Forward Industries, Inc. (NASDAQ: FWDI) disclosed on June 12 that Solana Company (NASDAQ: HSDT) has rejected its proposed all-stock business combination and will not engage in further discussions. Forward expressed disappointment, emphasizing that a dialogue would have benefited both companies and their shareholders. The proposal offered HSDT shareholders 0.386 newly issued Forward shares for each HSDT share, implying a value of approximately $1.63 per share and a 10% premium over HSDT’s closing price prior to the offer.
Forward believes the combination would have created greater scale within the Solana ecosystem, provided shareholders with continued exposure to Solana through a larger, more liquid platform, and strengthened the combined company’s ability to pursue long-term value creation initiatives. Forward Industries is 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. Its mission is to expand and strengthen the Solana ecosystem by acquiring and staking SOL and engaging with Solana developers and projects. The company launched its digital asset treasury strategy in September 2025 with support from Galaxy Digital and Jump Crypto.
For more information on Forward’s Solana treasury strategy, visit forwardindustries.com. The latest news and updates on FWDI are available in the company’s newsroom at https://nnw.fm/FWDI. This development underscores the ongoing strategic maneuvers within the Solana ecosystem as companies seek to consolidate and enhance shareholder value.
