Forward Industries (NASDAQ: FWDI) disclosed that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination, ending any immediate prospects for a merger between the two Solana-focused firms. According to Forward, HSDT informed the company on June 12 that its board voted against the proposal and would not engage in further discussions. Forward expressed disappointment, stating that a dialogue would have been in the best interests of both companies and their shareholders.
The proposed transaction would have seen HSDT shareholders receive 0.386 newly issued shares of Forward common stock for each HSDT share, implying a value of approximately $1.63 per share—a premium of about 10% over 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.
Forward Industries positions itself as a Solana-focused digital asset treasury company, with a strategy to buy, hold, stake, trade, invest in, and grow SOL and 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. For more information on Forward's Solana treasury strategy, visit forwardindustries.com.
The rejection comes amid growing interest in Solana-based investments. Galaxy Digital and Jump Crypto are among the industry-leading investors supporting Forward's digital asset treasury strategy, launched in September 2025 via a private placement. The latest news and updates on Forward Industries are available in the company's newsroom at https://nnw.fm/FWDI.
While the proposal was declined, Forward remains committed to its mission of increasing shareholder value through strategic acquisitions and investments within the Solana network. The company has not indicated whether it will pursue alternative acquisition targets or adjust its strategy in light of HSDT's decision.
