Forward Industries, Inc. operates as a single source solution provider for the full spectrum of hardware and software product design and engineering services. It also engages in the designing and distribution of carry and protective solutions. The company was founded in 1961 and is headquartered in West Palm Beach, FL.
As previously disclosed, the Company received a letter from the Financial Industry Regulatory Authority ("FINRA") notifying the Company that FINRA was investigating trading in the Company's securities surrounding the January 18, 2018 announcement that the Company had acquired Intelligent Product Solutions, Inc. (the "FINRA Investigation"). On May 8, 2018, the Company received notice from FINRA that the FINRA Investigation had been completed and that the matter had been referred to the SEC.
On February 13, 2019, the SEC served certain of the Company's executive officers and the Custodian of Record (the Company's Chief Financial Officer) with subpoenas related to its investigation on this matter. The Company's officers and the Custodian of Record who received subpoenas are currently working with legal representation to comply with all subpoena requests and demands.