital VI, L.P.

(Last) (First) (Middle)

8 SOUND SHORE DRIVE SUITE 303

(Street)

GREENWICH CT 06830

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
10/20/2025

3. Issuer Name and Ticker or Trading Symbol
FORWARD AIR CORP [ FWRD ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	3,163,709	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Robert E. Davis, authorized signatory	02/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Cetus Capital VI report in its Form 3 for FWRD?

Cetus Capital VI, L.P. reported direct ownership of 3,163,709 shares of Forward Air common stock. This Form 3 establishes its status as a significant shareholder and discloses its beneficial stake as required for more-than-10% owners under insider reporting rules.

Is Cetus Capital VI considered a 10% owner of Forward Air (FWRD)?

Yes. The filing identifies Cetus Capital VI, L.P. as a more-than-10% owner of Forward Air Corp. This ownership level triggers insider reporting obligations, requiring disclosure of its holdings and future changes in position through additional SEC insider transaction reports.

How many Forward Air (FWRD) shares does Cetus Capital VI directly own?

Cetus Capital VI, L.P. directly owns 3,163,709 shares of Forward Air common stock according to the Form 3. This figure reflects its beneficial ownership position following the reported holding, forming the baseline for any later insider trading disclosures.

Does the Cetus Capital VI Form 3 show any recent buy or sell transaction in FWRD?

No specific buy or sell transaction is indicated; the entry is classified as a holding with an unknown transaction code. The form primarily establishes Cetus Capital VI’s existing ownership stake rather than reporting a new purchase or sale of Forward Air shares.

What type of security does Cetus Capital VI hold in Forward Air (FWRD)?

Cetus Capital VI, L.P. reports holding Common Stock of Forward Air Corp. The entire disclosed position of 3,163,709 shares is in the company’s common equity, which typically carries voting rights and represents a direct ownership interest in the business.