Cetus Capital VI, L.P. (FWRD) discloses 3.09M Forward Air common shares

Rhea-AI Filing Summary

Cetus Capital VI, L.P., a significant holder of FORWARD AIR CORP, filed an initial ownership report showing direct ownership of 3,093,709 shares of common stock. This Form 3 establishes Cetus Capital VI, L.P. as a more than ten percent owner but does not report any new share purchases or sales.

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)
10/13/2025

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	3,093,709	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.
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FAQ

What does Cetus Capital VI, L.P.'s Form 3 filing for FWRD show?

The Form 3 shows that Cetus Capital VI, L.P. directly owns 3,093,709 shares of Forward Air common stock. This establishes it as a more than ten percent owner, but the filing does not detail any specific recent share purchases or sales.

How many FORWARD AIR CORP (FWRD) shares does Cetus Capital VI, L.P. report owning?

Cetus Capital VI, L.P. reports direct ownership of 3,093,709 Forward Air common shares. This large position qualifies it as a ten percent owner under SEC rules and triggers ongoing reporting obligations for future transactions involving FWRD stock.

Does Cetus Capital VI, L.P.'s Form 3 indicate recent buying or selling of FWRD shares?

No specific buying or selling activity is identified in the Form 3. The transaction type is classified as a holding with an unknown transaction code, indicating the filing primarily discloses existing ownership rather than a new purchase or sale.

What type of ownership does Cetus Capital VI, L.P. report in FWRD stock?

The filing reports direct ownership of Forward Air common stock. Direct ownership means the shares are held in the name of Cetus Capital VI, L.P. itself, rather than indirectly through another entity or account associated with the reporting person.

Why is Cetus Capital VI, L.P. considered a ten percent owner of FWRD?

Cetus Capital VI, L.P. is flagged as a ten percent owner because its reported 3,093,709 common shares exceed the threshold that defines significant ownership. Crossing this level requires filing a Form 3 and later reporting most changes in its FWRD share position.