Forward Industries, Inc. (NASDAQ: FWDI) disclosed on June 12 that Solana Company (NASDAQ: HSDT) has declined to engage in discussions regarding a proposed all-stock business combination. According to Forward, HSDT's board voted to reject the proposal and will not pursue further discussions. Forward expressed disappointment with the decision, stating that a dialogue would have been in the best interests of both companies and their shareholders.
Under the proposal, HSDT shareholders would have received 0.386 newly issued shares of Forward common stock for each HSDT share, representing an implied value of approximately $1.63 per share and a premium of about 10% to HSDT’s closing price prior to the offer. Forward believes that a combination would have created greater scale within the Solana ecosystem, provided shareholders with continued exposure to Solana through a larger and more liquid platform, and strengthened the combined company’s ability to pursue long-term value creation initiatives. For more details, see the full press release at https://nnw.fm/PxLaQ.
Forward Industries is a Solana-focused digital asset treasury company with a strategy to buy, hold, stake, trade, invest in, and grow SOL and SOL-related digital assets, protocols, and businesses. The company aims to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects to increase shareholder value. In September 2025, Forward launched its digital asset treasury strategy through a private placement transaction supported by industry leading investors including Galaxy Digital and Jump Crypto. More information on the company’s Solana treasury strategy is available at forwardindustries.com.
The rejection of the acquisition proposal marks a setback for Forward's expansion plans within the Solana ecosystem. The company had aimed to leverage the combination to achieve greater scale and liquidity, which it believes are critical for long-term value creation. Investors will be watching for Forward's next steps as it continues to pursue its digital asset treasury strategy. For the latest news and updates on Forward Industries, visit the company’s newsroom at https://nnw.fm/FWDI.
