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- SEC Filing
This Current Report on Form 8-K/A amends and supplements the Current Report on Form 8-K Forward Industries, Inc. (the "Company") filed with the Securities and Exchange Commission on July 27, 2023, (the "Original Report") to disclose, in accordance with Item 2.05(d) of Form 8-K, the Company's determination regarding certain estimates related to the exit of the Retail Distribution Operations. Except as set forth herein, no other modifications have been made to the Original Report.
Item 2.05 Costs Associated with Exit or Disposal Activities.
As previously disclosed on the Original Report, on July 21, 2023, a special committee of the Board of Directors of Forward Industries, Inc. (the "Company"), after extensive discussions with management, decided to cease its Retail Distribution Operations. The exit of the Retail Distribution Operations will have no effect on the operations of the Company's Design or OEM Distribution businesses. As previously disclosed, the Retail Distribution Operations as a segment had an operating loss of approximately $1,062,000 for the six months ended March 31, 2023 and an operating loss of $1,809,000 for the fiscal year ended September 30, 2022.
The Company has determined that the costs that the Company will incur as a result of the exit will be approximately $1.7million.
Posted In: FORD
