Forward Industries, Inc. has announced a significant transaction involving the sale of its wholly-owned subsidiary, Forward Industries (Switzerland) GmbH, along with certain other assets related to its discontinued Original Equipment Manufacturer business. The transaction was made with Forward Industries (Asia-Pacific) Corporation, a company owned by Terence Wise, who serves as Forward Industries' Chairman and CEO. This move aims to satisfy outstanding payables of $4.1 million to the Asia-Pacific entity. The agreement also includes terminating a previous Agency Agreement and extending the maturity date of a promissory note to December 31, 2025. The transaction was approved by a Special Committee of the Board, which engaged financial adviser CoView Capital, Inc. to ensure the fairness of the deal to shareholders.
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