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Last $0.67 USD
Change Today -0.0552 / -7.61%
Volume 19.2K
FORD On Other Exchanges
As of 8:10 PM 04/17/15 All times are local (Market data is delayed by at least 15 minutes).

forward industries inc (FORD) Snapshot

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52 Week High
05/7/14 - $1.73
52 Week Low
04/17/15 - $0.66
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forward industries inc (FORD) Details

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for hand held electronic devices. The company offers carrying cases and other accessories for medical monitoring and diagnostic kits; and other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, smartphones, GPS location devices, tablets, firearms, and other products. Its hand held electronic devices comprise soft-sided carrying cases, bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. The company sells its products to original equipment manufacturers in the Americas, the APAC, and the EMEA regions. Forward Industries, Inc. was founded in 1954 and is headquartered in West Palm Beach, Florida.

20 Employees
Last Reported Date: 12/10/14
Founded in 1954

forward industries inc (FORD) Top Compensated Officers

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forward industries inc (FORD) Key Developments

Forward Industries Receives Non-Compliance Notice From NASDAQ

On March 3, 2015, Forward Industries, Inc. received a written notification from the NASDAQ Stock Market LLC (Nasdaq) indicating that the Company was not in compliance with the minimum bid price requirement set forth in Nasdaq Rules for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of 30 consecutive business days. Based on the closing bid price of the Company’s common stock for the 30 consecutive business days from January 16, 2015 to March 2, 2015, the Company no longer meets the minimum bid price requirement. The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company has been granted a 180 calendar day compliance period, or until August 31, 2015, to regain compliance with the minimum bid price requirement. During the compliance period, the Company’s shares of common stock will continue to be listed and traded on the Nasdaq Capital Market. To regain compliance, the closing bid of the Company’s shares of common stock must meet or exceed $1.00 per share for a minimum of 10 consecutive business days during the 180 calendar day grace period. In the event the Company is not in compliance by August 31, 2015, the Company may be afforded a second 180 calendar day grace period. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, with the exception of the minimum bid price requirement. In addition, the Company would be required to provide written notice of its intention to cure the minimum bid price deficiency by effecting a reverse stock split, if necessary. If the Company does not regain compliance within the allotted compliance period(s), including any extensions that may be granted by Nasdaq, Nasdaq will provide notice that the Company’s shares of common stock will be subject to delisting. Under such circumstances, the Company would have the right to appeal a determination to delist its common stock, and the common stock would remain listed on the Nasdaq Capital Market until the completion of the appeal process. The Company intends to monitor its closing bid price for its common stock between now and August 31, 2015 and will consider any such available options to resolve the Company’s noncompliance with the minimum bid price requirement as may be necessary. No determination regarding the Company’s response has been made at this time. There can be no assurance that the Company will be able to regain compliance with the minimum bid price requirement or will otherwise be in compliance with other Nasdaq listing criteria.

Forward Industries Inc. Reinstates James McKenna as Chief Financial Officer

Forward Industries Inc. announced that it has recently offered to reinstate James McKenna as Chief Financial Officer. Mr. McKenna, who began his tenure at Forward in 2003, served Forward as its Corporate Controller, then Chief Financial Officer until August 2014. Unfortunately, and with regrets, Mr. McKenna was unable to accept Forward’s offer of employment due to prior commitments and his pursuit of other opportunities.

Forward Industries, Inc. Enters into Settlement Agreement and Mutual Release with James McKenna

On February 16, 2015, Forward Industries Inc. entered into a settlement agreement and mutual release with the company's former Chief Financial Officer, James McKenna, in connection with a lawsuit filed by Mr. McKenna on August 26, 2014 in the U.S. District Court for the Southern District of New York against the company and then-directors Frank LaGrange Johnson, Robert Garrett, John F. Chiste, Timothy Gordon and Owen P.J. King (SDNY lawsuit), alleging purported claims of retaliation for whistleblowing under the Dodd-Frank Act, breach of contract and breach of the covenant of good faith and fair dealing all as against the company, and a single claim for tortious interference with contract as against the individual defendants. The complaint sought an unspecified amount of monetary consequential damages and punitive damages. Pursuant to the agreement, Mr. McKenna and the company have agreed to settle and release all disputes or claims against the other party related to the SDNY lawsuit and any such disputes or claims arising out of Mr. McKenna's employment with the company, without an admission of liability or wrongdoing. The company additionally offered to reinstate Mr. McKenna as CFO; however, Mr. McKenna rejected the offer of employment to pursue other opportunities. Under the agreement, Mr. McKenna will receive a cash payment of $315,000, representing 18 months' salary at the rate specified in Mr. McKenna's amended employment agreement, signed between the company and Mr. McKenna and dated October 26, 2012. Mr. McKenna will also receive approximately $375,000 in legal fees, back pay, prior out-of-pocket benefits, taxes and penalties on Mr. McKenna's 401(k) loan, and accrued paid time off, in addition to 35,000 restricted stock units vesting immediately. The agreement includes customary non-disparagement and release provisions.


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