Forward Industries, Inc. (NASDAQ: FWDI) announced that Solana Company (NASDAQ: HSDT) has declined to engage in discussions regarding a proposed all-stock business combination. According to Forward, HSDT informed the company on June 12 that its board voted to reject the proposal and would not pursue further discussions. Forward said it was disappointed by the decision and believes a dialogue would be 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 said it believes a combination would create greater scale within the Solana ecosystem, provide shareholders with continued exposure to Solana through a larger and more liquid platform, and strengthen the combined company’s ability to pursue long-term value creation initiatives.
The rejection underscores the challenges in consolidating the Solana ecosystem, as Forward Industries pursues a strategy to buy, hold, stake, trade, invest in, and grow SOL and related digital assets. Forward launched its digital asset treasury strategy in September 2025, supported by industry leading investors and operating partners including Galaxy Digital and Jump Crypto. The company’s mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects.
For more details on the proposal, visit the full press release at https://nnw.fm/PxLaQ. Information on Forward Industries’ Solana treasury strategy is available at forwardindustries.com. The latest news and updates relating to FWDI can be found in the company’s newsroom at https://nnw.fm/FWDI.
